USD 3.2 billion
Report ID: SQSG15J2004 | Region: Global | Published Date: November, 2022 | Pages: 165 | Tables: 69 | Figures: 75
Graphite Electrode Market size was valued at USD 3.2 billion in 2021 and is poised to grow from USD 3.43 billion in 2022 to USD 5.85 billion by 2030, growing at a CAGR of 7.45% in the forecast period (2023-2030).
Large, cylindrical structures made of petroleum, coal tar pitch, and needle coke are called graphite electrodes. These electrodes are used to melt scrap metal and turn electrical energy into heat. Low electrical resistance and great heat conductivity characterize it. Thus, these electrodes are capable of producing heat up to 1600 degrees Celsius. These qualities allow them to be employed in steel production processes such as electric arc furnaces and blast oxygen furnaces. The market is anticipated to grow at a CAGR of 3% over the course of the forecast period as a result of the sharp rise in demand for steel.
Due to its characteristics, including their high mechanical strength, advantageous electrical properties, low impurity concentration, strong vibrational resistance, and chemical stability, the demand for steel has increased. The market has recently undergone changes that have taken into account the demand for reusing scrap materials like old cars. The market players have several chances as a result of the adoption of the reuse and recycling approach for metals. The global market has benefited from the use of graphite electrodes for recycling scrap.
US Graphite Electrode Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 3.2 billion
Ultra-High Power (UHP)
Ultra-High Power (UHP)
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The Global Graphite Electrode Market is segmented based on electrode grade, application, and region. Based on Electrode Grade, it is categorized into Ultra High Power (UHP), High Power (SHP), and Regular Power (RP). Based on Application, it is categorized into Steel and Nonferrous Metals, Fused Materials, Inverted, Chemical Processing, Electric Arc Furnace (EAF), Ladle Furnace (LF), Basic Oxygen Furnace, and Non-steel Application. Based on region, Graphite Electrode Market is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.
Graphite Electrode Market Analysis by Electrode Grade
On the basis of electrode grade, the ultra-high power (UHP) segment is expected to lead the global market over the forecast period. In 2021, the ultra-high-power segment accounted for the biggest market share of these electrodes. The electric arc furnace (EAF) industry recycles steel using ultra-high power graphite electrodes. High-value needle coke, which is made from either coal tar or oil, is its principal component. They are created with threaded portions at either end and are finalized with a cylindrical shape. By employing electrode nipples in this manner, these electrodes can be put together into an electrode column. The large capacity ultra-high power arc furnaces are gaining popularity in order to meet the demands of lower cost and greater work efficiency. As a result, the market is anticipated to be dominated by ultra-high power graphite electrodes. In the market, this category is also anticipated to experience the greatest CAGR growth.
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Based on the region, the Asia Pacific region currently dominates the global graphite electrode market and is expected to maintain its dominance over the forecast period. The main markets for graphite electrodes in Asia Pacific are China, India, and Japan. Over the course of the projected period, increased demand for high-quality steel will support the expansion of the graphite electrode market in APAC. In order to help vendors, create effective business plans, this market research report includes comprehensive information on the competition intelligence, marketing gaps, and geographical prospects available to them.
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Graphite Electrode Market Drivers
One of the major factors propelling the expansion of the worldwide graphite electrode market is the rise in demand for high-quality steel. Steel producers have a wide range of opportunities as a result of the rapid urbanization and industrialization of both developed and emerging countries. The main global end-users of steel are the building and construction, automotive, and aviation industries, which are also driving up demand for these. The demand for graphite electrodes, a key component required in the smelting process to produce high-quality steel, may rise as a result of the increased infrastructure spending. Additionally, the global market will continue to rise throughout the projected period due to the rising demand for steel in the oil and gas sector. Because of qualities including high electrical conductivity, capacity for greater heat dissipation, and exceptional mechanical strength, they are increasingly used in the production of steel. But throughout the projection period, demand for them would expand due to the sharp rise in steel consumption from major end-users such the construction, automotive, aircraft, mechanical, and oil & gas sectors.
Graphite Electrode Market Restraints
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The market for graphite electrodes is moderately fragmented. The businesses in the graphite electrodes market strive to boost their earnings through strategic partnerships, investments, and R&D initiatives. The market participants for graphite electrodes are also concentrating on leaving their imprint on the industrial sector. R&D operations also aid in the creation of novel formulations and tactics. The participants are also engaging in partnerships, joint ventures, mergers, and acquisitions.
Graphite Electrode Market Top Players Company Profiles
Graphite Electrode Market Recent Developments
Increasing popularity of Electric Arc Furnace (EAF)
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According to the analysis, the global graphite electrode market is currently led by countries in the Asia Pacific region, due to the increased demand for high-quality steel in this region. Along with this, the ultra-high power (UHP) is projected to lead the market over the forecast period. The increased infrastructure spending may increase demand for graphite electrodes, a key component required in the smelting process to produce high-quality steel. Furthermore, the global market will continue to grow throughout the forecast period due to rising steel demand in the oil and gas sector.
|Market size value in 2021||USD 3.2 billion|
|Market size value in 2030||USD 3.43 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Graphite Electrode Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Graphite Electrode Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG15J2004