LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global graphite electrode market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. The market is projected to grow at a CAGR of close to 5% during the forecast period.
The increased demand for high-quality steel is a major factor driving the market’s growth. In developed and developing nations, rapid industrialization and urbanization are creating a wide opportunity for steel manufacturers. Globally, the major end-users of steel are the building and construction, automotive, and aviation industries. They are creating a huge demand for graphite electrodes. The increased infrastructure spending can increase the demand for graphite electrode, which is a major component used in the smelting process to manufacture high-quality steel.
Furthermore, the increasing demand for steel in the oil and gas industry will further drive growth for the global graphite electrode market. Properties of graphite electrodes such as the high level of electrical conductivity, ability to withstand higher heat dissipation, and excellent mechanical strength is leading to its high usage in the steel manufacturing process.
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In this report, Technavio highlights the growing preference for EAF as one of the key emerging trends in the global graphite electrode market:
Growing preference for EAF
Graphite electrodes are primarily used in EAF steel production. Steel manufacturers are moving towards electric furnaces from the blast and ladle furnaces due to the advantages such as low establishment cost, higher production flexibility, and lower carbon dioxide emission. The demand for steel manufacturing will increase tremendously during the forecast period owing to the greater environmental and cost benefits of EAF, thus, promoting the growth of the graphite electrode market. The amount of raw materials needed for steel manufacturing is directly related to the efficiency of graphite electrodes.
“Along with EAF steel manufacturing, graphite electrode can also be used for steel refinement and similar smelting processes to manufacture nonferrous materials. Factors such as the growing preference for EAF over ladle and blast furnaces can be attributed to its performance and cost benefits, which will propel the growth of the global graphite electrode market during the forecast period,” says a senior analyst at Technavio for research on metals and minerals.
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Global graphite electrode market segmentation
This market research report segments the global graphite electrode market into the following product type, including ultra-high power graphite electrode, high power graphite electrode, and regular power graphite electrode and key regions, including the Americas, APAC, and EMEA.
The ultra-high power graphite electrode segment held the largest market share in 2017, accounting for nearly 67% of the market. The market share for this product type is expected to increase by 2022.
APAC was the leading region for the global graphite electrode market in 2017, accounting for a market share of nearly 70%. By 2022, APAC is expected to continue dominating the market and register the highest growth rate.
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