The global Graphite Electrode market size is expected to reach USD 5.85 billion by 2030 and exhibit a CAGR of 7.45% in the forecast period (2023−2030), according to Skyquest's latest research report. The growing demand from the steel industry for electric arc furnace (EAF) steelmaking, increasing usage of EAFs as a more cost-effective and sustainable steel production method, and rising demand for high-quality steel products in various sectors such as automotive, construction, and infrastructure, is fueling the market's growth.
Westford, USA, July 17, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest's latest global research of the Graphite Electrode market, increasing adoption of ultra-high power (UHP) graphite electrodes for enhanced performance and productivity in electric arc furnace (EAF) steelmaking, growing demand for larger diameter graphite electrodes to cater to the increasing size and capacity of EAFs, rising focus on sustainable and eco-friendly electrode production methods, such as using renewable energy sources and implementing recycling programs, technological advancements in graphite electrode materials and manufacturing processes, leading to improved durability and efficiency, expanding applications of graphite electrodes in industries beyond steelmaking, such as silicon metal production and electric energy storage, are the trends that aid in the market's growth. Graphite Welding Electrodes
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A graphite electrode is a long, cylindrical rod made of graphite. It is used as a conductor of electricity in a variety of industrial processes, including electric arc furnaces, welding, and metal cutting. Graphite electrodes are also used to produce carbon black and other carbon-based products.
Prominent Players in Graphite Electrode Market
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Large Diameter Graphite Electrodes Demand to Grow Substantially in the Forecast Period
Large diameter graphite electrodes dominated the global online market as the steel industry is witnessing a shift towards electric arc furnace (EAF) steelmaking, which requires larger capacity furnaces. As EAF capacity increases, there is a growing demand for large diameter graphite electrodes to ensure efficient and productive steelmaking.
Electric Arc Furnace (EAF) Steelmaking is the Leading Application Segment
In terms of application, the electric arc furnace (EAF) steelmaking is the leading segment due to its cost-effectiveness, energy efficiency, and lower environmental impact compared to traditional blast furnace methods. As a result, the demand for graphite electrodes used in EAFs is increasing.
Asia Pacific is the leading Market Due to the Large Steel Production
Region-wise, North America is one of the largest growing markets with a huge emphasis on steel production. China is the world's largest producer of steel, accounting for a significant share of global steel production. The country's robust steel industry drives the demand for graphite electrodes, which are essential for electric arc furnace (EAF) steelmaking.
A recent report thoroughly analyzes the major players operating within the Graphite Electrode market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Graphite Electrode.
Key Developments in Graphite Electrode Market
In January 2023, GrafTech International, a leading producer of graphite electrodes, announced that it had acquired Nantong Yangzi Graphite, a Chinese graphite electrode manufacturer. The acquisition was valued at $600 million. The combined company will have a strong position in the global graphite electrode market and will be able to offer a wider range of products and services to customers.
In April 2023, Showa Denko K.K., a Japanese graphite producer, announced that it had acquired Graphite Electrodes (Xiamen), a Chinese graphite electrode manufacturer. The acquisition was valued at $300 million. The combined company will have a strong position in the Chinese graphite electrode market and will be able to offer a wider range of products and services to customers.
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Key Questions Answered in Graphite Electrode Market Report
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