According to the latest graphite electrodes market report by IMARC Group, titled “Graphite Electrodes Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global graphite electrodes market size is experiencing steady growth. Graphite electrodes are cylindrical structures that are usually made up of premium petroleum needle coke, coal tar pitch and additives. They are characterized by low electrical resistance, excellent mechanical strength, thermal expansion, thermal shock resistance and machinability. Since they can withstand high temperatures, they are utilized in the steelmaking process to transfer electrical energy from the power source to the steel melt in the electric arc furnace (EAF) bath. These electrodes are also employed in ladle furnace (LF) for the production of steel, ferroalloy, and silicon metal and the smelting process.
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Global Graphite Electrodes Industry Trends:
The escalating demand for high-quality steel is currently driving the growth of the market. An increase in the need for graphite electrodes from the steel-oriented sectors, including automotive, construction and defense, has bolstered their sales across the globe. Furthermore, the rising demand for anti-corrosive products from the oil and gas sector for oil wells and pipelines is creating a positive outlook for the market. Apart from this, there has been a shift from the basic oxygen furnaces (BOF) to EAFs, owing to their lower installation costs and environmental impact. This trend is, in turn, providing a stimulus to the market as these electrodes form an indispensable component of EAFs. In line with this, the manufacturers are investing in research and development (R&D) activities to improve the efficiency and conductivity of these electrodes. On account of these factors, the global graphite electrodes market is expected to grow at a CAGR of 4% during 2019-2024.
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Insights on Market Segmentation:
Market Breakup by Product Type:
1. Ultra-High Power (UHP)
2. High Power (HP)
3. Regular Power (RP)
Based on the product type, the market has been divided into Ultra-High Power (UHP), High Power (HP) and Regular Power (RP) electrodes.
Market Breakup by Application:
1. Electric Arc Furnace
2. Ladle Furnace
3. Non-Steel Application
On the basis of the application, the market has been categorized into electric arc furnace, ladle furnace and non-steel applications.
Market Breakup by Region:
1. Asia Pacific
3. North America
4. Middle East and Africa
5. Latin America
On the geographical front, the market has been segregated into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America.
The competitive landscape of the industry has also been analyzed with the detailed profiles of the graphite electrodes market competitors. Some of them include Energoprom Group, Fangda Carbon New Material Co. Ltd., GrafTech International Ltd., HEG Limited, Nantong Yangzi Carbon Co., Ltd., Graphite India Limited, SHOWA DENKO K.K., Beijing Great Wall Co., Ltd., Nippon Carbon Co., Ltd., Ameri-Source Specialty Products, Tokai Carbon Co., Ltd., and Schutz Carbon Electrodes Pvt Ltd.
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