Hyderabad, June 30, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Graphite Electrode Market Report (2023-2028)," the market is estimated at USD 9.64 billion in 2023. It is expected to register a CAGR of 5.59% during the forecast period.
The global graphite electrode market showed remarkable resilience during the COVID-19 pandemic and bounced back strongly after. It is now looking ahead to great growth opportunities in the short term, backed by a surge in steel production in emerging countries and increased availability of steel scrap in China. The robust demand for graphite electrodes positions Asia-Pacific as a key region in the global market. Ucar Graphite Electrodes
Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends
Strong growth in steel production in emerging countries.
Abundant availability of steel scrap in China.
Adoption of electric arc furnace (EAF) technology in China.
Who are the Top Companies in the Graphite Electrode Market?
The graphite electrode market is partially consolidated. The notable players in the market in 2023 are,
Fangda Carbon New Material Co. Ltd
Kaifeng Pingmei New Carbon Materials Technology Co. Ltd
Nantong Yangzi Carbon Co. Ltd
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Key Highlights from the Graphite Electrode Market Report:
Electric Arc Furnace Segment in the Limelight
Graphite electrodes are essential for electric arc furnaces (EAF) used in steelmaking. Electric arc furnaces melt steel scrap using high-temperature graphite electrodes, which can withstand extreme heat, reaching temperatures as high as 3,000o F.
The recent price surge for graphite electrodes has increased costs for EAF mills. The supply of graphite electrodes is limited, but the demand is soaring, leading to price rises and market fluctuations.
China Propelling the Market in Asia-Pacific
China has the largest consumption and production capacity of graphite electrodes in the world.
Decision-making bodies in China have strongly backed EAF steelmaking technologies to reduce carbon emissions and promote sustainability in the steel industry.
With over 40 graphite electrode producers and several fresh players entering the market in the recent past, the Chinese market graphite electrode market is expanding rapidly.
What are the Latest Developments in the Graphite Electrode Market?
In September 2022, HEG Limited began the expansion of its graphite electrode capacity in Madhya Pradesh, India. The company allocated USD 156.30 million to increase its capacity to 100 kilotons per year from 80 kilotons.
In August 2022, HEG Limited also began an expansion project to increase graphite electrode production capacity from 80,000 tons to 100,000 tons. The company plans to start commercial graphite electrode production at the new site this year.
Mordor Intelligence has Segmented the Graphite Electrode Market Based on Electrode Grade, Application, and Geography.
By Electrode Grade (Market Size and Forecast based on Value (USD billion), 2018-2028)
By Application (Market Size and Forecast based on Value (USD billion), 2018-2028)
By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
Rest of Middle East & Africa
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Graphite Electrode Market Report (2023-2028).
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Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
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