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Graphite Electrode: A Leading Driver Behind The Surge In Demand For High-Quality Steel Fuels Graphite Electrodes Market Market Expansion in 2025
Graphite Electrode
What Will the Graphite Electrode Industry Market Size Be by 2025?
The size of the graphite electrode market has seen substantial expansion in the past few years. It is projected to rise from $8.53 billion in 2024 to $9.13 billion in 2025, marking a compound annual growth rate (CAGR) of 7.1%. Factors contributing to the growth during the historic period include an increase in the availability of raw materials, expansion of the steel industry, development in global infrastructure, a move towards electric arc furnace (eaf) steelmaking, and changes in graphite prices.
What's the Long-Term Growth Forecast for the Graphite Electrode Market Size Through 2029?
The market size of graphite electrodes is projected to experience substantial growth in the upcoming years, reaching $12.55 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 8.3%. The expansion during the forecast period can be credited to factors such as geopolitical influences and trade laws, harsher environmental rules, the reliability and localization of supply chains, and a sustained transition to EAF steelmaking, as well as infrastructure and construction projects. Major trends expected during this forecast period involve a tilt towards long-term contracts, market consolidation and strategic collaborations, diversification of industries utilizing these products, and an increased focus on recycling.
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What Are the Key Growth Drivers Fueling the Graphite Electrode Market Expansion?
The anticipated surge in high-standard steel demand is set to stimulate the expansion of the graphite electrodes market. Premium-grade steel complies with stringent specifications concerning its composition, physical characteristics, and performance. Its production involves advanced manufacturing procedures to eliminate pollutants and often combines it with materials to improve its properties. The importance of graphite electrodes becomes evident in the operation of electric arc furnaces (EAFs) employed in steel production. EAFs are popular in the manufacture of unique and premium-grade steels. For instance, the World Steel Association, a trade association based in Belgium, in April 2023, predicted a 2.3% rebound in steel demand, achieving a total of 1,822.3 million metric tons (Mt). Projections for 2024 suggest a further 1.7% increase in steel demand, estimated to total 1,854.0 million metric tons (Mt). Hence, the escalating requirement for high-standard steel is fuelling the expansion of the graphite electrodes market.
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What Are the Key Trends Driving Graphite Electrode Market Growth?
Technological progress is emerging as a significant trend in the graphite electrodes market, with market players embracing new technologies to maintain their competitive stance. For instance, Battrion AG, a Swiss firm specializing in battery technology, and its ally, Jagenberg Converting Solution GmbH, a German machine and equipment production company, launched Battrions Aligned Graphite Technology for lithium-ion batteries in March 2022. This novel manufacturing technology amplifies the microstructure of negative electrodes, leading to improved battery performance and quicker charging. The technology not only reduces cell resistance but also heightens the efficiency of charging and discharging processes. This breakthrough allows for financial savings in battery manufacturing without significant adjustments to existing methods. The benefits of this technology have been confirmed by leading automotive OEMs and cell manufacturers. Aligned Graphite Technology can potentially transform the EV and high-power battery industries by improving energy storage and fine-tuning battery production.
How Is the Graphite Electrode Market Segmented?
The graphite electrode market covered in this report is segmented -
1) By Electrode Grade: Ultra High Power (UHP), High Power (SHP), Regular Power (RP)
2) By Application: Steel Manufacturing, Silicon Metal Manufacturing, Steel Refining, Smelting Processes, Ferroalloy Production, Non Ferrous Metals Production, Lithium Ion Batteries Production, Other Applications
3) By End Use Industry: Automotive, Appliances, Construction, Machinery, Transportation, Aerospace And Defense, Oil And Refinery, Other End Users
Subsegments:
1) By Ultra High Power (UHP): UHP For Electric Arc Furnaces (EAF), UHP For Other Applications
2) By High Power (HP): HP For EAF, HP For Other Applications
3) By Regular Power (RP): RP For EAF, RP For Other Applications
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Which Companies Are Leading the Charge in Graphite Electrode Market Innovation?
Major companies operating in the graphite electrode market include Resonac Holdings Corporation, IBIDEN Co. Ltd., Tokai Carbon Co. Ltd., GrafTech International Holdings Inc., SGL Carbon SE, Mersen SA, Fangda Carbon New Material Co. Ltd., Beijing Great Wall Co. Ltd., Graphite India Limited, Toyo Tanso Co. Ltd., HEG Limited, Asbury Graphite Mills Inc., Nippon Carbon Co. Ltd., SEC Carbon Ltd., EPM Group S.A., Kaifeng Carbon Co. Ltd., Weaver Industries Inc., SANGRAF International, Ameri-Source Specialty Products, Nantong Yangzi Carbon Co. Ltd., Coidan Graphite Products Ltd, Dan Carbon, Ukrainskiy Grafit, Kaifeng Pingmei New Carbon Materials Technology Co. Ltd.
Which Regions Are Leading the Global Graphite Electrode Market in Revenue?
Asia-Pacific was the largest region in the graphite electrodes market in 2024 and it is expected to be the fastest-growing region in the forecast period. The regions covered in the graphite electrode market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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