UHP Graphite Electrode Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Global UHP Graphite Electrode Market is Segmented by Applications (Electric Arc Furnace (EAF), Basic Oxygen Furnace (BOF) and Non-steel), and Geography (Asia-Pacific, North America, Europe, South America, and Middle East and Africa). The report offers market size and forecasts for UHP Graphite Electrodes in volume (kilo tons) for all the above segments.

Market Snapshot

uhp graphite electrode market
Study Period: 2017-2027
Base Year: 2021
Fastest Growing Market: Asia-Pacific
Largest Market: Asia-Pacific
CAGR: >5 %

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Market Overview

The Global UHP Graphite Electrode Market is projected to register a CAGR of over 5% during the forecast period (2022-2027).

UHP Graphite Electrode market was hard hit due to the repercussions of Covid-19 on the manufacturing sector across the globe. As the economic activities declined, the steel demand from the automotive and construction industry reduced adversely, leading to a direct impact on the demand for UHP Graphite Electrodes. On the positive front, the market witnessed a substantial rebound in 2021 with an active pick-up in economic activities, leading to a gradual drop in steel demand. In line with consistent development initiatives being undertaken across the globe, the expected rise in the steel demand is expected to keep the consumption of the UHP Graphite Electrode market appreciable in 2022.

  • Surging prices of needle coke which is highly utilized to produce graphite electrodes are expected to hinder the market growth.
  • Increasing emphasis on adopting the Electric Arc Furnace (EAF) method to produce steel across various economies due to its low polluting nature is expected to bolster the demand for UHP Graphite Electrodes.
  • The Asia-Pacific region is expected to dominate the market and will also witness the highest CAGR during the forecast period.

Scope of the Report

UHP Graphite Electrode is a type of Graphite Electrode designed for high performance in the electric arc furnace industry. UHP Graphite Electrode is mainly composed of high valued-needle coke derived from petroleum or coal tar. The Electrode is majorly utilized for the steel recycling and production process in the electric arc furnace. UHP Graphite Electrodes are known for their stable performance and cost-saving advantage in steel-making and recycling. UHP Graphite Electrode is also widely used in the smelting process of yellow phosphorous and silica. The UHP Graphite Electrode Market is segmented by application and geography. By Application, the market is segmented into electric arc furnaces, basic oxygen furnaces, and non-steel. The report also covers the market size and forecasts for the UHP Graphite Electrode Market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on volume (kilo tons).

Application
Electric Arc Furnace (EAF)
Basic Oxygen Furnace (BOF)
Non-Steel
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Key Market Trends

Growing Demand for Steel Production through Electric Arc Furnace (EAF) Route

Decarbonization has been among the key focus of the countries over the past few years. Steel is one of the most important constructions and engineering materials that form the manufacturing sector's core pillars in various economies. The steel industry is currently looking for ways to reduce its carbon footprint from both economic and environmental perspectives. To limit the pollutants from the steel manufacturing process, companies have been continuously adopting the ‘Electric Arc Furnace Route,’ which uses scrap steel and electricity for steel production, expelling minimum waste during the process.

The steel industry is one of the most carbon and energy-intensive industries. Increasing the share of steel production from electric arc furnaces (EAF) by using renewable energy sources is one of the high potential ways to decarbonize the industry.

In 2021, steel production from blast furnaces accounted for 70% of the total steel production worldwide, while 30% of steel was produced from the electric arc process. Raw steel production increased by nearly 6% in 2021 concerning 2020 and is expected to increase further in the forecast period in line with development plans in major economies across the globe.

The UHP graphite electrode market will likely grow globally due to all these factors during the forecast period.

 uhp graphite electrode market size

Asia-Pacific Region to Dominate the Market

The Asia-Pacific region is expected to dominate the market. In the region, China is the largest economy in terms of GDP. China and India are among the fastest emerging economies in the world.

China is the world's leading producer and exporter of steel globally. The country dominates globally, representing nearly 56% of total crude steel production. China has been looking for ways to decarbonize the steel sector so that it does not need to cap steel production in line with the government's stringent pollution standards. In 2021, China approved the construction of 43 new EAFs, which are expected to be commissioned between 2022-2025. By 2025, China plans to account for 15-20% of the total steel production by EAF route, which is expected to lead to a substantial increase in the demand for UHP Graphite Rods in the market.

