Market Size of Graphite Electrode Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 10.19 Billion |
Market Size (2029) | USD 13.37 Billion |
CAGR (2024 - 2029) | 5.59 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | Asia-Pacific |
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 USD 10.19 billion in 2024, and is expected to reach USD 13.37 billion by 2029, growing at a CAGR of 5.59% during the forecast period (2024-2029).
The market was affected negatively by the COVID-19 outbreak in 2020. However, with the resumption of operations in major end-user industries, it recovered significantly in 2021.
- In the short term, the strong growth in steel production in emerging countries and the rising availability of steel scrap in China are expected to drive the market's growth.
- On the flip side, soaring prices of needle coke are likely to hinder the growth of the studied market.
- The rising production of steel through electric arc furnace (EAF) technology in China is expected to act as an opportunity for the market in the coming years.
- The Asia-Pacific region is expected to dominate the market due to strong demand from China.