The latest market report published by Credence Research, Inc. “Global Graphite Electrode Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028”. The Global Graphite Electrode Market generated revenue of around USD 5,159.10 million in 2021 and is anticipated to grow a CAGR of over 6.45% during the forecast period from 2021 to 2028 to reach around USD 8,257.28 million in 2028. While, cumulative growth opportunity presented by the global Graphite Electrode is around USD 48.40 billion during 2022 to 2028.
Global Graphite Electrode Market, 2021 – 2028 (USD Million)
Graphite electrodes are massive cylindrical structures composed of either petroleum-based needle coke or coal-based needle coke, and they are used to conduct electricity. To melt scrap metal, electricity passes through these graphite electrodes to form an intense arc of heat. The usage of graphite electrodes in electric arc furnaces and melting furnaces in steel production, silicon plants, and other manufacturing facilities is widespread.
UHP Graphite Electrode to Grow at Rapid Pace
UHP graphite electrode, HP graphite electrode, and RP graphite electrode are some of the important types of Graphite Electrode used across different industries. However, UHP Graphite Electrode are growing in demand with rising demand for high performance materials. UHP graphite electrode exhibit high level of thermal and electric conductivity which is beneficial for steel manufacturing industry. While, HP segment also held significant share in total revenue generation with 20% in 2021. RP segment is also increasing at rapid pace.
Online Channel to Grow at Rapid Pace
Electric Arc Furnace, Ladle Furnace, Non-Steel Application and Others are major applications for the global graphite electrode industry. Electric Arc Furnace is the largest application market for graphite electrode. Electric Arc Furnace industry is growing at a rapid pace especially in Asia Pacific. It held over 40% share of the total volume of graphite electrode consumed every year. Automotive, oil & gas, construction, aerospace and many other industries are depended upon Electric Arc Furnace industry for the supply of high quality and anticorrosive steel products. This in turn fueling the demand for Electric Arc Furnace market which is subsequently resulting into growing demand for graphite electrode.
Asia Pacific is Leading Graphite Electrode Demand
Asia Pacific is leading the demand for graphite electrode with over 45% share in total volume consumption as well as revenue generation in 2021. China is leading players in the region with almost 45% share in regional graphite electrode consumption and over 50% share in production. Dominance of China is associated with the presence of large number of steel manufacturers in the country. South Korea, Japan and India are another important economy for graphite electrode industry in the region. While Europe is trailing behind at second position after Asia Pacific. Germany is the largest consumer of graphite electrode followed by France and UK in the region. While, North America is third largest consumer of graphite electrode.
Fairly Concentrated Market
Graphite electrode market is quite a bit concentrated with almost 50% share has been occupied by top seven players. Major players operating in the graphite electrode industry include but not limited to Nippon Carbon Co. Ltd., Graphite India Limited, Tokai Carbon Co. Ltd., Jilin Carbon Co. Ltd, SHOWA DENKO K.K, Agilent Technologies Inc., Ameri-Source Specialty Products, Brothers International Ltd., EPM Group, Fangda Carbon New Material Technology Co. Ltd, GrafTech International, HEG Ltd. and Weaver Industries Inc. Global Graphite Electrode market is characterized by the presence of large number of manufacturers across the world. However, production has been concentrated in Asia Pacific region with vastly dominated by China.
Global Graphite Electrode Market by Type, 2016 – 2028
- UHP graphite electrode
- HP graphite electrode
- RP graphite electrode
Global Graphite Electrode Market by Distribution Channel, 2016 – 2028
- Electric Arc Furnace
- Ladle Furnace
- Non-Steel Application
Global Graphite Electrode Market by Company, 2016 – 2028
- Nippon Carbon Co. Ltd.
- Graphite India Limited
- Tokai Carbon Co. Ltd.
- Jilin Carbon Co. Ltd
- SHOWA DENKO K.K
- Agilent Technologies Inc.
- Ameri-Source Specialty Products
- Brothers International Ltd.
- EPM Group
- Fangda Carbon New Material Technology Co. Ltd
- GrafTech International
- HEG Ltd.
- Weaver Industries Inc.