How big is the graphite electrode market?
Market Size and Growth
According to a recent report by ResearchAndMarkets, the global graphite electrode market was valued at $3.16 billion in 2020 and is expected to reach $6.28 billion by 2028, growing at a CAGR of 8.8% from 2021 to 2028. This significant growth is largely driven by increasing demand for steel in emerging economies, particularly in Asia.
In addition to strong market growth, there are several notable trends and developments shaping the graphite electrode industry. These include:
Increasing demand for ultra-high-power (UHP) electrodes:
As steel production becomes more energy-intensive and requires higher currents and power inputs, there is a growing need for UHP graphite electrodes capable of withstanding these conditions.
Continued expansion in emerging markets:
With steel demand growing rapidly in countries like China and India, many graphite electrode manufacturers are expanding their operations in these regions to meet demand.
Rising prices and supply chain challenges:
The graphite electrode market has seen significant price increases in recent years due to supply chain disruptions and rising raw material costs, leading to challenges for both manufacturers and customers.
