Press release
Graphite Electrode Market to Expand at 6.2% CAGR as EAF-Based Green Steel, UHP Electrode Demand & Asia-Pacific's 60%+ Share Reshape Steelmaking
The Global Graphite Electrode Market reached USD 8.1 billion in 2022 and is expected to reach USD 13.0 billion by 2031 growing with a CAGR of 6.2% during the forecast period 2024-2031. , according to DataM Intelligence.United States: Recent Industry Developments
✅ In October 2025, GrafTech International Ltd. expanded its U.S. ultra-high-power graphite electrode production by 20% at its Ohio facilities, partnering with major steelmakers such as Nucor to support electric arc furnace (EAF) upgrades amid rising demand for recycled steel feedstock.
✅ In September 2025, Showa Denko K.K. (now Resonac) launched a new needle coke-based electrode variant certified for low-consumption performance, targeting high-efficiency steel mills via e-commerce platforms for reduced power usage.
✅ In August 2025, Fangda Carbon New Material Co., Ltd. introduced premium UHP electrodes compliant with EPA emission standards, distributed through industrial suppliers for sustainable EAF operations.
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Japan: Recent Industry Developments
✅ In October 2025, Tokai Carbon Co., Ltd. adopted advanced needle coke processing in its Japanese facilities, improving electrode density by 18% for export-grade high-power variants to Asia-Pacific steel industries.
✅ In September 2025, Nippon Carbon Co., Ltd. collaborated with local EAF operators to develop low-oxidation graphite electrodes, focusing on energy-efficient profiles under national carbon neutrality goals.
✅ In August 2025, Japan's Ministry of Economy, Trade and Industry subsidized R&D for recycled graphite electrodes, supporting 6,000 tons of annual output for green steel production.
Asia-Pacific: Recent Industry Developments
✅ In October 2025, HEG Limited opened a new graphitization plant in India, supplying B2B clients in steel and ferroalloy sectors with high-current UHP electrodes for EAF expansions.
✅ In September 2025, China's Fangda Carbon imported record volumes of premium needle coke from the U.S., driven by booming electric arc furnace investments during infrastructure stimulus phases.
✅ In August 2025, SEC Carbon Ltd. launched HP-grade electrodes in Southeast Asia, integrating with silicon metal production for enhanced conductivity in emerging smelting hubs.
Market Trends & Drivers
The Global Graphite Electrode Market is thriving due to surging demand for ultra-high-power (UHP) electrodes in electric arc furnaces (EAF) amid rising steel production from recycled steel feedstock, expanding applications in steelmaking, ferroalloys, silicon metal, and emerging non-ferrous sectors, along with growing awareness of energy efficiency and carbon reduction in steel manufacturing. Key trends include innovation in grades (e.g., UHP for high-current density, RP for cost-sensitive operations), growth in sustainable sourcing (recycled needle coke, low-consumption designs), and increasing adoption in green steel initiatives (EAF dominance over blast furnaces). The rise of infrastructure investments, premiumization in emerging markets, and regulatory pushes for decarbonization (EU CBAM, China carbon targets) are significantly accelerating market expansion amid shifting industry preferences for durable, high-performance, and eco-conscious graphite electrode solutions.
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Competitive Landscape
The market is moderately consolidated among Asian, North American, and European producers, with intense competition in needle coke sourcing, electrode quality, and sustainability.
» GrafTech International Ltd. dominates North America with vertically integrated UHP electrodes for global steelmakers.
» Showa Denko K.K. (Resonac) leads in premium needle coke-based electrodes, supplying low-consumption variants for EAF exports.
» HEG Limited excels in high-current UHP grades, focusing on cost-competitive production for emerging markets.
» Fangda Carbon New Material Co., Ltd. specializes in RP and HP electrodes, partnering on ferroalloy applications.
» Tokai Carbon Co., Ltd. drives Japanese growth with high-density variants for energy-efficient steelmaking.
» Nippon Carbon Co., Ltd. innovates in low-oxidation designs for sustainable operations.
» SEC Carbon Ltd. focuses on HP-grade for silicon metal and non-ferrous smelting.
» Dan Carbon targets B2B with affordable RP electrodes for domestic Chinese markets.
» Kaifeng Pingmei New Carbon Materials Technology Co., Ltd. strengthens presence with recycled content options.
» Nantong Yangzi Carbon Co., Ltd. pioneers green graphite electrodes for export to Europe.
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Segmentation
By Type: Ultra-High Power (UHP) Electrodes Lead Market Demand
Ultra-high power graphite electrodes command the largest market share due to their superior electrical conductivity, high current-carrying capacity, and essential role in modern steelmaking.
High power (HP) electrodes show steady growth, while regular power (RP) electrodes are primarily used in smaller furnaces and niche applications.
By Application: Electric Arc Furnace (EAF) Dominates Usage
Electric arc furnaces account for the majority of graphite electrode consumption, driven by the global shift toward recycled steel feedstock-based production and lower carbon emissions. Ladle furnaces represent a growing application segment, supported by increasing secondary steel refining and quality enhancement processes.
Regional Analysis
» Asia-Pacific leads the global graphite electrode market, holding over 60% share driven by massive steel production in China (over 1 billion tons annually), India, and Southeast Asia, plus ferroalloy growth. Regional expansions in UHP bolster supply for exports.
» Europe exhibits robust demand fueled by green steel transitions and EAF adoption. Countries such as Germany, Italy, and Turkey prioritize low-consumption electrodes.
» North America shows steady growth supported by recycled steel and infrastructure investments. The U.S. is a key market for premium UHP in steel mills.
» The Middle East and Africa hold potential amid steel capacity additions, focusing on HP grades. Meanwhile, South America is emerging with imports for ferroalloy applications.
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