The graphite electrode market is expected to continue growing steadily, driven by the rise in steel production. Graphite electrodes are an indispensable part of the steelmaking industry. In the steelmaking process, they act as the conduits for electric current to the arc furnace, allowing for high temperature and efficient steel scrap melting.
While steelmaking is the primary consumer of graphite electrodes, other industries, such as aluminum, silicon, and solar panel production, also require them.
Several critical factors have been influencing the development of the graphite electrode market, such as the increase in steel production capacities, rising demand for electric arc furnaces, and intensifying competition in the market.
Technological advancements have played a key role in developing the market.
For example, ultra-high power (UHP) electrodes, designed to withstand higher temperatures and be more conductive, have been gaining popularity. This has improved energy efficiency and better performance for electric arc furnaces.
Regarding geography, China has been the leading market for graphite electrodes for the last few years. This is mainly due to the country’s huge steel production capacity. Experts estimate that it accounts for about 50% of global steel production.
Moreover, the presence of several steelmakers in the country, as well as the availability of low-cost labor and raw materials. They have been contributing to the market’s growth.
The market needs to be more cohesive, with several large and small players. Some of the key players in the market include GrafTech International, SGL Carbon, Showa Denko KK, Toyo Tanso, Mersen, HEG, and Premier Graphite.
Overall, the graphite electrode market is expected to grow steadily over the next few years. That is because of the anticipated increase in the demand for steel and other industrial metals. Moreover, technological advancements are also likely to contribute to the market’s development.
Graphite Electrodes Market Trends
The graphite electrode market is on an upward trend due to its increasing demand in the metallurgical and foundry industry. GrIn industry, Graphite produces ferroalloys, stainless steel, special alloys, and non-ferrous metals.
The global graphite electrode market is expected to grow at a CAGR of more than 3.5% from 2020 to 2027. Increasing demand for steel and aluminum among various industries, such as automotive, construction, aerospace, and shipbuilding, is a significant factor driving the market’s growth.
Furthermore, the growing demand for graphite electrodes from the electric arc furnace steelmaking industry， so we expected to boost the market growth.
Graphite Electrodes Market Report
The global graphite electrodes market was valued at $3.3 billion in 2020, and relevant experts predict it to reach $4.2 billion by 2027, growing at a CAGR of 3.7% from 2020 to 2027. It primarily utilized graphite electrodes in electric arc furnace steelmaking and ladle metallurgy furnaces.
The increasing demand for steel in the construction industry. Also, the growing demand for electric arc furnace steelmaking. These are the significant factors driving the market’s growth. Moreover, the increasing demand for environment-friendly steel production is expected to fuel market growth further.
The steel industry has become the largest end user of graphite electrodes. Graphite electrodes are key conductor materials in electric arc furnaces during the smelting, alloying, and refining processes of steel.The graphite electrode market trend is developing steadily and is relatively stable.