Graphite Electrode Market Research Report By Application (Electric Arc Furnace (EAF), Ladle Furnace (LF), Vacuum Arc Remelting (VAR)), By Product Type (UHP Graphite Electrode, HP Graphite Electrode), By Size (200-350 mm, 350-500 mm, Above 500 mm), By Raw Material (Petroleum Coke, Needle Coke, Coal Tar Pitch), By Purity Level (99.5%, 99.8%, 99.9%) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032

Global Graphite Electrode Market Overview

As per MRFR analysis, the Graphite Electrode Market Size was estimated at 12.3 (USD Billion) in 2022.

 The Graphite Electrode Market Industry is expected to grow from 12.69(USD Billion) in 2023 to 16.8 (USD Billion) by 2032. The Graphite Electrode Market CAGR (growth rate) is expected to be around 3.17% during the forecast period (2024 - 2032).

Key Graphite Electrode Market Trends Highlighted

The graphite electrode market is projected to witness significant growth in the coming years, driven by factors such as rising demand from the steel industry, increased adoption in electric arc furnaces, and growing adoption of green energy technologies. The market is also poised for growth due to the increasing demand for graphite electrodes in the production of lithium-ion batteries and other energy storage applications.
Key market drivers include the rising demand for steel, the growing adoption of electric arc furnaces, and the increased use of graphite electrodes in the production of renewable energy technologies. In addition, the growing demand for graphite electrodes in the production of lithium-ion batteries is expected to drive market growth in the coming years
Recent trends in the market include the increasing adoption of ultra-high power (UHP) graphite electrodes, the development of new technologies for the production of graphite electrodes, and the growing adoption of graphite electrodes in the production of renewable energy technologies.

Source Primary Research, Secondary Research, MRFR Database and Analyst Review

Graphite Electrode Market Drivers

Increasing Demand from Steel Production

The steel industry is the largest consumer of graphite electrodes, accounting for over 70% of demand. The growth of the steel industry, particularly in emerging economies, is driving the demand for graphite electrodes. Steel is used in a wide range of applications, including construction, automotive, and infrastructure, and the increasing demand for steel is expected to continue to drive the growth of the Graphite Electrode Market Industry.

Graphite electrodes are essential for the production of steel, as they are used in electric arc furnaces to melt scrap metal and create new steel. The increasing demand for steel is expected to lead to a corresponding increase in the demand for graphite electrodes.

Growing Adoption of Electric Arc Furnaces

Electric arc furnaces (EAFs) are becoming increasingly popular in the steel industry due to their environmental benefits and lower operating costs compared to traditional blast furnaces. EAFs use graphite electrodes to melt scrap metal and create new steel, and the growing adoption of EAFs is expected to drive the demand for graphite electrodes. EAFs produce less greenhouse gas emissions than blast furnaces, and they can also use a wider range of scrap metal, which makes them more cost-effective.

The growing adoption of EAFs is expected to continue to drive the growth of the Graphite Electrode Market Industry.

Technological Advancements in Graphite Electrode Production

Technological advancements in graphite electrode production are also expected to drive the growth of the Graphite Electrode Market Industry. These advancements include the development of new and improved production methods, as well as the use of new materials. These advancements are expected to lead to increased production efficiency and lower costs, which will make graphite electrodes more competitive in the market.

Graphite Electrode Market Segment Insights

Graphite Electrode Market Application Insights

The Graphite Electrode Market segmentation by application includes Electric Arc Furnace (EAF), Ladle Furnace (LF), and Vacuum Arc Remelting (VAR). The Electric Arc Furnace (EAF) segment held the largest market share in 2023, and it is expected to continue to dominate the market during the forecast period. This is due to the increasing adoption of EAFs in steelmaking, as they offer several advantages over traditional blast furnaces, such as lower capital costs, shorter lead times, and greater flexibility in terms of feedstock. The Ladle Furnace (LF) segment is expected to experience significant growth during the forecast period, due to the increasing demand for high-quality steel.

