According to the latest report by IMARC Group, titled "Graphite Electrodes Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global graphite electrodes market size reached US$ 6.2 Billion in 2022. Graphite electrodes refer to large cylindrical structures that are obtained by the calcination of amorphous carbon, such as coal pitch, petroleum coke or asphalt coke, using a graphitization furnace. They are characterized by low electrical resistance and excellent mechanical strength and machinability. They also exhibit excellent thermal shock resistance as they can easily withstand high temperature exposures. These electrodes find extensive applications in the production of steel, ferroalloy, and silicon metals and in the smelting process across the electric arc furnace (EAF), blast oxygen furnaces (BOF) and ladle furnace (LF) as they aid in transferring electrical energy from the power source to the steel melt in the furnace bath in an efficient manner.
Global Graphite Electrodes Market Trends:
The global market is primarily driven by the escalating demand for graphite electrodes in steel-oriented sectors, including construction, aerospace and defense, and automotive, that extensively utilize high-quality and anti-corrosive steel products for numerous applications. Apart from this, the oil and gas sector widely employs anti-corrosive products for oil and petroleum wells and pipelines, which has provided an impetus to the market growth. The market is further driven by the rising production of electric vehicles (EVs) across the globe. These vehicles run on lithium-ion batteries, wherein graphite electrodes form an indispensable component. Moreover, the growing focus on recycling scrap steel due to the rising environmental consciousness is creating a positive outlook for the market. Besides this, the shifting preference from BOFs to EAFs due to their lower installation costs and environmental impact with improved efficiency is also anticipated to positively influence the market growth. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 5.9% during 2023-2028.
- On the basis of the product type, the market has been divided into Ultra-High Power (UHP), High Power (HP) and Regular Power (RP).
- Based on the application, the market has been classified into electric arc furnace, ladle furnace and non-steel application.
- On the geographical front, the market has been segmented into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players Energoprom Group, Fanda Carbon New Material Co. LTD, Graftech International, HEG Limited, Nantong Yangzi Carbon Co. Ltd, Graphite India, SHOWA DENKO, Beijing Great Wall Co., Ltd., Nippon Carbon Co Ltd., Ameri-Source Specialty Products, Tokai Carbon Co., Ltd, and Schutzcarbon.
|Base Year of the Analysis
||Product Type, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||Energoprom Group, Fanda Carbon New Material Co. LTD, Graftech International, HEG Limited, Nantong Yangzi Carbon Co. Ltd, Graphite India, SHOWA DENKO, Beijing Great Wall Co., Ltd., Nippon Carbon Co Ltd., Ameri-Source Specialty Products, Tokai Carbon Co., Ltd and Schutzcarbon
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