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Graphite Electrode Market Size is projected to reach USD

March 19, 2024 11:00 ET | Source: Straits Research Private Limited Straits Research Private Limited

New York, United States, March 19, 2024 (GLOBE NEWSWIRE) -- Large, cylindrical graphite electrodes are typically manufactured with coal tar pitch, premium petroleum needle coke, and a few additives. They convert the power source's electrical energy into heat for melting scrap metal. Due to graphite's high thermal conductivity and low electrical resistance, these electrodes can generate temperatures as high as 1,600 degrees Celsius. Graphite Electrode is utilized primarily in Electric Arc Furnaces (EAF) and Blast Oxygen Furnaces (BOF) to produce steel and melt ferrous alloys. These electrodes have a high electrical conductivity, are resistant to high heat dissipation, and possess exceptional mechanical strength. good conductivity graphite electrode

Graphite Electrode Market Size is projected to reach USD

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Rising Demand to Enhance Battery Performance Drives the Global Market

According to Straits Research, "The global graphite electrode market was valued at USD 9.22 billion in 2022. It is estimated to reach USD 13.58 billion by 2031, growing at a CAGR of 4.40% during the forecast period (2023–2031)." The demand for graphite in numerous applications, lithium-ion batteries being one of the most significant, drives the graphite electrode market. The broad adoption of lithium-ion batteries may be observed in various applications such as electric vehicles (EVs), portable devices, and renewable energy storage systems. Therefore, any advancement or improvement in lithium-ion battery technology can significantly impact the graphite electrode market.

Substituting 15% of graphite with Ionisil in a water-based CMC/SBR binder system produces electrodes with a stable capacity of 740 mAh/g, three times that of a pure graphite anode. This increased capacity substantially improves the performance of lithium-ion batteries, allowing for longer battery life and greater energy storage capacities. Thus, the trend above propels the global graphite electrode market's expansion.

Rising Availability of Steel Scrap in China Creates Tremendous Opportunities

China's scrap consumption is rising rapidly due to the shutdown of substandard steel capacities caused by the dangerous effects of carbon dioxide emissions from induction furnaces. This development has aided China's transition to the surging use of electric arc furnaces (EAF) for steel production. According to official data, the country imported 552,892 tons of steel scrap in 2021, up 1,938% from 2020.

China is expected to increase its steel scrap consumption by 23% to 320 million tons to meet its climate commitments by 2025. China's efforts to increase its steel production through EAFs, which require graphite electrodes, are expected to increase demand for them in the coming years. Utilizing EAF would favor scrap steel over virgin ore. It is anticipated that the increase in EAF production will increase steel scrap usage in the country, thereby creating enormous opportunities for the growth of the graphite electrode market.

Asia-Pacific is the most significant global graphite electrode market shareholder and is expected to grow substantially during the forecast period. The development in the Asia-Pacific region can be attributed to China and India's expanding steel industries. Graphite electrodes are an indispensable part of the steelmaking process. They are the primary source of heat in electric arc furnaces for smelting scrap metal and producing new steel. Rapid infrastructure development in these nations fuels steel demand, which drives market expansion over the forecast period. According to secondary research, China allocated USD 573 billion in SPBs to local governments in 2021, of which 97% had been issued by December 15, 2021. Due to the increasing investments of regional industry players, the Asia-Pacific region is anticipated to experience rapid growth over the forecast period. In October 2021, JSW Steel invested INR 150 billion to build a steel plant in Jammu and Kashmir and fuel manufacturing in the region. Therefore, the factors above support market growth over the forecast period.

North America, particularly the United States, has a robust manufacturing infrastructure, which supports the development of the graphite electrode market. The region possesses advanced manufacturing facilities, knowledge, and technologies for producing graphite electrodes. These established capabilities enable North American manufacturers to efficiently produce graphite electrodes for industries such as steel, aluminum, and electric vehicles. The regional growth is due to the increase in steel production. According to an estimate, the American iron and steel industry contributed more than USD 520 billion in revenue and nearly two million jobs to the U.S. economy in 2017. These employees received compensation and benefits totaling close to USD 130 billion. The sector collected USD 56 billion in federal, state, and local taxes. A strong manufacturing infrastructure promotes competitiveness, innovation, and production efficiency. It also enables manufacturers to satisfy domestic demand and expand export capacities, contributing to market growth.

The key global graphite electrode market players are GrafTech International, Resonac Holdings Corporation, Fangda Carbon New Material Co., Ltd., Zhongze Group, Dan Carbon, Kaifeng Pingmei New Carbon Materials Technology Co., Ltd, Nantong Yangzi Carbon Co., Ltd., Nippon Carbon Co Ltd., SANGRAF International Inc., SEC CARBON, LIMITED., Tokai Carbon Co., Ltd., and others.

Global Graphite Electrode Market: Segmentation

Get Detailed Market Segmentation @ https://straitsresearch.com/report/graphite-electrode-market/segmentation 

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Graphite Electrode Market Size is projected to reach USD

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