Graphite Electrode Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

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 & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Graphite Electrode Market Size

Graphite Electrode Market Summary
Study Period 2019 - 2030
Market Volume (2025) 1.67 Thousand kilotons
Market Volume (2030) 1.98 Thousand kilotons
CAGR 3.55 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration Medium

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 1.67 thousand kilotons in 2025, and is expected to reach 1.98 thousand kilotons by 2030, at a CAGR of 3.55% during the forecast period (2025-2030).

The graphite electrode industry is experiencing a significant transformation driven by the global steel sector's shift toward sustainable production methods. This evolution is particularly evident in the increasing adoption of Electric Arc Furnace (EAF) technology, which, according to recent data from April 2024, commands approximately 42.5% (459 MTPA) of global steelmaking capacity. The industry's commitment to sustainability is further demonstrated by major steelmakers worldwide announcing plans to transition from traditional blast furnaces to electric arc furnaces. This shift is reshaping the demand dynamics for graphite electrodes, as EAF technology requires these components as essential consumables in the steelmaking process.


The market is witnessing substantial technological advancements in electrode systems and applications, particularly in response to the growing demand for larger diameter and higher performance electrodes. According to industry reports, as of July 2023, approximately 43% of planned steelmaking capacities were designated for EAF technology, marking a significant increase from the previous year's 33%. This trend is driving manufacturers to invest in research and development to improve electrode quality, durability, and performance, while simultaneously working to optimize production processes to meet the increasing demand from modern steel plants.


Raw material dynamics and supply chain considerations are playing an increasingly crucial role in shaping the market landscape. The availability and quality of key raw materials, particularly needle coke, continue to influence production capabilities and pricing strategies. The industry is witnessing a notable trend in recycling and resource optimization, with China's steel scrap usage reaching 215.31 million tons in 2022, demonstrating the growing importance of sustainable resource management in the sector. This focus on resource efficiency is prompting manufacturers to develop innovative solutions for material utilization and waste reduction, leveraging graphite materials for enhanced sustainability.


The market is experiencing significant diversification beyond its traditional steel industry applications, particularly in the glass and chemical sectors. The European glass industry, for instance, reported production volumes of 39.5 million metric tons in 2022, while China's float glass exports reached 1,336,107 tons in 2023, indicating robust demand from non-steel sectors. This diversification is driving manufacturers to develop specialized electrode grades tailored for specific applications, leading to increased investment in research and development for novel products. The expansion into new applications is creating additional growth opportunities while helping reduce the market's historical dependence on the steel industry. The role of industrial graphite in these sectors is becoming increasingly prominent, further broadening the scope of the graphite electrode market.

Segment Analysis: ELECTRODE GRADE

Ultra High Power (UHP) Segment in Graphite Electrode Market

The Ultra High Power (UHP) graphite electrode segment dominates the global graphite electrode market, commanding approximately 70% of the market share in 2024. This segment's prominence is primarily attributed to its superior performance characteristics, including exceptional electrical conductivity, mechanical strength, and resistance to thermal shock. UHP graphite electrodes are particularly crucial in electric arc furnaces with current density exceeding 25 A/cm2, making them indispensable for high-quality steel production. The segment's growth is further bolstered by the increasing adoption of large-capacity ultra-high power arc furnaces across the steel industry, driven by the need for improved work efficiency and cost reduction. Additionally, these electrodes demonstrate remarkable dimensional stability and oxidation resistance, making them ideal for smelting high-quality alloy steels and other materials in both DC/AC ultra-high power electric arc furnaces and ladle refining furnaces.

Market Analysis of Graphite Electrode Market: Chart for ELECTRODE GRADE

High Power (SHP) Segment in Graphite Electrode Market

The High Power (SHP) graphite electrode segment represents a significant portion of the graphite electrode market, with manufacturers focusing on optimizing production costs while maintaining performance standards. This segment is projected to experience steady growth at a rate of approximately 2% during the forecast period 2024-2029. The growth is primarily driven by the segment's ability to bridge the gap between high-power and ultra-high power variants while offering cost advantages through reduced needle coke content in its raw material mix. SHP electrodes are particularly valued in ultra-high-power electric arc furnaces and refining furnaces, where they demonstrate high current resistance, superior discharge rates, and excellent dimensional stability. The segment's expansion is further supported by its strong presence in emerging markets and its application versatility across various steel production processes.

