Graphite Electrode Market is projected to reach US$ 11.36 Billion by 2027 from US$ 6.56 Billion in 2019. It is estimated to grow at a CAGR of 9.9% from 2020 to 2027. In-depth market segmentation, deep dive regional and country level analysis of 18+ countries across 5 key regions, key company profiles and industry landscape to provide latest market initiatives and competitive landscape, impact of COVID-19 pandemic on ecosystem.
New York, July 25, 2022 (GLOBE NEWSWIRE) -- The Insight Partners has published a new research report titled Global Graphite Electrode Market is an essential component of steel production via the Electric Arc Furnace (EAF) method. After a severe five-year down cycle, graphite electrode demand started billowing in 2019, along with EAF steel production. With the world more environmentally conscious and developed countries more protectionist, we anticipate stable growth in EAF steel production and graphite electrode demand from 2020-2027. The market should remain tight on limited graphite electrode capacity addition.
Graphite electrode, which is primarily used in steel production via Electronic Arc Furnace (EAF), saw a massive wave in its prices in the past one year. This was due to an unexpected divergence in the demand-supply dynamics. In the last 4-5 years, the global graphite electrode industry reeled from overcapacity. This led to weak graphite electrode prices as the demand, which depends on steel production through the EAF route, was down due to slow demand growth, excessive supply from China, and higher EAF steel production cost as opposed to Basic Oxygen Furnace (BOF) route.
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Graphite Electrode Market - Strategic Insights
No. of Charts & Figures
Product Type ; Application , and Geography
North America; Europe; Asia Pacific; Latin America; MEA
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Graphite Electrode Market: Competitive Landscape and Key Developments -
EPM Group; GrafTech International Ltd; Graphite India Limited; HEG Ltd; Kaifeng Carbon Co. Ltd; Zhongping Energy & Chemical Group (KFCC); Nantong Yangzi Carbon Co., Ltd.; Nippon Carbon Co Ltd.; Sangraf International; SHOWA DENKO K.K.; and Tokai Carbon Co., Ltd.; are among the key players in the graphite electrode market.
The iron and steel industry is the most considerable industrial source of CO2 discharges due to the energy intensity of steel production, its dependence on carbon-based fuels and reductants, and the generous volume of steel produced. With the burgeoning concern over climate variation, steelmakers are confronted with the hurdle of finding ways of reducing CO2 emissions without undermining process efficiency or contemplate adding to costs. The energy-intensive characteristics of electric arc furnace (EAF) steelmaking command that aims to reduce greenhouse gas (GHG) emissions will affect steelmakers directly and/or through electric power producers.
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EAF remove the carbon, silicon, and other impurities from the iron-containing materials in a batch process. Scrap, alternative iron, and flux are charged into the top of the EAF, typically via a basket. After the roof is closed, carbon electrodes are lowered into the furnace, and an arc of electricity raises the temperature to ~1600°C, melting the feed. Additional chemical energy may be supplied via oxyfuel burners and O2 lances. The molten steel is tapped from the furnace into a ladle and transferred to the ladle furnace where alloys are added to obtain the desired steel properties. Tap-to-tap times range from 35 to over 200 min with generally higher tap-to-tap times for stainless and specialty steels.
However, the supply and demand witnessed a significant shift by June 2017, with the market demand exceeding the supply, mostly in China. An abrupt change in the industry’s fortune was primarily driven by China’s environmental control policy, which led to a phase-out of old, less efficient and polluting units (across industries). The rule hit China’s steel and graphite electrode manufacturing companies, and approximately 170 million tonnes of steel capacity (~15% of China’s total installed capacity) and nearly 200,000 tonnes of graphite electrode manufacturing capacity sealed during the period 2016-2017. This had a significant impact on the global graphite electrode industry.
Graphite electrode is an indispensable component of steel production via the Electric Arc Furnace (EAF) method. After a painful five-year down cycle, graphite electrode demand started surging in 2019, along with EAF steel production. With the world more environmentally aware and developed countries more protectionist, we expect stable growth in EAF steel production and graphite electrode demand from 2020-2027. The market should remain tight on limited graphite electrode capacity addition.
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Presently, APAC holds the largest share of the global Graphite Electrode. The graphite electrode market players in APAC are experiencing significant demand for their products from various industries. China and Japan are the leading countries in the APAC graphite electrode market. The high demand from these countries is attributed to the steep rise in crude steel production. As per the World Steel Association, in 2018, China and Japan produced 928.3 and 104.3 million tonnes of crude steel respectively.
In APAC, electric arc furnaces have a promising growth due to the rising steel scrap and increase in electrical energy supply in China. Many countries in APAC are economically developing, and they are focusing majorly on the rising environmental issue. For instance, in China, the heavily polluting basic oxygen furnaces (BOF) have been forced to shut down due to strict environmental regulations. Thus, the induction furnaces were replaced by electric arc furnaces, which utilize graphite electrodes to melt steel scrap. In 2017, China reported the consumption of ~353,600 metric ton of graphite electrodes, with an increase of 3.06% on the consumption in 2016.
China’s steel industry is on the transition of a new era. Over the next decade, steel will frequently be made by recycling domestic scrap in electric arc furnace mini-mills as the government interests with the policy-driven exclusion of conventional induction furnaces (IF)/blast furnaces (BF) and the replacement of combined steel capacity. This monument change, which incorporates environmental and economic benefits, will transmute the industry and demand major modifications in the steelmaking business model at the company level. To favorably adapt to this new ecosystem, steel companies and other industry stakeholders should concede the context and motivating factors behind the transition.
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Ultra-high power graphite electrode is utilized for recycling steel in the electric arc furnace (EAF) industry. Its main constituent is high-value needle coke, which is produced from either petroleum or coal tar. Graphite electrodes are perfected with a cylinder shape and manufactured with threaded areas at each end. In this way, the graphite electrodes can be assembled into an electrode column using electrode nipples. To suffice the requirement of lower total cost and higher work efficiency and, large capacity ultra-high power arc furnaces are growing and becoming more popular. Thus ultra-high power graphite electrodes are expected to hold the lion's market share.
Several steel suppliers in the North American region are highly focused on investing in steel production projects. In March 2019, steel suppliers in the US—including Steel Dynamics Inc., US Steel Corp., and ArcelorMittal—invested US$ 9.7 billion in total to boost their capacity to cater to the countrywide demand. Steel Dynamics Inc. invested US$ 1.8 billion to build a mill, ArcelorMittal invested US$ 3.1 billion on the US factories, and the US Steel Corp. invested ~US$ 2.5 billion in its respective activities. The increasing demand for graphite electrode in the steel industry in North America is mainly attributed to their higher thermal resistance, higher durability, and greater quality.
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Impact of COVID-19 on Graphite electrode market
According to the latest situation report from the World Health Organization (WHO), the US, India, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst affected countries due to COVID-19 outbreak. The outbreak first began in Wuhan (China) during December 2019, and since then, it has spread at a fast pace across the globe. The COVID-19 crisis is affecting the industries worldwide, and the global economy is anticipated to take the worst hit in the year 2020 and likely in 2021 also. The outbreak has created significant disruptions in the steel industry. The sharp decline in the international trade is negatively affecting the growth of the graphite electrode. The production shutdowns, restrictions on supply chain, procurement management, labor scarcity, and border lockdowns to combat and contain the outbreak have adversely affected the construction sector. The production slowdown in the construction industry is directly affecting the adoption of various steel products.
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