Graphite Electrode Market Size, Share, Growth Analysis, By Electrode Grade(Ultra-High Power (UHP), High Power (SHP), Regular Power (RP)), By Application(Steel, Nonferrous Metals, Fused Materials, Inverted), By Region - Industry Forecast 2024-2031

Graphite Electrode Market size was valued at USD 3.2 billion in 2022 and is poised to grow from USD 3.43 billion in 2023 to USD 5.85 billion by 2031, growing at a CAGR of 7.45% in the forecast period (2024-2031).

Large, cylindrical structures made of petroleum, coal tar pitch, and needle coke are called graphite electrodes. These electrodes are used to melt scrap metal and turn electrical energy into heat. Low electrical resistance and great heat conductivity characterize it. Thus, these electrodes are capable of producing heat up to 1600 degrees Celsius. These qualities allow them to be employed in steel production processes such as electric arc furnaces and blast oxygen furnaces. The market is anticipated to grow at a CAGR of 3% over the course of the forecast period as a result of the sharp rise in demand for steel.

Due to its characteristics, including their high mechanical strength, advantageous electrical properties, low impurity concentration, strong vibrational resistance, and chemical stability, the demand for steel has increased. The market has recently undergone changes that have taken into account the demand for reusing scrap materials like old cars. The market players have several chances as a result of the adoption of the reuse and recycling approach for metals. The global market has benefited from the use of graphite electrodes for recycling scrap.

US Graphite Electrode Market is poised to grow at a sustainable CAGR for the next forecast year.