Remaining Segments in Electrode Grade

The Regular Power (RP) graphite electrode segment, while smaller in market share, continues to serve specific niche applications in the graphite electrode market. These electrodes, also known as molded graphite columns, are primarily utilized in regular power EAFs with a maximum current density of 17 A/cm2. Despite their moderate thermal conductivity, RP graphite electrodes maintain their relevance in applications requiring moderate power inputs, particularly in electric furnace steelmaking and metallurgical casting. The segment's value proposition lies in its cost-effectiveness for specific applications, making it a practical choice for certain steel manufacturers operating at lower power requirements or those engaged in specialized production processes.

Segment Analysis: APPLICATION

Electric Arc Furnace Segment in Graphite Electrode Market

The Electric Arc Furnace (EAF) segment dominates the global graphite electrode market, commanding approximately 71% of the total market share in 2024. This significant market position is primarily driven by the increasing adoption of EAF technology in steel production, particularly due to its environmental benefits and operational flexibility. The segment's dominance is further reinforced by major steel manufacturers worldwide transitioning from traditional steelmaking methods to EAF technology. Several key developments support this trend, including Tata Steel UK's announcement in January 2024 to establish a new electric arc furnace facility with a capacity of 3 MTPA, and ArcelorMittal's unveiling of plans to construct a new EAF facility at its Belval site in Luxembourg. Additionally, POSCO's initiation of a 2.5 MTPA EAF facility construction at its Gwangyang Works demonstrates the growing preference for this technology. The segment is also experiencing the fastest growth rate in the market, driven by increasing environmental regulations and the steel industry's push toward decarbonization.

Basic Oxygen Furnace Segment in Graphite Electrode Market

The Basic Oxygen Furnace (BOF) segment represents a significant portion of the graphite electrode market, with applications primarily in ladle furnaces for secondary steel refining. This segment's growth is supported by ongoing developments in steel production facilities, particularly in emerging economies. In September 2023, the market witnessed plans for 75 new BOF plants, predominantly in Asia. India's announcement to add around 80 million tons of steel production capacity by 2030, with 66% through the BF-BOF route, exemplifies this trend. The segment's expansion is further evidenced by BOF facilities in Asia and Latin America accounting for over 73% of the tonnage volume in capacity expansions, according to the Organization for Economic Co-operation and Development (OECD). These developments indicate a steady growth trajectory for the BOF segment in the graphite electrode market.

Remaining Segments in Application

The Non-steel Application segment, while smaller in market share, plays a vital role in the graphite electrode market by serving diverse industries beyond steel production. This segment encompasses applications in non-ferrous metal smelting, particularly in electrolytic copper and aluminum production, where graphite electrodes act as crucial conductive components. The segment also serves the chemical industry for electrolysis, electrodeposition, and electrochemical processing, especially in the chlor-alkali sector. Additionally, graphite electrodes find applications in power generation, glass manufacturing, semiconductor production, and wastewater treatment, demonstrating the versatility and expanding scope of graphite electrode applications beyond traditional steel manufacturing.

Graphite Electrode Market Geography Segment Analysis

Graphite Electrode Market in Asia-Pacific

The Asia-Pacific region dominates the global graphite electrode market, driven by rapid industrialization and extensive steel manufacturing capabilities. Countries like China, India, Japan, and South Korea form the backbone of the region's market, while emerging economies such as Malaysia, Thailand, Indonesia, and Vietnam contribute to its dynamic growth. The region's market is characterized by strong domestic production capabilities, particularly in China and India, along with significant investments in electric arc furnace (EAF) technology for steel production. The presence of major manufacturers and the ongoing shift towards sustainable steel production methods further strengthen the region's market position.

Market Analysis of Graphite Electrode Market: Forecasted Growth Rate by Region

Graphite Electrode Market in China

China maintains its position as the largest market for graphite electrodes in the Asia-Pacific region, holding approximately 53% of the regional graphite electrode market share in 2024. The country's dominance is supported by its extensive steel production capacity and the presence of over 40 official graphite electrode producers. China's strategic emphasis on electric arc furnace (EAF) steelmaking technology, coupled with government initiatives promoting sustainable production methods, continues to drive market growth. The country's commitment to achieving higher steel production rates via EAF technology has prompted manufacturers to rapidly expand their graphite electrode capacities.