India is regarded as the second-largest steel-producing nation behind China. In 2021, India’s Crude Steel Production Stood at 118 million tonnes, depicting a growth of 18% from the previous year. The substantial growth observed in the Indian Steel manufacturing sector has been due to ample raw materials and cost-effective labor. Increasing government emphasis on decarbonizing the steel sector is expected to elevate the adoption of the electric furnace method for steel production, thereby propelling the demand for UHP Graphite Electrodes in the forecast period

Due to all such factors, the market for UHP Graphite Electrode in the region is expected to steady growth during the forecast period.

uhp graphite electrode market report,

Competitive Landscape

The UHP Graphite Electrode Market is consolidated, with the top five players accounting for nearly 45% of the global market. Some of the major players in the market include GrafTech International, FangDa Carbon New Material Co. Ltd, Showa Denko K.K, ZHONGZE Group, and Nantong Yangzi Carbon, among others (not in any particular order).

Recent Development

  • In May 2022, Tata Steel in India announced the installation of an Electric Arc Furnace (EAF) capacity of around 0.5 million in the Rohtak manufacturing unit.
  • In November 2021, Algoma announced plans to construct an EAF to replace blast furnaces in Ontario by 2024. Post the development, the company’s carbon emission is expected to reduce by nearly 70%.
  • In July 2021, ArcelorMittal, a Luxembourg-based steel maker, announced an investment EAF facility to produce 2.4 million metric tons of steel in line with its decarbonization targets.

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 Growing Demand for Steel Production through EAF Route

      2. 4.1.2 Increasing Emphasis on Steel Scrap Recycling

    2. 4.2 Restraints

      1. 4.2.1 Surging prices of Needle Coke

    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

    1. 5.1 Application

      1. 5.1.1 Electric Arc Furnace (EAF)

      2. 5.1.2 Basic Oxygen Furnace (BOF)

      3. 5.1.3 Non-Steel

    2. 5.2 Geography

      1. 5.2.1 Asia-Pacific

        1. 5.2.1.1 China

        2. 5.2.1.2 India

        3. 5.2.1.3 Japan

        4. 5.2.1.4 South Korea

        5. 5.2.1.5 Rest of Asia-Pacific

      2. 5.2.2 North America

        1. 5.2.2.1 United States

        2. 5.2.2.2 Canada

        3. 5.2.2.3 Mexico

      3. 5.2.3 Europe

        1. 5.2.3.1 Germany

        2. 5.2.3.2 United Kingdom

        3. 5.2.3.3 Italy

        4. 5.2.3.4 France

        5. 5.2.3.5 Rest of Europe

      4. 5.2.4 South America

        1. 5.2.4.1 Brazil

        2. 5.2.4.2 Argentina

        3. 5.2.4.3 Rest of South America

      5. 5.2.5 Middle-East and Africa

        1. 5.2.5.1 Saudi Arabia

        2. 5.2.5.2 South Africa

        3. 5.2.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

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

    2. 6.2 Market Share (%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 GrafTech International

      2. 6.4.2 Dan Carbon

      3. 6.4.3 Dongri

      4. 6.4.4 Kaifeng Pingmei New Carbon Material Technology Co. Ltd

      5. 6.4.5 Showa Denko K.K

      6. 6.4.6 Nippon Carbon Co Ltd.

      7. 6.4.7 Rongxing CARBON

      8. 6.4.8 EPM Group (EL 6)

      9. 6.4.9 Tokai Carbon Co., Ltd.

      10. 6.4.10 Graphite India Limited

      11. 6.4.11 HEG Limited.

      12. 6.4.12 SANGRAF International Inc.

      13. 6.4.13 FangDa Carbon

      14. 6.4.14 ZHONGZE Group

      15. 6.4.15 Nantong Yangzi Carbon

      16. 6.4.16 Xingshi Group

      17. 6.4.17 Shanxi Juxian Graphite New Material Co. Ltd

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

    1. 7.1 Increasing focus over decarbonization of steel sector

**Subject to Availability

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Frequently Asked Questions

The UHP Graphite Electrode Market market is studied from 2017 - 2027.

The UHP Graphite Electrode Market is growing at a CAGR of >5% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

Asia-Pacific holds highest share in 2021.

GrafTech International, Fangda Carbon New Material Co. Ltd, Showa Denko K.K., ZHONGZE GROUP, Nantong Yangzi Carbon are the major companies operating in UHP Graphite Electrode Market.

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