Graphite Electrodes Market to Set Phenomenal Growth by 2026
A new report published in the Transparency Market Research (TMR) state that competitive landscape of the global graphite electrodes market exhibits highly fragmented structure, thanks to large and small scale of the participants depicting their presence across the regional and global. The key players are majorly focused toward mergers and acquisitions to attain maximum market share and maintain presence across the globe. The study also includes some of the prominent players operating in the global graphite electrodes such as Nantong Yangzi Carbon Co., Ltd., Showa Denko K.K., Tokai Carbon Co., Ltd and Graphite India Limited.
As per TMR, the revenue generated by the global graphite electrodes market stood at US$ 10 Bn in 2017. The market is register sluggish 3% CAGR throughout the forecast period from 2018 till 2026. The development of the market is highly depended on increasing demand from the steel companies.
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On the basis of application, steel and non-fused material are the major segment of the global graphite electrodes market in 2017 and this segment is likely to remain the leading segment in terms of adoption. Furthermore, ultra- high power segment account for major share in the global graphite electrodes market. Geographically, Asia Pacific is likely to be the leading market for the global market for graphic electrodes owing to stringent regulation by the Chinese government. Among all the countries in Asia Pacific, China account for highest market share in Asia Pacific region due to manufacturing of EAF steel production in the country.
Increasing Demand for Electric Arc Furnace for Steel Production Boost Demand
High electrical and heat conductivity, low impurity content, high vibrational resistance are some of the key properties of the graphite electrode influencing the growth of this market in coming years. The other quality of graphite electrode such as high thermal resistance capability and thermal shock resistance which further helps in reducing the entire mass of the steel. The lower EPF production cost and flexibility are the key factor supporting the growth of graphite electrodes market in coming years. Furthermore, Chinese government regulation are being made to increase the production of steel. The use of steel by the end-user industries such as automotive, construction and defense and aerospace and infrastructure and oil and gas industries is another factor propelling the growth of this market in near future. The rising usage of electric arc furnace for the manufacturing of steel is one of the key factor propelling the growth of this market in coming years. The use of graphite electrodes for smelting process and steel refining is one of the important factor supporting the growth of graphite electrodes market in coming years.
Utilization of Steel Scrap Likely to Upsurge Global Graphite Electrodes Market
Due to presence of large steel producing industries in developed economies, the steel industries is likely to have availability of high steel scrap. This is another factor propelling the growth of this market in near future. About more than 80% of the steel which are produced in electric arc furnace are made from steel scraps. The alternating production capacity of the steel craps could drive the demand of this market in near future.