Graphite Electrode Market in India

India emerges as the fastest-growing market in the Asia-Pacific region, with a projected growth rate of approximately 5% during 2024-2029. The country's market expansion is driven by its position as the world's second-largest steel producer, with a steel capacity exceeding 161 million tons annually. India's growth trajectory is further supported by significant investments in capacity expansions by major manufacturers like HEG Ltd and Graphite India Limited. The country's push towards sustainable steel production, exemplified by projects like Tata Steel's upcoming low-carbon green steel plant, continues to boost demand for graphite electrodes.

Graphite Electrode Industry Overview

Top Companies in Graphite Electrode Market

The graphite electrode market is characterized by intense innovation and strategic developments among key players like Resonac Holdings Corporation, GrafTech International, Fangda Carbon New Material Co. Ltd, Zhongze Group, and Liaoning Dantan Technology Group Co. Ltd. Companies are increasingly focusing on technological advancements in electrode manufacturing processes to enhance product quality and operational efficiency. Strategic expansions through capacity additions and facility upgrades remain prominent, particularly in regions with growing steel production. Market leaders are strengthening their vertical integration capabilities, especially in petroleum needle coke production, to ensure raw material security and cost advantages. The industry witnesses a strong emphasis on developing sustainable manufacturing practices and energy-efficient solutions, while companies are also investing in research and development to improve electrode performance and durability.

Consolidated Market with Strong Regional Players

The graphite electrode industry exhibits partial consolidation, with the top manufacturers controlling a significant portion of global production capacity. Major players comprise both diversified conglomerates with multiple business segments and specialized manufacturers focused solely on graphite electrodes and related products. The market structure is characterized by established players with extensive manufacturing networks spanning multiple continents, complemented by regional specialists with strong local market presence. The industry has witnessed strategic mergers and acquisitions aimed at consolidating market position, expanding geographical reach, and acquiring technological capabilities.


Recent market dynamics have prompted companies to pursue strategic partnerships and long-term supply agreements with key customers, particularly in the steel industry. The competitive landscape is shaped by manufacturers' ability to maintain cost competitiveness while ensuring consistent product quality and reliable supply chains. Japanese and European companies maintain technological leadership, while Chinese manufacturers leverage cost advantages and growing domestic demand. Companies are increasingly focusing on developing value-added products and specialized solutions to differentiate themselves in the market.

Innovation and Sustainability Drive Future Success

Success in the graphite electrode market increasingly depends on companies' ability to balance operational efficiency with technological innovation and sustainability initiatives. Market leaders are strengthening their positions through investments in advanced manufacturing processes, digital transformation, and sustainable production methods. Companies are developing closer relationships with end-users through technical collaboration and customized solutions, while also expanding their service offerings to include process optimization and technical support. The ability to secure reliable raw material supply chains and maintain cost competitiveness while meeting stringent quality requirements remains crucial for market success.


New entrants and emerging players face significant barriers due to high capital requirements, technical expertise needs, and established customer relationships. The industry's future competitive dynamics will be shaped by companies' ability to adapt to evolving environmental regulations and sustainability requirements. Success factors include developing eco-friendly production processes, optimizing energy consumption, and maintaining strong relationships with steel manufacturers. Companies must also focus on geographic diversification and market-specific strategies to mitigate risks associated with regional demand fluctuations and trade policies.

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)

  6. *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. INTRODUCTION

  • 1.1 Study Assumptions
  • 1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET DYNAMICS

  • 4.1 Drivers
    • 4.1.1 Strong Demand for EAF Technology for Steelmaking
    • 4.1.2 Rising Availability of Steel Scrap in China
  • 4.2 Restraints
    • 4.2.1 High Dependency on the Steel Industry
  • 4.3 Industry Value Chain Analysis
  • 4.4 Porter's Five Forces Analysis
    • 4.4.1 Bargaining Power of Suppliers
    • 4.4.2 Bargaining Power of Buyers
    • 4.4.3 Threat of New Entrants
    • 4.4.4 Threat of Substitute Products and Services
    • 4.4.5 Degree of Competition

