|Fastest Growing Market:||Asia-Pacific|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The Global UHP Graphite Electrode Market is projected to register a CAGR of over 5% during the forecast period (2022-2027).
UHP Graphite Electrode market was hard hit due to the repercussions of Covid-19 on the manufacturing sector across the globe. As the economic activities declined, the demand for steel reduced adversely from the automotive and construction industry leading to a direct impact on the demand for UHP Graphite Electrodes. On the positive front, the market witnessed a substantial rebound in 2021 with an active pick-up in economic activities leading to a gradual pick-up in the demand for steel. In line with consistent development initiatives being undertaken across the globe, the expected rise in the demand for steel is expected to keep the consumption of the UHP Graphite Electrode market appreciable in 2022.
- Surging prices of needle coke which is highly utilized to produce graphite electrodes are expected to hinder market growth.
- Increasing emphasis on adopting the Electric Arc Furnace (EAF) method to produce steel across various economies due to its low polluting nature, is expected to bolster the demand for UHP Graphite Electrodes.
- Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.
Scope of the Report
UHP Graphite Electrode is a type of Graphite Electrode which is designed for high performance in the electric arc furnace industry. UHP Graphite Electrode is mainly composed of high valued-needle coke which is derived from either petroleum or coal tar. The Electrode is majorly utilized for the steel recycling and production process in the electric arc furnace. UHP Graphite Electrodes are known for their stable performance and cost-saving advantage in the steel-making and recycling process. UHP Graphite Electrode is also widely used in the smelting process of yellow phosphorous and silica. The UHP Graphite Electrode Market is segmented by application and geography. By Application, the market is segmented into electric arc furnace, basic oxygen furnace, and non-steel. The report also covers the market size and forecasts for the UHP Graphite Electrode Market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kilo tons).
|Electric Arc Furnace (EAF)|
|Basic Oxygen Furnace (BOF)|
Key Market Trends
Growing Demand for Steel Production through Electric Arc Furnace (EAF) Route
Decarbonization has been among the key focus of the countries over the past few years. Steel is one of the most important construction and engineering material that forms core pillars of the manufacturing sector in various economies. Steel industry is currently looking for ways to reduce its carbon footprint from both economic and environmental perspectives. In order to limit the pollutants from the steel manufacturing process, companies have been continuously adopting the ‘Electric Arc Furnace Route’ which uses scrap steel and electricity for steel production expelling minimum waste during the process.
Steel industry is one of the most carbon and energy-intensive industries. Increasing the share of steel production from electric arc furnaces (EAF) by using renewable energy sources is one of the high potential ways to decarbonize the industry.
In 2021, the production of steel from blast furnaces accounted for 70% of the total steel production worldwide while 30% of steel was produced from the electric arc process. Production of raw steel increased by nearly 6% in 2021 with respect to 2020 and is expected to increase further in the forecast period in line with development plans in major economies across the globe.
Owing to all these factors, the market for UHP graphite electrode is likely to grow globally during the forecast period.
To understand key trends, Download Sample Report
Asia-Pacific Region to Dominate the Market
Asia-Pacific region is expected to dominate the market. In the region, China is the largest economy, in terms of GDP. China and India are among the fastest emerging economies in the world.
China is the world's leading producer and exporter of steel across the globe. The country dominates the globe by representing nearly 56% of total crude steel production. China has been looking for ways to decarbonize the steel sector so that it does not need to cap the steel production in line with government stringent pollution standards. In 2021, China received the approval for the construction of 43 new EAFs which are expected to be commissioned between 2022-2025. By 2025, China plans to account for 15-20% of the total steel production by EAF route which is expected to lead to a substantial increase in the demand for UHP Graphite Rods in the market.
India is regarded as the second-largest steel producing nation behind China. In 2021, India’s Crude Steel Production Stood at 118 million tonnes, depicting a growth of 18% with respect to the previous year. The substantial growth observed in the Indian Steel manufacturing sector has been due to ample availability of raw materials and cost-effective labor. Increasing government emphasis to decarbonize the steel sector is expected to elevate the adoption of electric furnace method for steel production, thereby propelling the demand for UHP Graphite Electrodes in the forecast period
Due to all such factors, the market for UHP Graphite Electrode in the region is expected to have a steady growth during the forecast period.
To understand geography trends, Download Sample Report
The UHP Graphite Electrode Market is consolidated in nature with top five players accounting for nearly 45% share in the global market. Some of the major players in the market include GrafTech International, FangDa Carbon New Material Co. Ltd, Showa Denko K.K, ZHONGZE Group, and Nantong Yangzi Carbon among others (not in any particular order).
- In May 2022, Tata Steel in India announced the installation of Electric Arc Furnace (EAF) capacity of around 0.5 million in the Rohtak manufacturing unit.
- In November 2021, Algoma announced plans for the construction of EAF to replace blast furnaces in Ontario by 2024. Post the development, the company’s carbon emission is expected to reduce by nearly 70%.
- In July 2021, ArcelorMittal, a Luxembourg-based steel maker announced an investment EAF facility for producing 2.4 million metric tons of steel in line with its decarbonization targets.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Growing Demand for Steel Production through EAF Route
4.1.2 Increasing Emphasis on Steel Scrap Recycling
4.2.1 Surging prices of Needle Coke
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.1.1 Electric Arc Furnace (EAF)
5.1.2 Basic Oxygen Furnace (BOF)
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.2.2 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
5.2.4 South America
126.96.36.199 Rest of South America
5.2.5 Middle-East and Africa
188.8.131.52 Saudi Arabia
184.108.40.206 South Africa
220.127.116.11 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 GrafTech International
6.4.2 Dan Carbon
6.4.4 Kaifeng Pingmei New Carbon Material Technology Co. Ltd
6.4.5 Showa Denko K.K
6.4.6 Nippon Carbon Co Ltd.
6.4.7 Rongxing CARBON
6.4.8 EPM Group (EL 6)
6.4.9 Tokai Carbon Co., Ltd.
6.4.10 Graphite India Limited
6.4.11 HEG Limited.
6.4.12 SANGRAF International Inc.
6.4.13 FangDa Carbon
6.4.14 ZHONGZE Group
6.4.15 Nantong Yangzi Carbon
6.4.16 Xingshi Group
6.4.17 Shanxi Juxian Graphite New Material Co. Ltd
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing focus over decarbonization of steel sector
You can also purchase parts of this report. Do you want to check out a section wise price list?
Frequently Asked Questions
What is the study period of this market?
The UHP Graphite Electrode Market market is studied from 2017 - 2027.
What is the growth rate of UHP Graphite Electrode Market?
The UHP Graphite Electrode Market is growing at a CAGR of >5% over the next 5 years.
Which region has highest growth rate in UHP Graphite Electrode Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in UHP Graphite Electrode Market?
Asia-Pacific holds highest share in 2021.
Who are the key players in UHP Graphite Electrode Market?
GrafTech International, Fangda Carbon New Material Co. Ltd, Showa Denko K.K., ZHONGZE GROUP, Nantong Yangzi Carbon are the major companies operating in UHP Graphite Electrode Market.