Graphite Electrode Global Market Report 2024

The graphite electrode market size has grown strongly in recent years. It will grow from $8.01 billion in 2023 to $8.65 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The historical period's growth can be ascribed to an increase in the availability of raw materials, expansion of the steel industry, global development of infrastructure, a transition towards electric arc furnace (EAF) steelmaking, and variations in graphite prices.

The graphite electrode market size is expected to see strong growth in the next few years. It will grow to $11.5 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. Anticipated growth in the forecast period can be associated with geopolitical factors and trade policies, more stringent environmental regulations, an emphasis on supply chain resilience and localization, the ongoing transition to electric arc furnace (EAF) steelmaking, and the initiation of infrastructure and construction projects. Noteworthy trends expected in the forecast period encompass a shift towards long-term contracts, market consolidation, and strategic partnerships, diversification in end-use industries, and the increasing significance of recycling.

The anticipated growth in the graphite electrodes market is attributed to the increasing demand for high-quality steel. High-quality steel, characterized by strict adherence to composition, physical properties, and performance standards, is produced through meticulous selection of raw materials and advanced manufacturing processes that eliminate impurities. Graphite electrodes play a vital role in electric arc furnaces (EAFs) employed in steel production, particularly for specialty and high-quality steels. As per the World Steel Association's forecast in April 2023, steel demand is expected to rebound by 2.3% in 2023, reaching a total of 1,822.3 million metric tons (Mt). The projection for 2024 indicates further growth of 1.7%, with a total of 1,854.0 million metric tons (Mt). Consequently, the growing demand for high-quality steel is a driving force behind the graphite electrodes market's expansion.

The projected growth of the graphite electrodes market is also influenced by the increasing adoption of electric vehicles (EVs). Electric vehicles, powered primarily by electric energy, rely on graphite electrodes in lithium-ion batteries - the core components of EVs that efficiently store lithium ions during charging and generate the necessary electrical current for propulsion. According to the International Energy Agency's data in July 2023, the electric car market has witnessed remarkable expansion, with sales surpassing 10 million in 2022. The market share for electric cars tripled over three years, rising from 4% in 2020 to 14% in 2022. Notably, EV sales in China, Europe, and the United States have experienced substantial increases. In China, EV sales rose from 3.3 million in 2021 to 6 million in 2022, while in Europe, they increased from 2.3 million in 2021 to 2.7 million in 2022. In the United States, EV sales climbed from 0.6 million in 2021 to 1 million in 2022. Therefore, the growing adoption of electric vehicles is a key driver behind the graphite electrodes market's growth.

The graphite electrodes market is witnessing a notable trend with companies embracing technological advancements to maintain their market positions. An illustration of this is evident in the collaboration between Battrion AG, a Switzerland-based battery technology company, and Jagenberg Converting Solution GmbH, a Germany-based machine and equipment manufacturer. In March 2022, they introduced Battrion's Aligned Graphite Technology for lithium-ion batteries. This innovative fabrication technology enhances the microstructure of negative electrodes, resulting in improved battery performance and faster charging capabilities. Aligned Graphite Technology reduces cell resistance, optimizing charge and discharge processes, offering cost savings in battery production, and is compatible with standard graphite materials without necessitating modifications to existing manufacturing processes. The potential impact of this technology on the electric vehicle (EV) and high-power battery industry is significant, as it improves energy storage and streamlines battery manufacturing.

Major players in the graphite electrodes market are also focusing on developing cutting-edge solutions such as stereo electroencephalography (sEEG) electrodes. These specialized electrodes are utilized in stereo electroencephalography procedures, a neurosurgical technique involving the placement of depth electrodes in specific brain regions to record electrical activity. NeuroOne Medical Technologies Corporation, a US-based medical device company, launched the Evo sEEG electrode product line in May 2023. This technology provides comprehensive solutions for stereo electroencephalography recording and brain stimulation, with potential applications in spinal cord stimulation and ablation. These advancements cater to patients dealing with epilepsy, chronic back pain, and Parkinson's disease.

In December 2022, Cognor Holding, a Poland-based steel production company, acquired JAP Industries and Spedex for approximately $12.2 million. This acquisition is aimed at bolstering Cognor's steel production capabilities by mitigating delays in raw material procurement. JAP Industries, a Czech-based graphite electrodes manufacturer, and Spedex, a Czech-based logistics provider, contribute to Cognor's broader operational and supply chain efficiency.


Major companies operating in the graphite electrode market report are Resonac Holdings Corporation, IBIDEN co. Ltd., Tokai Carbon Co. Ltd., GrafTech International Holdings Inc., SGL Carbon SE, Mersen SA, Fangda Carbon New Material Co. Ltd., Beijing Great Wall Co. Ltd., Graphite India Limited, Toyo Tanso Co. Ltd., HEG Limited, Asbury Graphite Mills Inc., Nippon Carbon Co. Ltd., SEC Carbon Ltd., EPM Group S.A., Beijing Great Wall Co. Ltd., Kaifeng Carbon Co. Ltd., Weaver Industries Inc., SANGRAF International, Ameri-Source Specialty Products, Mercer Gasket and Shim, Nantong Yangzi Carbon Co. Ltd., Coidan Graphite Products Ltd, Dan Carbon, Ukrainskiy Grafit, Kaifeng Pingmei New Carbon Materials Technology Co. Ltd.

Asia-Pacific was the largest region in the graphite electrodes market in 2023 and it is expected to be the fastest-growing region in the forecast period. The regions covered in the graphite electrode market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the graphite electrode market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Graphite electrodes are categorized into three main grades ultra-high power (UHP), high power (SHP), and regular power (RP). Among these, ultra-high power (UHP) graphite electrodes exhibit the highest electrical conductivity, thermal resistance, and mechanical strength. Their manufacturing involves the use of high-quality raw materials and advanced processing techniques. UHP electrodes are predominantly employed in high-power applications, notably in electric arc furnaces (EAFs) for steelmaking and specialized industrial processes that demand high melting rates, intense heat generation, and high current densities. The applications of UHP graphite electrodes span various industries, including steel manufacturing, silicon metal manufacturing, steel refining, smelting processes, ferroalloy production, non-ferrous metals production, lithium-ion battery production, and more. These industries encompass automotive, appliances, construction, machinery, transportation, aerospace and defense, oil and refinery, among others.

The graphite electrodes market research report is one of a series of new reports that provides graphite electrodes market statistics, including the graphite electrodes industry’s global market size, regional shares, competitors with a graphite electrodes market share, detailed graphite electrodes market segments, market trends, and opportunities, and any further data you may need to thrive in the graphite electrodes industry. This graphite electrodes market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The graphite electrodes market consists of sales of electrode carbon paste, electrode holders, and others. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.