Graphite Electrode Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Graphite Electrode Market Report is Segmented by Electrode Grade (Ultra High Power (UHP), High Power (SHP), and Regular Power (RP)), Application (Electric Arc Furnace, Basic Oxygen Furnace, and Non-Steel Application), and Geography (Asia-Pacific, North America, Europe, South America, and the Middle East and Africa). The Report Offers Market Size Forecasts for all the Above Segments in Terms of Volume (tons) and Revenue (USD).

Graphite Electrode Market Size

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Graphite Electrode Market Summary
Study Period 2019 - 2029
Market Volume (2024) 1.61 Thousand kilotons
Market Volume (2029) 1.92 Thousand kilotons
CAGR (2024 - 2029) 3.55 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific

Major Players

Graphite Electrode Market Major  Players

*Disclaimer: Major Players sorted in no particular order

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Graphite Electrode Market Analysis

The Graphite Electrode Market size is estimated at 1.61 Thousand kilotons in 2024, and is expected to reach 1.92 Thousand kilotons by 2029, growing at a CAGR of 3.55% during the forecast period (2024-2029).

The COVID-19 pandemic hampered the graphite electrodes market, as nationwide lockdowns in several countries and strict social distancing measures affected the production of crude steel and crude aluminum. However, the market registered a significant growth rate after the restrictions were lifted due to the increasing demand from crude steel and aluminum manufacturing industries.

  • In the short term, the strong demand for EAF technology for steelmaking and the rising availability of steel scrap in China is expected to drive the market demand.
  • On the other hand, high dependency on the steel industry is expected to hinder the market's growth.
  • The rising usage of graphite electrodes in non-steel applications may offer various opportunities for the growth of the market studied.
  • Asia-Pacific is expected to dominate the market and is anticipated to witness the highest CAGR during the forecast period.

Graphite Electrode Market Trends

The Electric Arc Furnace Segment to Dominate the Market

  • Graphite electrodes find their primary application in electric arc furnace (EAF) steelmaking, accounting for around 70% to 80% of their total consumption.
  • Within the EAF, graphite electrodes serve as conduits for electrical energy. They play a crucial role in the melting and refining scrap steel, ultimately yielding high-quality steel. These electrodes, crafted from specialized grades of needle coke and other raw materials, boast exceptional thermal and electrical conductivity. This enables them to withstand the extreme temperatures and demanding conditions encountered during steelmaking.
  • Graphite electrodes play a pivotal role in the contemporary steel industry, facilitating efficient and eco-conscious steelmaking in electric arc furnaces. As steel producers increasingly embrace technological advancements and prioritize sustainability, the demand for high-quality graphite electrodes is poised to remain robust. This, in turn, is expected to drive innovation and progress in EAF steelmaking in the years ahead.
  • Tata Steel UK, in January 2024, announced the closure of two high-emission blast furnaces, signaling a shift toward greener steelmaking. The company plans to commence operations at its proposed electric arc furnace in Port Talbot by 2027, with a substantial investment of GBP 1.25 billion (~USD 1.59 billion).
  • Japan's second-largest steelmaker, JFE Steel, broke ground on a large-scale electric arc furnace (EAF) at its Kurashiki plant in western Japan, slated for completion around 2027. This move is aimed at curbing carbon dioxide emissions and addressing climate change concerns. In June 2023, ArcelorMittal Luxembourg, as part of its decarbonization efforts, announced an investment in a new electric arc furnace (EAF) at its Belval site.
  • China, the global steel giant, accounts for 55% of the world's steel production. The World Steel Association highlights China's consistent output, with 1,019.1 million tons in 2023, matching the 2022 figure. Notably, the country's production in the first 10 months of 2023 reached 874.7 million metric tons, marking a 1.4% uptick from the same period in 2022. China's crude steel capacity witnessed modest growth in 2023, driven by plans from Chinese steelmakers to introduce up to 118 million MT/year of new capacity through a capacity swap mechanism.
  • Hence, owing to the above-mentioned factors, the electric arc furnace application segment is expected to dominate the graphite electrode market during the forecast period.
Graphite Electrode Market : Crude Steel Production, in Million Tons, Global, 2020-2023

