Graphite Electrode Market for the Metal Industry to Reach US$ 12.4 Billion by 2031, Says Stratview Research

The graphite electrode market for the metal industry - consisting of high-performance carbon electrodes primarily used in electric arc furnace (EAF) steelmaking and other metal production processes - is projected to grow steadily through the forecast period. According to Stratview Research, the global market is expected to reach US$ 12.4 billion by 2031, expanding at a CAGR of 2.4% during 2025-2031. The most significant growth driver is the increasing shift toward EAF-based steel production, aligns with environmental and sustainability goals, thereby boosting demand for graphite electrodes with superior electrical and thermal performance.

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Market Statistics
• Market size in 2024: US$ 9.4 billion
• Forecast value: US$ 12.4 billion by 2031
• CAGR: 2.4% (2025-2031)
• Forecast period: 2025-2031
• Base year: 2024
• Total number of segments: 5
• Tables & figures: 100+
• Country-Level Market Assessment: 20

Market Segmentation

• By Product Type: Ultra-High Power (UHP), High Power (HP), Regular Power (RP)
• By Metal Type: Steel, Silicon Metal, Aluminium, Other Metals
• By Steel-Area Type: Arc-Zone, Slag, Side, Other Areas
• By Steel-Grade Type: Carbon Steel, Stainless Steel, Other Grades
• By Region: North America, Europe, Asia-Pacific, Rest of the World

Segment Analysis

In product type, Ultra-High Power (UHP) leads both in size and growth because its higher durability, electrical conductivity, and thermal resistance make it the preferred choice in large electric arc furnaces, particularly in steel production settings where efficiency and performance are critical. This positions UHP graphite electrodes as strategic products for manufacturers targeting high-performance metal industry applications.

Under metal type, steel remains the dominant segment given that steel production via EAF heavily relies on graphite electrodes and continues to see rising adoption due to eco-friendly and cost-efficient steelmaking processes. The increasing penetration of EAF technology creates sustained demand, which encourages producers to secure long-term supply agreements.

For steel-area type, the side oxidation segment accounts for the majority of electrode consumption owing to the oxidation processes in EAF operations that significantly consume electrode material, reinforcing the importance of optimizing area-specific performance for suppliers aiming to reduce operational costs.

In steel-grade type, carbon steel is both the dominant and fastest-growing segment, as its extensive use across construction and manufacturing sectors drives continuous demand for cost-effective graphite electrodes in EAF steelmaking. This trend incentivizes suppliers to tailor offerings for carbon steel producers.

Regional Insights

Asia-Pacific is the largest and fastest-growing region for graphite electrodes, driven by rapid expansion in EAF steelmaking and strong production bases in countries such as China, India, and Japan. The region's emphasis on infrastructure development and recycling-centric steel processes underscores its significance for market players pursuing regional expansion.

Market Drivers
• Rising shift from conventional blast furnaces to EAF steelmaking increases graphite electrode demand.
• Growth in recycled steel industries that rely on EAF technology.
• Expansion in electric vehicle (EV) manufacturing requiring high-quality steel.
• Increasing use of Ultra-High Power electrodes for their efficiency and performance.
• Continued infrastructure investments boosting overall metal production demand.

Top Companies in the Market
• GrafTech International Ltd.
• Resonac Corporation (formerly Showa Denko Materials Co., Ltd.)
• Fangda Carbon New Material Co., Ltd.
• Tokai Carbon Co., Ltd.
• Graphite India Limited
• HEG Limited
• Energoprom
• Nippon Carbon Co. Ltd
• Sangraf International
• SEC Carbon, Ltd

FAQs

1. What will the graphite electrode market size be by 2031?
The market is projected to reach US$ 12.4 billion by 2031.

2. What CAGR is expected for the graphite electrode market during 2025-2031?
The market is expected to grow at a CAGR of about 2.4% from 2025 to 2031.

3. Which product type dominates the graphite electrode market for the metal industry?
Ultra-High Power (UHP) electrodes are the dominant product type.

4. Which metal type accounts for the highest consumption in this market?
Steel remains the leading metal type in terms of graphite electrode consumption.

5. Which region is the largest market for graphite electrodes?
Asia-Pacific is the largest and fastest-growing regional market.

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This release was published on openPR.