5. MARKET SEGMENTATION (Market Size in Volume)

  • 5.1 Electrode Grade
    • 5.1.1 Ultra High Power (UHP)
    • 5.1.2 High Power (SHP)
    • 5.1.3 Regular Power (RP)
  • 5.2 Application
    • 5.2.1 Electric Arc Furnace
    • 5.2.2 Basic Oxygen Furnace
    • 5.2.3 Non-steel Application
  • 5.3 Geography
    • 5.3.1 Asia-Pacific
    • 5.3.1.1 China
    • 5.3.1.2 India
    • 5.3.1.3 Japan
    • 5.3.1.4 South Korea
    • 5.3.1.5 Malaysia
    • 5.3.1.6 Thailand
    • 5.3.1.7 Indonesia
    • 5.3.1.8 Vietnam
    • 5.3.1.9 Rest of Asia-Pacific
    • 5.3.2 North America
    • 5.3.2.1 United States
    • 5.3.2.2 Canada
    • 5.3.2.3 Mexico
    • 5.3.3 Europe
    • 5.3.3.1 Germany
    • 5.3.3.2 United Kingdom
    • 5.3.3.3 France
    • 5.3.3.4 Italy
    • 5.3.3.5 Spain
    • 5.3.3.6 Nordic Countries
    • 5.3.3.7 Turkey
    • 5.3.3.8 Russia
    • 5.3.3.9 Rest of Europe
    • 5.3.4 South America
    • 5.3.4.1 Brazil
    • 5.3.4.2 Argentina
    • 5.3.4.3 Colombia
    • 5.3.4.4 Rest of South America
    • 5.3.5 Middle East and Africa
    • 5.3.5.1 Saudi Arabia
    • 5.3.5.2 Qatar
    • 5.3.5.3 United Arab Emirates
    • 5.3.5.4 Egypt
    • 5.3.5.5 South Africa
    • 5.3.5.6 Rest of Middle East and Africa

6. COMPETITIVE LANDSCAPE

  • 6.1 Mergers, Acquisitions, Joint Ventures, Collaborations, and Agreements
  • 6.2 Market Share (%) Analysis
  • 6.3 Strategies Adopted by Leading Players
  • 6.4 Company Profiles
    • 6.4.1 EL 6 LLC
    • 6.4.2 Fangda Carbon New Material Technology Co. Ltd
    • 6.4.3 GrafTech International
    • 6.4.4 Graphite India Limited
    • 6.4.5 HEG Limited
    • 6.4.6 Kaifeng Pingmei New Carbon Materials Technology Co. Ltd
    • 6.4.7 Liaoning Dantan Technology Group Co. Ltd (Dan Carbon)
    • 6.4.8 Nantong Yangzi Carbon Co. Ltd
    • 6.4.9 Nippon Carbon Co. Ltd
    • 6.4.10 Sangraf International Inc.
    • 6.4.11 SEC Carbon Limited
    • 6.4.12 Resonac Holdings Corporation
    • 6.4.13 Tokai Carbon Co. Ltd
    • 6.4.14 Zhongze Group
  • *List Not Exhaustive

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  • 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

How big is the Graphite Electrode Market?

The Graphite Electrode Market size is expected to reach 1.67 thousand kilotons in 2025 and grow at a CAGR of 3.55% to reach 1.98 thousand kilotons by 2030.

What is the current Graphite Electrode Market size?

In 2025, the Graphite Electrode Market size is expected to reach 1.67 thousand kilotons.

Who are the key players in Graphite Electrode Market?

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.

Which is the fastest growing region in Graphite Electrode Market?

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).

Which region has the biggest share in Graphite Electrode Market?

In 2025, the Asia-Pacific accounts for the largest market share in Graphite Electrode Market.

What years does this Graphite Electrode Market cover, and what was the market size in 2024?

In 2024, the Graphite Electrode Market size was estimated at 1.61 thousand kilotons. The report covers the Graphite Electrode Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Graphite Electrode Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Graphite Electrode Market Research

Mordor Intelligence provides a comprehensive analysis of the graphite electrode market, drawing on decades of expertise in industrial materials research. Our extensive coverage includes the full range of graphite materials and carbon electrode technologies. This encompasses UHP graphite electrode applications and electric arc furnace electrode systems. The report offers detailed insights into the implementation of electrode systems, an analysis of graphite electrode price trend, and emerging developments in industrial graphite applications. We place particular focus on EAF electrode technologies and their impact on manufacturing efficiency.

The report is available in an easy-to-read PDF format for download. It offers stakeholders crucial insights into graphite electrode industry dynamics and the graphite electrode market outlook. Our analysis covers various product segments, including regular power graphite electrode, high power graphite electrode, and ultra high power graphite electrode technologies. We provide comprehensive data on graphite electrode market size and future growth projections. The report delivers actionable intelligence on furnace electrode innovations, enabling businesses to optimize their strategic planning and operational efficiency in the evolving graphite electrode market analysis landscape.