LF furnaces are used to refine molten steel, removing impurities and improving its properties. The Vacuum Arc Remelting (VAR) segment is expected to grow at a steady pace during the forecast period, due to the increasing demand for high-purity metals. VAR is a process used to produce high-purity metals, such as titanium and nickel, by melting them in a vacuum environment. Overall, the Graphite Electrode Market is expected to continue to grow at a steady pace during the forecast period, driven by the increasing demand for steel and other metals.

Source Primary Research, Secondary Research, MRFR Database and Analyst Review

Graphite Electrode Market Product Type Insights

The Graphite Electrode Market is segmented by Product Type into UHP Graphite Electrode and HP Graphite Electrode. In 2023, the UHP Graphite Electrode segment held the largest market share of approximately 65%, and it is expected to maintain its dominance throughout the forecast period. The high demand for UHP Graphite Electrode in the production of high-quality steel and other metals is driving the growth of this segment. The HP Graphite Electrode segment is also expected to witness significant growth during the forecast period, owing to its increasing use in electric arc furnaces for the production of steel and other metals.

Graphite Electrode Market Size Insights

The Graphite Electrode Market is segmented by Size into 200-350 mm, 350-500 mm, and Above 500 mm. The 200-350 mm segment held the largest market share in 2023, and it is expected to continue to dominate the market during the forecast period. The growth of this segment can be attributed to the increasing demand for graphite electrodes in the production of steel and other metals. The 350-500 mm segment is expected to witness significant growth during the forecast period, owing to the increasing adoption of graphite electrodes in the production of electric arc furnaces.

The Above 500 mm segment is expected to grow at a steady pace during the forecast period, driven by the increasing demand for graphite electrodes in the production of large-scale steelmaking furnaces. Overall, the Graphite Electrode Market is expected to grow at a CAGR of 3.17% during the forecast period, reaching a market valuation of USD 16.8 billion by 2032.

Graphite Electrode Market Raw Material Insights

The Graphite Electrode Market is expected to exhibit strong growth in the coming years, driven by increasing demand from various end-use industries such as steel, aluminum, and automotive. The market is based on raw material, and one of the key segments is Petroleum Coke. The Petroleum Coke segment is expected to account for a significant share of the Graphite Electrode Market revenue in the coming years. Petroleum Coke is a byproduct of the oil refining process and is a key raw material used in the production of graphite electrodes.

The demand for Petroleum Coke is expected to increase in the coming years due to the growing demand for graphite electrodes. Another key segment in the Graphite Electrode Market based on raw material is Needle Coke. Needle Coke is a high-quality carbon material that is used in the production of graphite electrodes. The demand for Needle Coke is expected to increase in the coming years due to the growing demand for high-quality graphite electrodes. Coal Tar Pitch is another important raw material used in the production of graphite electrodes.

Coal Tar Pitch is a byproduct of the coal tar distillation process and is used as a binder in the production of graphite electrodes. The demand for Coal Tar Pitch is expected to increase in the coming years due to the growing demand for graphite electrodes.

Graphite Electrode Market Purity Level Insights

The purity level segment plays a significant role in the Graphite Electrode Market. The market is segmented into three primary purity levels 99.5%, 99.8%, and 99.9%. Among these, the 99.5% purity level holds the largest market share due to its wide usage in various industrial applications. The 99.8% and 99.9% purity levels are gaining traction in high-end applications that demand exceptional purity levels. The increasing demand for high-purity graphite electrodes in electric arc furnaces (EAFs) is expected to drive the growth of these segments in the coming years.

This growth is attributed to rising steel production, increased adoption of EAFs, and growing demand from emerging economies.

Graphite Electrode Market Regional Insights

The Graphite Electrode Market is segmented into North America, Europe, APAC, South America, and MEA. North America is the largest market for graphite electrodes, accounting for over 35% of the market in 2023. The region is home to a number of large steel producers, which are the primary consumers of graphite electrodes. Europe is the second largest market for graphite electrodes, accounting for over 25% of the market in 2023. The region is home to a number of automotive and aerospace manufacturers, which are also major consumers of graphite electrodes.

