A graphite electrode is defined as an electrode that is employed to offer high level of electrical conductivity and the capability to sustain extremely high level of dissipated heat. Graphite electrodes are primarily utilized in the manufacturing of electric arc furnace (EAF) steel and refinement of steel, and the equivalent smelting process. Moreover, they are employed in gouging operations and rectifying defects in weldments (weldings) and castings by gas or arc process. Graphite electrodes are extensively utilized in all industrial domains. The graphite electrode market can be segmented into type, applications, end-user industry, and geography.

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In terms of type, the graphite electrode market can be segmented into high power (HP) graphite electrode, ultra high power (UHP) graphite electrode, and regular power (RP) graphite electrode. Additionally, in terms of applications, the market can be segmented into scrap requirement, burner/oxygen usage, fume control system, slag practice, power level, meltdown/refine/tap-to tap time, furnace design, charging practice, and water spray rings, among others. In terms of geography, the market can be segmented into Asia Pacific (APAC), Europe, North America, South America, and Middle East & Africa (MEA).

Significant developments in high growth sectors are opportunities that manufacturers explore to start new ventures, and this contributes to the expansion of the graphite electrode market. Continuous increase in the demand for steel in infrastructure and construction is anticipated to be a dominant factor contributing to the expansion of the graphite electrode market. Expansion of end-user industries such as steel and aerospace are likely to be key drivers for expansion of this market.

Mechanical machinery, automotive, and infrastructure and construction industries are the primary consumers of steel. This, in turn, has been driving the demand for steel for many years. The infrastructure and construction sector, that holds a major share of world steel consumption, is estimated to expand rapidly. Similarly, automotive and mechanical machinery industries are anticipated to expand considerably during the forecast period. This, in turn, is estimated to lead to a regular increase in demand for steel in the near future, thereby boosting the expansion of the graphite electrode market. Several characteristics such as high-temperature resistance, ultra-high bending resistance, coefficient of thermal expansion (CTE), and low electrical resistivity are expected to drive the expansion of the graphite electrode market significantly during the forecast period.

Vendors and manufacturers are investing in R&D in order to develop new technological advancements such as cardiology electrodes and dry electrodes, which are also key factors that are contributing to the expansion of the market. Launching of these modern technologies in emerging markets such as Brazil, India, and China are acting as opportunities for key players of the graphite electrode market. Other types of electrodes, such as carbon electrodes, are acting as a threat and substitute for graphite electrodes in the market. The usage of graphite electrode has increased due to rigorous competition in the steel industry. This, in turn, is propelling the demand for graphite electrodes in the market.

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Asia Pacific is the dominant market for graphite electrodes followed by North America. APAC is a rapidly expanding market for graphite electrode. North America is the second leading market in terms of market share, and the U.S. and Canada are among the leading contributors in the region. In Asia Pacific, Japan and China are the leading contributors. Major expansion of the automotive industry is driven by the markets in China, U.S., Brazil, India, and Japan.

The global graphite electrode market is a fragmented market with many established players. Major players in the market are Showa Denko Carbon, GrafTech International, SGL Carbon, Graphite India, Nippon Carbon, HEG, Kaifeng Carbon, Nantong Yangzi Carbon, Schutz Carbon Electrodes, and Tokai Carbon.