What is the global demand for graphite electrodes?
The global demand for graphite electrodes is on a significant upward trajectory. In 2023, the market was valued at approximately $7.91 billion and is projected to reach $8.36 billion in 2024, continuing to grow at a compound annual growth rate (CAGR) of 5.87%, reaching around $11.81 billion by 2030 (Research&Markets). This growth is driven primarily by the increasing adoption of electric arc furnace (EAF) technology in steelmaking, which is known for its efficiency and environmental benefits compared to traditional methods.
The EAF method's reliance on graphite electrodes is pivotal, as they are crucial for melting scrap steel in the production of new steel. This method is gaining popularity, especially in regions like Asia-Pacific, where urbanization and infrastructure development are rapidly progressing (GlobeNewswire). Additionally, the global shift towards recycling and sustainability in steel production boosts the demand for graphite electrodes.
Overall, the market for graphite electrodes is set for robust growth, driven by technological advancements, increased steel production, and the broader push towards sustainable industrial practices.
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The EAF method's reliance on graphite electrodes is pivotal, as they are crucial for melting scrap steel in the production of new steel. This method is gaining popularity, especially in regions like Asia-Pacific, where urbanization and infrastructure development are rapidly progressing (GlobeNewswire). Additionally, the global shift towards recycling and sustainability in steel production boosts the demand for graphite electrodes.
In 2024, the market is expected to grow from $8.01 billion to $8.65 billion at a CAGR of 8.0% (Research&Markets). The steel industry's expansion, especially the production of high-quality steel and the growing automotive sector, particularly electric vehicles (EVs), are significant factors contributing to this demand (GlobeNewswire) (Research&Markets).
Overall, the market for graphite electrodes is set for robust growth, driven by technological advancements, increased steel production, and the broader push towards sustainable industrial practices.
