Graphite Electrode Market For The Metal Industry Report
Graphite Electrode Market for the Metal Industry: Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2023-2028
Graphite electrode (GE) is an essential component of steel production through the electric arc furnace (EAF) method. The penetration of EAF-based steel production is expected to be stable in the foreseen future, because of high awareness of the developed economies towards environmentally friendly technologies. The role of China and India in the production of EAF steel is going to be consequential in the coming years as the current penetration of EAF steel production in both countries is lower than the developed countries but will rise rapidly in the coming years. This will imprint a significant upward trend in the demand for graphite electrodes in the coming five years.
The market’s supply chain is extremely dynamic with a tight supply of raw materials (petroleum needle coke) as well as graphite electrodes coupled with the consistent increase in the EAF steel production. The preference for lithium-ion batteries in the increasing production of electric vehicles further takes the supply crunch to the next level. Petroleum needle coke is an essential raw material for the production of the lithium-ion battery. In addition, no substitute for graphite electrodes in the production of EAF steel makes the material a strategic resource rather than mere a commodity.
In 2019-20, the market saw a slight decrease in volume. The influence of COVID-19 was particularly evident in the value market due to price fluctuations. However, the subsequent year witnessed a double-digit growth in both, value and volume markets. The increased focus on infrastructure projects, post-pandemic economic recovery, and the revival of manufacturing activities have contributed to a rise in demand for graphite electrodes in the metal industry. Technological advancements in electrode manufacturing, aimed at enhanced performance and durability, act as additional drivers. Overall, the market is expected to register a CAGR of 7.7% during the forecast period.
List of Sub-Segments
Dominant and Fastest-Growing Segments
Ultra-high power (UHP), High power (HP), and Regular Power (RP)
UHP is anticipated to be the most preferred and fastest-growing product in the years to come.
Steel, Silicon Metal, Aluminum, and Others
Steel is to remain the leading metal during the forecast period.
North America, Europe, Asia-Pacific, and The Rest of the World
Asia-Pacific is expected to be the dominant and fastest-growing market over the next five years.
By product type, the graphite electrode market for the metal industry is segmented into ultra-high power (UHP), high power (HP), and regular power (RP). UHP is expected to remain the most preferred as well as the fastest-growing product during the forecast period. Higher durability, higher thermal resistance, and superior quality are some of the properties that are propelling the demand for UHP graphite electrodes, especially in the steel industry. All the major global players are primarily in the manufacturing of UHP graphite electrodes.
Based on the metal type, the market is segmented into steel, silicon metal, aluminum, and others. Steel is currently dominating the market and is expected to maintain its dominance during the forecast period. The market is experiencing dual growth due to increasing steel production and a shift from traditional steel production methods to the Electric Arc Furnace (EAF) method, which employs graphite electrodes. For instance, in China, the share of steel production through EAF was 10% in 2022 (still below the global average of 45% excluding China). The government of China has set a target of achieving 20% steel production through EAF by 2030.
In terms of regions, Asia-Pacific is expected to remain the largest market for graphite electrodes during the forecast period. China is the largest steel-producing country through the EAF method globally. Furthermore, among the leading players, five players Resonac Corporation (Japan), Fangda Carbon New Material Co. Ltd. (China), Tokai Carbon Co. Ltd. (Japan), Graphite India Limited (India), and HEG Ltd. (India) are based in Asia-Pacific.
The following are the key players in the graphite electrode market for the metal industry:
This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s Graphite Electrode Market for the Metal Industry realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
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The graphite electrode market for the metal industry is segmented into the following categories.
Graphite Electrode Market for the Metal Industry, by Product Type
Graphite Electrode Market for the Metal Industry, by Metal Type
Graphite Electrode Market for the Metal Industry, by Region
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The graphite electrode market for the metal industry is estimated to register a CAGR of 7.7% by 2028, driven by increased focus on infrastructure projects, post-pandemic economic growth, and push for steel production via the EAF method.
GrafTech International Ltd., Resonac Corporation (formerly Showa Denko Materials Co., Ltd.), Fangda Carbon New Material Co., Ltd., Tokai Carbon Co., Ltd, Graphite India Limited, HEG Limited, Energoprom, Nippon Carbon Co. Ltd, Sangraf International, and SEC Carbon, Ltd., are the leading players in the market.
Asia-Pacific is expected to remain the dominant graphite electrode market for the metal industry in the foreseeable future. The region's dominance is propelled by the rapid expansion of infrastructure projects, increasing demand for high-quality steel, and push for steel production through EAF.
Ultra-high power (UHP) is estimated to be the most preferred product in the graphite electrode market for the metal industry. Higher durability, higher thermal resistance, and superior quality are some of the properties that are propelling the demand for UHP graphite electrodes.
Steel is estimated to dominate the market in the coming years. There has been a continuous increase in the production of EAF steel worldwide, which is the prime driver of the demand for graphite electrodes.