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LONDON , Feb. 3, 2022 /PRNewswire/ -- According to Brandessence Market Research, The Graphite Electrode Market size reached USD 7.65 Billion in 2021. The Graphite Electrode Market is growing at robust CAGR of 7.49%, and reach size of USD 14.71 Billion by end of Forecast 2028.

Increasing demand for engineering and construction materials with the surge in the production of steel and iron as well as rise in industrialization with modern infrastructures are some important factors driving the growth of the Global Graphite Electrode Market.

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Scope of The Graphite Electrode Market Report:

Graphite electrode is the heating element used in the electric arc furnace for manufacturing steel from scrap, old cars, and other appliances. The electrode provides heat to this scrap for melting to produce new steel. Electric arc furnaces are widely used in the steel and aluminum production industry as it is cheaper to build. The graphite electrodes can be assembled into columns as they are a part of the electric furnace lid. When the electricity is supplied that passes through these graphite electrodes, forming an arc of intense heat that melts the scrap steel. Electrodes are available in different sizes depending upon the requirement of heat and the size of the electric furnace.

For the production of 1 tonne of steel, approximately 3 kg of graphite electrode is required. While manufacturing the steel, the temperature of the electrode tip reaches around 3000 degrees Celsius as graphite has the capacity to withstand such a high temperature. Needle and petroleum coke are the major raw materials used for making graphite electrodes which take up to six months to manufacture followed by certain processes including baking and rebaking to convert the coke into graphite. Graphite electrodes are easier and faster to manufacture than copper electrodes as it does not require additional process like manual grinding.

Global graphite electrodes market report covers prominent players like GrafTech U.S., Fangda Carbon China, SGL Carbon Germany, Nantong Yangzi Carbon Co., Ltd., Schutz Carbon Electrodes Pvt. Ltd., Aggreko, Showa Denko Carbon, Kaifeng Carbon Co., Showa Denko Japan, Graphite India, HEG India, Tokai Carbon Japan, Nippon Carbon Japan, SEC Carbon Japan and Others. GrafTech U.S., Fangda Carbon China and Graphite India collectively account for 454,000 tones of production Capacity.

Global Graphite Electrode Market Dynamics:

Increasing demand of engineering and construction materials with surge in the production of steels and iron as well as rise in industrialization with modern infrastructures are the major factors driving the growth of the market. According to the World Green Building trend, green and sustainable building and construction is expected to grow at 22.8% annually between 2012 and 2017. In addition to this rise in the spending on the construction of huge infrastructure will boost the growth of global graphite electrode market. According to the recent research by oxford economics, project and infrastructure spending was USD 4 trillion in 2012 and is expected to reach to more than USD 9 trillion by 2025. These massive projects will surge the demand for steels and aluminum-based materials which directly enhance the graphite electrode for the manufacturing of construction materials. In addition to this, the major factor driving the growth of graphite electrode is rapidly increasing digitalization with advanced technology.

However, fluctuation in the raw material prices and high cost of maintenance and installation of graphite electrode are some of the factors may hinder the market growth. In spite of that, rising focus on the technological development of electric arc furnaces such as; recently D.C. (Direct Current) furnaces have been utilized to enhance the production capacity of both the furnace and transformer by using higher currents for graphite electrode manufacturing can create huge opportunity for the further growth of the market.

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The Global Graphite Electrode Market is segmented on the basis of product type, application, and region & country level. On the basis of product type, the digital market is classified as regular power (RP), high power (HP) and ultra-high power (UHP). On the basis of application, the market is segmented into steel production, silicon metal production, aluminum production and others.

Global Graphite electrode Market Regional Analysis:

The Asia Pacific is expected to dominate the global graphite electrode market due to the rapidly increasing infrastructure investment on account of surge in population and the presence of a huge number of manufacturing companies mainly in China , Japan and India . According to the World Bank Group in the Asia Pacific , China is the largest manufacturer of electrode graphite. China has become a leading global investor for construction and engineering, which has made investments particularly in Latin America , Europe , and the United States . This rapid international expansion has made top of Fortune Global 500 rankings for Chinese companies. According to China State Construction Engineering (CSCEC) in 2017, China invested in building new infrastructure for the growth of its country with an estimated investment made USD 158 billion , as the third-largest investor in the world after the United States , with USD 342 billion , and Japan , with USD 160 billion .

North America is growing at a rapid pace in the graphite electrode market due to the increasing technological advancement with rising construction and building new infrastructure in this region followed by Europe . This is due to several factors like surge in spending related to digital technology, rise in population, GDP, and market maturity. Europe is also a significant contributor in the growth of the graphite electrode market due to the rising construction facility for development. According to the recent report of the HM government, in Europe , UK construction businesses hold the largest share forecasting around Euro 200 billion global market for integrated city systems by 2030. This will generate huge demand for the graphite electrode market for construction materials' productions.

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