Graphite Electrode Market for the Metal Industry is Forecasted to Reach US$ 12.4 Billion in 2031, Says Stratview Research

Stratview Research, a global market research firm has launched a report on the global graphite electrode market for the metal industry which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Market Statistics:

Market Size in 2024: US$ 9.4 billion

Market Size in 2031: US$ 12.4 billion

Growth (CAGR): 2.4% during 2024-2031

Leading Product Type: Ultra-High Power (UHP)

Leading Metal Type: Steel

Leading Steel Area Type: Side Oxidation

Leading Steel Grade Type: Carbon Steel

Leading Region: Asia-Pacific

Forecast Period: 2024-2031

Trend Period: 2018-2022

Base Year: 2023

Number of Segments Covered: 5

Number of Tables & Graphs: 100+

Country-Level Market Assessment: 20

Segment Insights on the Graphite Electrode Market for the Metal Industry:

The global graphite electrode market for the metal industry is segmented based on product type, metal type, steel area type, steel grade type and region.

Based on product type - The graphite electrode market for the metal industry is segmented into ultra-high power (UHP), high power (HP), and regular power (RP). UHP is expected to remain the most preferred as well as the fastest-growing product during the forecast period. Higher durability, higher thermal resistance, and superior quality are some of the properties that are propelling the demand for UHP graphite electrodes, especially in the steel industry. All the major global players are primarily in the manufacturing of UHP graphite electrodes.

Based on metal type – The market is segmented into steel, silicon metal, aluminum, and other metals. The market is experiencing dual growth due to increasing steel production and a shift from traditional steel production methods to the Electric Arc Furnace (EAF) method, which employs graphite electrodes. For instance, in China, the share of steel production through EAF was 12.5% in 2024 (still below the global average of 45%, excluding China). The government of China has set a target of achieving 20% steel production through EAF by 2030.

Based on area type - The graphite electrode market for the metal industry for steel is segmented into arc-zone, slag, side, and others. Oxidation consumption, occurring at the side of the electrode, accounts for more than 50% of total Graphite Electrode consumption in EAF steelmaking. This form of consumption arises from the reaction between electrodes and oxygen/moisture during the steelmaking process. It correlates with furnace atmosphere, gas temperature, flow rate, and other variables, with gas flow rate exerting the most significant impact.

Based on steel grade type – The graphite electrode for the metal industry market for steel grade type is segmented into carbon steel, stainless steel, and others. Carbon steel is the dominant segment because production volume is the largest due to its high uses and low production cost, as compared to other segments that account for more than 85% of total Graphite Electrode consumption in EAF steelmaking. The demand for stainless steel is also expected to grow because increasing demand for corrosion-resistant materials in sectors such as medical devices, food processing, and chemical industries is driving the growth of stainless-steel production.

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Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia-Pacific is expected to remain the largest market for graphite electrodes during the forecast period. This growth outlook is majorly attributed to the following–

-         China is the largest steel-producing country through the EAF method globally.

-         Furthermore, five of the leading players, namely Resonac Corporation (Japan), Fangda Carbon New Material Co. Ltd. (China), Tokai Carbon Co. Ltd. (Japan), Graphite India Limited (India), and HEG Ltd. (India), are based in the Asia-Pacific.

Graphite Electrode Market for the Metal Industry Drivers:

Some of the key drivers listed in the report are given below.

·      Growth in steel production via EAF (replacing traditional blast furnaces)

·      Rising demand for recycled steel (EAFs use 100% scrap metal)

·      Expansion of electric vehicle (EV) manufacturing, which requires high-quality steel

·      Increasing adoption of ultra-high-power (UHP) electrodes for efficiency

Top Companies in the Graphite Electrode Market for the Metal Industry:

Stratview Research has identified the following companies as the top market players.

• GrafTech International Ltd.
• Resonac Corporation (Formerly Showa Denko Materials Co., Ltd.)
• Fangda Carbon New Material Co., Ltd.
• Tokai Carbon Co., Ltd
• Graphite India Limited
• HEG Limited
• Energoprom
• Nippon Carbon Co. Ltd
• Sangraf International
• SEC Carbon, Ltd

What Unique Insights Does This Report Offer?

This report provides comprehensive insights into the market, answering critical questions like

-      How big is the sales opportunity?

-      Which regions offer the best sales opportunities?

-      Which are the most attractive market segments?

-      Which are the top players and their market positioning?

-      How complex is the business environment?

-      What are the factors affecting the market?

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Related Reports:

-         Graphite Electrode Market

-         Graphite Materials Market

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

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