Graphite Electrode Market Size (2024 - 2029)

The Graphite Electrode Market is projected to experience growth over the forecast period, driven by increased demand from the steel and aluminum manufacturing sectors. Despite challenges posed by the COVID-19 pandemic, the market has rebounded as restrictions eased. The market's expansion is supported by the rising adoption of electric arc furnace technology and the availability of steel scrap, particularly in Asia-Pacific, which is expected to lead in market growth. However, the market's reliance on the steel industry could pose challenges, while the growing use of graphite electrodes in non-steel applications presents potential growth opportunities.

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Market Size of Graphite Electrode Industry

Graphite Electrode Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR (2024 - 2029) 3.55 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration Medium

Major Players

Graphite Electrode Market Major Players

*Disclaimer: Major Players sorted in no particular order

Graphite Electrode Market Analysis

The Graphite Electrode Market size is estimated at 1.61 Thousand kilotons in 2024, and is expected to reach 1.92 Thousand kilotons by 2029, growing at a CAGR of 3.55% during the forecast period (2024-2029).

The COVID-19 pandemic hampered the graphite electrodes market, as nationwide lockdowns in several countries and strict social distancing measures affected the production of crude steel and crude aluminum. However, the market registered a significant growth rate after the restrictions were lifted due to the increasing demand from crude steel and aluminum manufacturing industries.

  • In the short term, the strong demand for EAF technology for steelmaking and the rising availability of steel scrap in China is expected to drive the market demand.
  • On the other hand, high dependency on the steel industry is expected to hinder the market's growth.
  • The rising usage of graphite electrodes in non-steel applications may offer various opportunities for the growth of the market studied.
  • Asia-Pacific is expected to dominate the market and is anticipated to witness the highest CAGR during the forecast period.

Graphite Electrode Industry Segmentation

Graphite electrodes are used to transfer electrical energy from the power supply to the steel melt in the EAF bath. They are normally manufactured using quality petroleum needle coke, coal tar pitch, and some additives.

The graphite electrodes market is segmented by electrode grade, application, and geography. By electrode grade, the market is segmented into ultra-high power (UHP), high power (SHP), and regular power (RP). By application, the market is segmented into electric arc furnaces, basic oxygen furnaces, and non-steel applications. The report also covers the market size and forecasts for 27 countries across major regions. For each segment, market sizing and forecasts have been done on the basis of volume (tons) and revenue (USD).

Electrode Grade
Ultra High Power (UHP)
High Power (SHP)
Regular Power (RP)
Application
Electric Arc Furnace
Basic Oxygen Furnace
Non-steel Application
Geography
Asia-Pacific
China
India
Japan
South Korea
Malaysia
Thailand
Indonesia
Vietnam
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Nordic Countries
Turkey
Russia
Rest of Europe
South America
Brazil
Argentina
Colombia
Rest of South America
Middle East and Africa
Saudi Arabia
Qatar
United Arab Emirates
Egypt
South Africa
Rest of Middle East and Africa
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Graphite Electrode Market Size Summary

The graphite electrode market is poised for growth, driven by its critical role in electric arc furnace (EAF) steelmaking, which constitutes the majority of its consumption. These electrodes are essential for melting and refining scrap steel, contributing to the production of high-quality steel. The market experienced a setback during the COVID-19 pandemic due to disruptions in steel and aluminum production, but it rebounded as demand from these industries surged. The increasing adoption of EAF technology, particularly in China, is expected to bolster market demand in the short term. However, the market's heavy reliance on the steel industry presents a challenge, while the expanding use of graphite electrodes in non-steel applications offers potential growth opportunities. The Asia-Pacific region is anticipated to lead the market, with significant contributions from countries like China and India, where the demand for graphite electrodes is rising due to enhanced steel production capabilities and sustainability initiatives.

The market landscape is characterized by a partial consolidation, with key players such as Resonac Holdings Corporation, GrafTech International, and Fangda Carbon New Material Co. Ltd playing significant roles. Recent industry developments, such as the merger of Showa Denko K.K. and Showa Denko Materials Co. Ltd, have streamlined operations within the sector, enhancing manufacturing and supply chain efficiencies. The shift towards greener steelmaking practices, as evidenced by Tata Steel UK's closure of high-emission blast furnaces and the establishment of new EAFs, underscores the industry's commitment to sustainability. Additionally, the growing production of aluminum and silicon in China, alongside robust steel production in India and South Korea, further supports the anticipated growth of the graphite electrode market in the Asia-Pacific region during the forecast period.

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Graphite Electrode Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Strong Demand for EAF Technology for Steelmaking

      2. 1.1.2 Rising Availability of Steel Scrap in China

    2. 1.2 Restraints

      1. 1.2.1 High Dependency on the Steel Industry

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Volume)

    1. 2.1 Electrode Grade

      1. 2.1.1 Ultra High Power (UHP)

      2. 2.1.2 High Power (SHP)

      3. 2.1.3 Regular Power (RP)

    2. 2.2 Application

      1. 2.2.1 Electric Arc Furnace

      2. 2.2.2 Basic Oxygen Furnace

      3. 2.2.3 Non-steel Application

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Malaysia

        6. 2.3.1.6 Thailand

        7. 2.3.1.7 Indonesia

        8. 2.3.1.8 Vietnam

        9. 2.3.1.9 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 France

        4. 2.3.3.4 Italy

        5. 2.3.3.5 Spain

        6. 2.3.3.6 Nordic Countries

        7. 2.3.3.7 Turkey

        8. 2.3.3.8 Russia

        9. 2.3.3.9 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Colombia

        4. 2.3.4.4 Rest of South America

      5. 2.3.5 Middle East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 Qatar

        3. 2.3.5.3 United Arab Emirates

        4. 2.3.5.4 Egypt

        5. 2.3.5.5 South Africa

        6. 2.3.5.6 Rest of Middle East and Africa

Graphite Electrode Market Size FAQs

The Graphite Electrode Market size is expected to reach 1.61 thousand kilotons in 2024 and grow at a CAGR of 3.55% to reach 1.92 thousand kilotons by 2029.

In 2024, the Graphite Electrode Market size is expected to reach 1.61 thousand kilotons.

Graphite Electrodes Market Report Snapshots

Graphite Electrode Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)