According to Custom Market Insights (CMI), the Graphite Electrode Market size was estimated at USD 9,575.75 Million in 2023 and is anticipated to reach around USD 18,541.99 Million by 2030, recording a CAGR of roughly 9.9% between 2023 and 2030.
Graphite electrodes are in high demand due to their exceptional properties, such as high mechanical strength, favorable electrical characteristics, low impurity content, high resistance to vibration, and chemical stability. Find more growth prospects with CMI!
Browse the full “Graphite Electrode Market Size, Trends and Insights By Product Type (High Power, Ultra-High Power, Regular Power), By Application (Electric Arc Furnace, Ladle Furnace, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” report at https://www.custommarketinsights.com/report/graphite-electrode-market/
Graphite Electrode Market: Dynamics
The graphite electrode market is driven by several factors, including the increasing demand for steel and other metals in various end-use industries such as construction, automotive, aerospace, and defense. Graphite electrodes are a crucial component in the production of steel via the Electric Arc Furnace (EAF) method and are also used for the production of non-steel ferrous metals, ferroalloys, silicon metal, and yellow phosphorus.
Moreover, the growth of the electric vehicle market is driving the demand for graphite electrodes as they are used in the production of lithium-ion batteries, which are an essential component of electric vehicles. This increasing demand for electric vehicles is expected to drive the growth of the graphite electrode market in the coming years. However, the market is also facing challenges such as the high cost of raw materials required for the production of graphite electrodes, including needle coke, which is a petroleum-based product. This has resulted in a shortage of needle coke and increased its prices, leading to a rise in the overall production cost of graphite electrodes.
Overall, the graphite electrode market is expected to grow in the coming years, driven by increasing demand for steel and other metals, the growth of the electric vehicle market, and advancements in the production technology of graphite electrodes.
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Graphite Electrode Market: COVID-19 Analysis
The graphite electrode market has been impacted by the COVID-19 pandemic, particularly due to disruptions in global supply chains, reduced demand for steel, and fluctuations in raw material prices.
During the early stages of the pandemic, many countries implemented lockdowns and travel restrictions, leading to a decline in economic activity and a slowdown in industrial production. As a result, the demand for steel, which is one of the major end-use markets for graphite electrodes, was significantly affected. Many steel mills reduced or suspended their production, leading to a decline in demand for graphite electrodes.
Moreover, the supply chain for graphite electrodes was also affected by the pandemic. Restrictions on transportation and trade disrupted the global supply of raw materials, such as needle coke, which is a key component in the production of graphite electrodes. This led to a shortage of needle coke, and subsequently, an increase in its prices. As a result, the prices of graphite electrodes also increased, making them less affordable for end-users.
However, as the global economy is gradually recovering, demand for steel is also picking up, which is expected to positively impact the graphite electrode market. Furthermore, with the reopening of economies, transportation and trade restrictions are also being eased, which is expected to improve the supply chain for graphite electrodes.
In conclusion, the COVID-19 pandemic has had a significant impact on the graphite electrode market, with disruptions in the supply chain and a decline in demand. However, as the global economy recovers and demand for steel increases, the graphite electrode market is expected to recover.
Competitive Landscape – Graphite Electrode Market
- EPM Group
- GrafTech International Ltd
- Graphite India Limited
- HEG Ltd, Kaifeng Carbon Co. Ltd
- Zhongping Energy & Chemical Group (KFCC)
- Nantong Yangzi Carbon Co. Ltd.
- Nippon Carbon Co Ltd.
- Sangraf International
- SHOWA DENKO K.K.
- Tokai Carbon Co. Ltd.
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