Asia-Pacific to Dominate the Market

  • Asia-Pacific is expected to dominate the graphite electrode market during the forecast period. The demand for graphite electrodes is increasing from basic oxygen furnaces and electric arc furnaces in countries like China and India.
  • The demand for graphite electrodes is increasing in China due to the rising adoption of electric arc furnaces (EAFs) in steel production. Chinese manufacturers recognize the country's commitment to higher steel production rates via EAF technology. This shift was primarily driven by environmental concerns and the push for more sustainable steelmaking methods.
  • Graphite electrodes find applications not only in steelmaking but also in aluminum and silicon processing. China, being the world's largest producer of both aluminum and silicon, witnessed a significant surge in its annual aluminum output in 2023. The output climbed by 3.43% from the previous year, hitting a record high of 41.59 million tonnes, as reported by the National Bureau of Statistics of China. This growth was fueled by the addition of new capacities and the relaxation of power supply restrictions. According to the US Geological Survey, China's silicon production in 2023 was estimated at 6.6 million metric tons.
  • India is witnessing a robust surge in the demand for graphite electrodes, primarily driven by the steady uptick in iron and steel production over recent years. These electrodes play a pivotal role in steel and non-ferrous metal production and are employed in both the electric arc furnace and ladle furnace processes.
  • India, the world's second-largest steel producer, has a steel capacity of over 161 million tons annually, trailing only China. This capacity is distributed with 67 million tons via the blast furnace-basic oxygen furnace (BF-BoF) route, 36 million tons via electric arc furnace (EAF), and 58 million tons via the induction furnace (IF) route.
  • The steel sector in South Korea holds significance, driving the nation's economic growth by catering to industries like automotive, construction, and shipbuilding. As reported by the Korean Iron & Steel Association, the steel industry accounts for 1.5% of the nation's GDP and 4.9% of its manufacturing sector. Notably, South Korea ranks as the sixth-largest steel producer globally.
  • Owing to the factors mentioned above, the market for graphite electrodes in Asia-Pacific is projected to grow significantly during the forecast period.
Graphite Electrode Market - Growth Rate by Region

Graphite Electrode Industry Overview

The graphite electrode market is partially consolidated. Some of the major players (not in any particular order) in the market include Resonac Holdings Corporation, GrafTech International, Fangda Carbon New Material Co. Ltd, Zhongze Group, and Liaoning Dantan Technology Group Co. Ltd (Dan Carbon).

Graphite Electrode Market Leaders

  1. ZHONGZE GROUP

  2. Resonac Holdings Corporation

  3. Fangda Carbon New Material Co., Ltd

  4. GrafTech International

  5. Liaoning Dantan Technology Group Co. Ltd (Dan Carbon)

*Disclaimer: Major Players sorted in no particular order

Graphite Electrode Market Concentration
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Graphite Electrode Market News

  • January 2023: Showa Denko K.K. (SDK) and Showa Denko Materials Co. Ltd (formerly Hitachi Chemical Company Ltd) underwent a merger. This transformation gave rise to two distinct entities, i.e., a holding company, now known as "Resonac Holdings Corporation," and a manufacturing company, named "Resonac Corporation." This merger consolidated both companies' operations, particularly in the graphite electrode sector, streamlining their manufacturing and supply chains.

