The graphite electrode rod market serves as a critical component within the steel and metallurgical industries, providing essential materials for electric arc furnace (EAF) steelmaking and other high-temperature applications. Graphite electrode rods, due to their exceptional thermal conductivity and electrical resistance, enable efficient and precise control of extreme heat in EAFs, making them indispensable for steel production. With the steel industry’s constant demand and the growing use of EAFs for their environmental benefits, the graphite electrode rod market plays a pivotal role in ensuring the cost-effective and sustainable production of high-quality steel.
Analyst View:
Steel production through the electric arc furnace method has significantly increased in developed nations across Europe and the Americas owing to the high availability of scrap. Electric arc furnace method accounts for over 60% steel production in India, while in the Middle East, over 90% of steel is produced through an electric furnace. These factors have created sufficient demand for an electrode in these furnaces in the market. The steel industry is relying on the EAF technology and demands for made in china electrodes. In China, more than 353,900 MT of graphite electrodes has been consumed, which is expected to increase at a 3.10% rate of CAGR. Graphite electrodes have characteristics that include high electrical & heat conductivity, low content of impurity, good electrical properties, high mechanical strength and chemical stability.
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Key factors contributing to the demand for graphite electrode rods:
- Steel Production: The largest driver of demand for graphite electrode rods is the steel industry. These rods are essential for electric arc furnace (EAF) steelmaking, which is known for its flexibility, efficiency, and reduced environmental impact compared to traditional steelmaking methods. As steel production continues to grow globally, the demand for graphite electrode rods remains high.
- EAF Steelmaking: The adoption of electric arc furnace steelmaking, which heavily relies on graphite electrode rods, is increasing due to its ability to use scrap steel and reduce greenhouse gas emissions. This transition in steel production methods further boosts the demand for electrode rods.
- Infrastructure Development: Infrastructure development and construction projects around the world contribute to the demand for steel, thereby increasing the demand for graphite electrode rods. This is especially relevant in developing economies with expanding construction and infrastructure needs.
- Automotive Industry: The automotive industry, a significant consumer of steel, is constantly evolving with electric vehicles (EVs) and lightweight materials. The demand for high-quality steel for EV production and fuel efficiency requirements further supports the graphite electrode rod market.
Segmentation:
- Depending upon type, the ultra-high power graphite electrodes segment is projected to grow at highest CAGR over the forecast period. Higher durability, higher thermal resistance, and superior quality are some of the properties that are propelling the demand for UHP graphite electrode, especially in the steel industry. All the major global players are primarily into the manufacturing of UHP graphite electrodes.
- Depending upon application, the electric arc furnace steel segment is projected to grow at highest CAGR over the forecast period. There has been a continuous increase in the production of EAF steel worldwide, which is the prime driver of the demand for graphite electrode. For instance; in China, the share of steel production through EAF increased from 6% in 2016 to 9% in 2017 (still below the global average of 46% excluding China). The government of China has set a target of achieving 20% steel production through EAF by 2020.
- By region, Asia-Pacific region held the dominant position in the global graphite electrodes market and is projected to continue its dominant position during the forecast period. The dominance in the market is mainly attributed to the expansion of the commercial & residential construction industry with rising production of motor vehicles boosting the demand for iron & steel and non-ferrous alloys positively fueling the growth of the graphite electrode in the coming year.
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Competitive Landscape:
The prominent player operating in the global graphite electrode rod market includes,
- Fangda Carbon
- GrafTech
- Graphite India Limited (GIL)
- HEG Limited
- Jilin Carbon
- Kaifeng Carbon Co., Ltd
- Nippon Carbon
- Showa Denko K.K
- Tokai Carbon
- Yangzi Carbon.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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