Graphite Electrode market share is gaining momentum globally due to increasing demand for steel in emerging economies. The rise in industrialization, urbanization and the need for high-quality products has increased the demand for electrodes for electric arc furnaces. Globally, governments are adopting stricter regulations in an effort to reduce pollution and ensure sustainability.
The growing popularity of electric cars is also fueling the market for lithium-ion batteries, which is in turn driving the demand for graphite electrodes of high quality. Globally, electric vehicle production is projected at a record level by 2040. They will need three times the amount of batteries as conventional cars. This will boost the production and demand for Lithium-Ion Battery Graphite, which is expected to accelerate the growth of the Graphite Electrode Market over the forecast period.
The Graphite Electrode Market has been segmented based upon product type and purity level. The segmentation of product type is further subdivided into regular, high and ultra-high power (UHP). Due to their high heat resistance and durability, as well as superior quality and efficiency, high-power electrodes are becoming more popular for electric arc furnaces. During the forecast period, the UHP graphite market is expected to grow with the highest CAGR.
High-purity graphite electrodes are highly demanded in ladle furnaces for steel refining. The high melting point of graphite electrodes allows for the best temperature and chemical composition to refine steel. The electrodes are used for a variety of applications that demand extreme thermal conductivity.
Asia Pacific was the largest market in 2023, and it is expected that this dominance will continue throughout the forecast. The main reason for this is the fact that China and India are two of the biggest steel producers in the world. This has led to an increase in the use of graphite in EAF steelmaking. The COVID-19 outbreak has had a negative influence on the global steel production. This in turn, has lowered demand for graphite electrodes.
Besides, the region is home to various developing countries which are investing in renewable energy sources. This has led an increase in the installation and use of solar panels and wind turbines.
Some of the leading players in the Graphite Electrode Market include GrafTech International, Graphite India, Showa Denko Sichuan Carbon Inc., Nippon Carbon Co. Ltd, Dan Carbon, HEG Limited, Fangda Carbon New Material Co., Ltd, Kaifeng Pingmei New Carbon Materials Technology Co., Ltd and Tokai Carbon Co., Ltd among others. These companies are focusing on improving operational efficiency and enhancing the performance of their products by investing in R&D activities. They are also expanding their production capabilities to meet demand. In order to increase their market share, the players are also using mergers & acquisitions.
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