The global graphite electrode market is expected to reach USD 5.68 billion by 2024 and is expected to grow on account of its increasing use for production of steel. Asia Pacific emerged as the fastest growing market and is projected to continue dominating as a result of the presence of robust steel manufacturers. The usage of graphite electrode has increased due to rigorous competition in the steel industry.

Rapid steel production and increasing spending on infrastructure in developing economies across the globe are expected to boost the demand for high-grade steel that is manufactured using electric arc furnaces (EAF). Adoption of advanced technology for steel production with the purpose of saving time and energy is expected to augment the demand for graphite electrodes.

Growing demand for steel in construction, oil & gas, and automotive industries is expected to boost the graphite electrode market. In 2016, approximately 50% of the steel produced globally was used in the building & infrastructure industry. Growing demand for steel in diverse industries such as aviation, electronics and packaging is anticipated to boost the use of electric arc furnace route for production thereby increasing the demand.

Volatile raw material prices are expected to restrain market growth as they have an adverse impact on supply as well as profit margins of manufacturers. Needle coke is primarily used for the manufacturing of graphite electrode accounting for approximately 40% of the total cost of the finished product. Fluctuation in the global crude oil price is expected to hamper the growth of needle coke market.

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Key players analyzed
• Graphite India Limited
• Beijing Great Wall Co., Ltd.
• Nippon Carbon Co Ltd
• GrafTech International
• Ameri-Source Specialty Products
• Tokai Carbon Co., Ltd
• HEG Limited
• KAIFENG CARBON CO., LTD
• Schutzcarbon.com
• NANTONG YANGZI CARBON CO., LTD

The demand for electric arc furnace is expected to grow significantly as it offers several advantages such as production flexibility and low CO2 emission. It also saves raw material and energy due to its efficiency. The segment is likely to grow at a 4.1% CAGR over the projected period.

Graphite electrodes offer excellent thermal resistance and high current carrying capacity which makes them a suitable choice in electric arc furnaces (EAF) steel, refinement of steel and similar smelting processes. Besides EAF and LF, graphite electrodes are also used for electrolytic aluminum smelting and electrical discharge machining (EDM). The development of these non-steel applications is also anticipated to provide an opportunity for market growth over the forecast period.

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