FELTON, California, August 17, 2017 /PRNewswire/ --
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.
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.
Browse full research report with TOC on "Graphite Electrode Market Size and Forecast, By Product [Ultra-high Power (UHP), High Power (HP), Regular Power (RP)], By Application [Electric Arc Furnace (EAF), Ladle Furnace (LF) & Others], And Trend Analysis, 2014 - 2024" at: https://www.hexaresearch.com/research-report/graphite-electrode-market
Ultra-high power graphite electrode is expected to grow at the highest volume CAGR of 4.1% over the forecast period. Despite the high price of the product, the demand for these products is anticipated to be high in line with the rising demand for superior steel quality in various niche applications within the aerospace, automotive and electronics sectors.
A specially prepared flux pitch used in graphite electrodes helps to increase the durability and density of the final product. Ultra-high bending resistance, low electrical resistivity, and high-temperature resistance properties will increase the demand for UHP graphite electrode over the forecast period. In compliance with the driving factors, companies are focusing on mergers & acquisitions and capacity upgrades to expand their presence in global market. For instance, in January 2014, Kaifeng Carbon Co., Ltd.'s completed its Phase II expansion and can produce 50,000 tons of UHP graphite electrodes.
Browse reports of similar category by Hexa Research:
- Packaging Additives Market - Global packaging additives market size was 61.50 kilo tons in 2016 and is expected to witness a substantial growth due to the increasing demand for packing solutions across various industries.
- Adhesive Films Market - Global adhesive films market is set to attain nearly USD 17 billion by 2024, at a CAGR over 6% during the forecast period (2016-2024).
- Ceramic Filters Market - Projected to grow at a CAGR of almost 13% from 2016 to 2024, ceramic filter market is expected to grow significantly over the forecast period owing to growing environmental concerns.
- Plating on Plastics Market - Global Plating on Plastics market value is expected to exceed USD 135 million by 2024 growing at an estimated CAGR of over 6.5% from 2016 to 2024.
Hexa Research has segmented the global graphite electrode market based on product, application and region:
Segmentation by Product, 2014 - 2024 (Kilo Tons) (USD Million)
• Ultra-high power (UHP)
• High power (HP)
• Regular power (RP)
Segmentation by Application, 2014 - 2024 (Kilo Tons) (USD Million)
• Electric Arc Furnace (EAF)
• Ladle Furnace (LF) & Others
Segmentation by Region, 2014 - 2024 (Kilo Tons) (USD Million)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
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
• NANTONG YANGZI CARBON CO., LTD
About Hexa Research
Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
Corporate Sales Specialist
Toll Free: 1-800-489-3075
Email: [email protected]
SOURCE Hexa Research