Graphite Electrode Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Strong Demand for EAF Technology for Steelmaking

      2. 4.1.2 Rising Availability of Steel Scrap in China

    2. 4.2 Restraints

      1. 4.2.1 High Dependency on the Steel Industry

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Volume)

    1. 5.1 Electrode Grade

      1. 5.1.1 Ultra High Power (UHP)

      2. 5.1.2 High Power (SHP)

      3. 5.1.3 Regular Power (RP)

    2. 5.2 Application

      1. 5.2.1 Electric Arc Furnace

      2. 5.2.2 Basic Oxygen Furnace

      3. 5.2.3 Non-steel Application

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Malaysia

        6. 5.3.1.6 Thailand

        7. 5.3.1.7 Indonesia

        8. 5.3.1.8 Vietnam

        9. 5.3.1.9 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 France

        4. 5.3.3.4 Italy

        5. 5.3.3.5 Spain

        6. 5.3.3.6 Nordic Countries

        7. 5.3.3.7 Turkey

        8. 5.3.3.8 Russia

        9. 5.3.3.9 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Colombia

        4. 5.3.4.4 Rest of South America

      5. 5.3.5 Middle East and Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 Qatar

        3. 5.3.5.3 United Arab Emirates

        4. 5.3.5.4 Egypt

        5. 5.3.5.5 South Africa

        6. 5.3.5.6 Rest of Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers, Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%) Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 EL 6 LLC

      2. 6.4.2 Fangda Carbon New Material Technology Co. Ltd

      3. 6.4.3 GrafTech International

      4. 6.4.4 Graphite India Limited

      5. 6.4.5 HEG Limited

      6. 6.4.6 Kaifeng Pingmei New Carbon Materials Technology Co. Ltd

      7. 6.4.7 Liaoning Dantan Technology Group Co. Ltd (Dan Carbon)

      8. 6.4.8 Nantong Yangzi Carbon Co. Ltd

      9. 6.4.9 Nippon Carbon Co. Ltd

      10. 6.4.10 Sangraf International Inc.

      11. 6.4.11 SEC Carbon Limited

      12. 6.4.12 Resonac Holdings Corporation

      13. 6.4.13 Tokai Carbon Co. Ltd

      14. 6.4.14 Zhongze Group

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Rising Usage of Graphite Electrodes in Non-steel Applications

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Graphite Electrode Industry Segmentation

Graphite electrodes are used to transfer electrical energy from the power supply to the steel melt in the EAF bath. They are normally manufactured using quality petroleum needle coke, coal tar pitch, and some additives.

The graphite electrodes market is segmented by electrode grade, application, and geography. By electrode grade, the market is segmented into ultra-high power (UHP), high power (SHP), and regular power (RP). By application, the market is segmented into electric arc furnaces, basic oxygen furnaces, and non-steel applications. The report also covers the market size and forecasts for 27 countries across major regions. For each segment, market sizing and forecasts have been done on the basis of volume (tons) and revenue (USD).

Electrode Grade
Ultra High Power (UHP)
High Power (SHP)
Regular Power (RP)
Application
Electric Arc Furnace
Basic Oxygen Furnace
Non-steel Application
Geography
Asia-Pacific
China
India
Japan
South Korea
Malaysia
Thailand
Indonesia
Vietnam
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Nordic Countries
Turkey
Russia
Rest of Europe
South America
Brazil
Argentina
Colombia
Rest of South America
Middle East and Africa
Saudi Arabia
Qatar
United Arab Emirates
Egypt
South Africa
Rest of Middle East and Africa
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Graphite Electrode Market Research FAQs

The Graphite Electrode Market size is expected to reach 1.61 thousand kilotons in 2024 and grow at a CAGR of 3.55% to reach 1.92 thousand kilotons by 2029.

In 2024, the Graphite Electrode Market size is expected to reach 1.61 thousand kilotons.

ZHONGZE GROUP, Resonac Holdings Corporation, Fangda Carbon New Material Co., Ltd, GrafTech International and Liaoning Dantan Technology Group Co. Ltd (Dan Carbon) are the major companies operating in the Graphite Electrode Market.

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia-Pacific accounts for the largest market share in Graphite Electrode Market.

In 2023, the Graphite Electrode Market size was estimated at 1.55 thousand kilotons. The report covers the Graphite Electrode Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Graphite Electrode Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Graphite Electrodes Industry Report

Statistics for the 2024 Graphite Electrodes market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Graphite Electrodes analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Graphite Electrode Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)