UHP Graphite Electrode Market Size (2024 - 2029)

The UHP Graphite Electrode market is experiencing a recovery and growth trajectory following the challenges posed by the Covid-19 pandemic, which had significantly impacted the manufacturing sector and, consequently, the demand for these electrodes. The market's expansion is supported by the increasing adoption of the Electric Arc Furnace method for steel production, known for its environmentally friendly attributes, which is driving demand. Despite challenges such as rising needle coke prices, the market is poised for growth, particularly in the Asia-Pacific region, which is expected to lead in terms of market size and growth rate during the forecast period.

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Market Size of UHP Graphite Electrode Industry

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uhp graphite electrode market
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 5.00 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration High

Major Players

UHP Graphite Electrode Market Major Players

*Disclaimer: Major Players sorted in no particular order

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UHP Graphite Electrode Market Analysis

The Global UHP Graphite Electrode Market is projected to register a CAGR of over 5% during the forecast period (2022-2027).

UHP Graphite Electrode market was hard hit due to the repercussions of Covid-19 on the manufacturing sector across the globe. As the economic activities declined, the steel demand from the automotive and construction industry reduced adversely, leading to a direct impact on the demand for UHP Graphite Electrodes. On the positive front, the market witnessed a substantial rebound in 2021 with an active pick-up in economic activities, leading to a gradual drop in steel demand. In line with consistent development initiatives being undertaken across the globe, the expected rise in the steel demand is expected to keep the consumption of the UHP Graphite Electrode market appreciable in 2022.

  • Surging prices of needle coke which is highly utilized to produce graphite electrodes are expected to hinder the market growth.
  • Increasing emphasis on adopting the Electric Arc Furnace (EAF) method to produce steel across various economies due to its low polluting nature is expected to bolster the demand for UHP Graphite Electrodes.
  • The Asia-Pacific region is expected to dominate the market and will also witness the highest CAGR during the forecast period.

UHP Graphite Electrode Industry Segmentation

UHP Graphite Electrode is a type of Graphite Electrode designed for high performance in the electric arc furnace industry. UHP Graphite Electrode is mainly composed of high valued-needle coke derived from petroleum or coal tar. The Electrode is majorly utilized for the steel recycling and production process in the electric arc furnace. UHP Graphite Electrodes are known for their stable performance and cost-saving advantage in steel-making and recycling. UHP Graphite Electrode is also widely used in the smelting process of yellow phosphorous and silica. The UHP Graphite Electrode Market is segmented by application and geography. By Application, the market is segmented into electric arc furnaces, basic oxygen furnaces, and non-steel. The report also covers the market size and forecasts for the UHP Graphite Electrode Market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on volume (kilo tons).

Application
Electric Arc Furnace (EAF)
Basic Oxygen Furnace (BOF)
Non-Steel
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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UHP Graphite Electrode Market Size Summary

The UHP Graphite Electrode market is poised for growth, driven by the increasing adoption of Electric Arc Furnace (EAF) methods in steel production, which are less polluting and align with global decarbonization efforts. The market experienced a downturn due to the COVID-19 pandemic's impact on manufacturing and reduced steel demand from the automotive and construction sectors. However, a rebound was observed in 2021 as economic activities resumed, leading to a steady demand for UHP Graphite Electrodes. The Asia-Pacific region, particularly China and India, is expected to dominate the market, with China leading in steel production and actively pursuing decarbonization strategies by expanding EAF capacity. This shift is anticipated to significantly boost the demand for UHP Graphite Electrodes.

Despite challenges such as rising needle coke prices, the market is expected to grow as the steel industry seeks to reduce its carbon footprint. The transition from blast furnaces to EAFs, which utilize scrap steel and renewable energy, is a key strategy for decarbonization. The market is consolidated, with major players like GrafTech International and FangDa Carbon New Material Co. Ltd holding significant shares. Recent developments, such as Tata Steel's EAF installation in India and Algoma's plans to replace blast furnaces in Ontario, highlight the industry's commitment to reducing carbon emissions. These initiatives, along with the anticipated increase in steel production from EAFs, are expected to drive the UHP Graphite Electrode market's growth during the forecast period.

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UHP Graphite Electrode Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Growing Demand for Steel Production through EAF Route

      2. 1.1.2 Increasing Emphasis on Steel Scrap Recycling

    2. 1.2 Restraints

      1. 1.2.1 Surging prices of Needle Coke

    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

    1. 2.1 Application

      1. 2.1.1 Electric Arc Furnace (EAF)

      2. 2.1.2 Basic Oxygen Furnace (BOF)

      3. 2.1.3 Non-Steel

    2. 2.2 Geography

      1. 2.2.1 Asia-Pacific

        1. 2.2.1.1 China

        2. 2.2.1.2 India

        3. 2.2.1.3 Japan

        4. 2.2.1.4 South Korea

        5. 2.2.1.5 Rest of Asia-Pacific

      2. 2.2.2 North America

        1. 2.2.2.1 United States

        2. 2.2.2.2 Canada

        3. 2.2.2.3 Mexico

      3. 2.2.3 Europe

        1. 2.2.3.1 Germany

        2. 2.2.3.2 United Kingdom

        3. 2.2.3.3 Italy

        4. 2.2.3.4 France

        5. 2.2.3.5 Rest of Europe

      4. 2.2.4 South America

        1. 2.2.4.1 Brazil

        2. 2.2.4.2 Argentina

        3. 2.2.4.3 Rest of South America

      5. 2.2.5 Middle-East and Africa

        1. 2.2.5.1 Saudi Arabia

        2. 2.2.5.2 South Africa

        3. 2.2.5.3 Rest of Middle-East and Africa

UHP Graphite Electrode Market Size FAQs

The UHP Graphite Electrode Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)

GrafTech International, Fangda Carbon New Material Co. Ltd, Showa Denko K.K., ZHONGZE GROUP and Nantong Yangzi Carbon are the major companies operating in the UHP Graphite Electrode Market.

UHP Graphite Electrode Report Snapshots

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