APAC is the fastest growing market for graphite electrodes, with a CAGR of over 5% expected over the next five years. The region is home to a number of emerging economies, which are driving the growth in demand for graphite electrodes. South America and MEA are relatively small markets for graphite electrodes, but they are expected to grow at a steady pace over the next five years.

Source Primary Research, Secondary Research, MRFR Database and Analyst Review

Graphite Electrode Market Key Players And Competitive Insights

Major players in the Graphite Electrode Market industry are constantly engaging in strategic initiatives to maintain their market position and gain a competitive edge. These initiatives include product development, capacity expansion, mergers and acquisitions, and strategic partnerships. The Graphite Electrode Market industry is characterized by a high level of competition, with leading players such as Showa Denko, SGL Carbon, and GrafTech International holding significant market shares. These companies are continuously investing in research and development activities to improve the quality and performance of their products, as well as to develop new and innovative solutions that meet the evolving needs of their customers.

A leading player in the Graphite Electrode Market, Showa Denko, has a strong presence and is known for its high-quality products and customer-centric approach. The company has a wide range of graphite electrode products, including regular power, high power, and ultra-high power electrodes, which are used in various applications such as electric arc furnaces and ladle furnaces. Showa Denko's commitment to quality and innovation has enabled it to establish a strong reputation in the market and maintain a loyal customer base. The company's focus on sustainability and environmental responsibility also aligns with the growing demand for eco-friendly products and processes in the industry.

A key competitor in the Graphite Electrode Market, SGL Carbon, is another major player with a reach. The company offers a comprehensive portfolio of graphite electrodes, including standard, high-performance, and customized electrodes, which are designed to meet the specific requirements of different customers. SGL Carbon's expertise in carbon-based materials and its focus on continuous improvement have contributed to its position as a leading supplier in the market. The company's strong technical capabilities and commitment to research and development enable it to develop innovative solutions and cater to the changing needs of the industry.

Key Companies in the Graphite Electrode Market Include

• Jilin Carbon


• Hunan Xiangtan Carbon


• SGL Carbon


• Imerys


• Fushun Carbon


• HEG


• Asbury Carbons


• Tokai Carbon


• Yixing Graphite


• Nippon Carbon


• GrafTech


• Showa Denko

Graphite Electrode Market Industry Developments

The Graphite Electrode Market is projected to reach USD 16.8 billion by 2032, at a CAGR of 3.17% from 2024 to 2032.

Recent developments in the market include the increasing adoption of graphite electrodes in electric arc furnaces (EAFs) for steelmaking, driven by environmental regulations and the need for energy efficiency. Additionally, the growing demand for graphite electrodes in lithium-ion batteries for electric vehicles is expected to further drive market growth.

Key players in the market include Showa Denko, HEG Limited, SGL Carbon, and GrafTech International. These companies are focusing on expanding their production capacities and developing innovative products to meet the increasing demand.

Graphite Electrode Market Segmentation Insights

• Graphite Electrode Market Application Outlook
  
  
  
  • Electric Arc Furnace (EAF)
  
  
  • Ladle Furnace (LF)
  
  
  • Vacuum Arc Remelting (VAR)
  
  
  
  


• Graphite Electrode Market Product Type Outlook
  
  
  
  • UHP Graphite Electrode
  
  
  • HP Graphite Electrode
  
  
  
  


• Graphite Electrode Market Size Outlook
  
  
  
  • 200-350 mm
  
  
  • 350-500 mm
  
  
  • Above 500 mm
  
  
  
  


• Graphite Electrode Market Raw Material Outlook
  
  
  
  • Petroleum Coke
  
  
  • Needle Coke
  
  
  • Coal Tar Pitch
  
  
  
  


• Graphite Electrode Market Purity Level Outlook
  
  
  
  • 99.5%
  
  
  • 99.8%
  
  
  • 99.9%
  
  
  
  


• Graphite Electrode Market Regional Outlook
  
  
  
  • North America
  
  
  • Europe
  
  
  • South America
  
  
  • Asia Pacific
  
  
  • Middle East and Africa