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Updated On: 13 March 2023
The global graphite electrode rod market size was USD 8.8254 billion in 2021. The global COVID-19 pandemic has been unprecedented and staggering, with graphite electrode rod market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to reach USD 11.9542 billion in 2027, exhibiting a CAGR of 5.19 % during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
A crystalline form of the carbon element called graphite has atoms arranged in a hexagonal pattern. Unlike the common conductors found in the market, graphite is an ideal conductor. Graphite might be shaped in a variety of ways depending on its intended use. As an illustration, amorphous graphite might be shaped into powder for use in the production of lubricants and structural components. Graphite is furthermore widely utilised in the production of graphite electrode rods. A unique substance, graphite electrode rod is used in the steel and quartz industries, among other specialised fields. Therefore, during the medium-term projection period, product exclusivity will steady demand for the market for graphite electrodes. Manufacturers will have an advantage because to the stabilization of demand and less downward volatility that will boost supply and allow them to take advantage of the opportunity.
As the state of the world economy improves, so does demand for electrodes. The market for Graphite Electrode Rod is expected to expand over the foreseen period due to the qualities of graphite electrodes, which include high electrical and heat conductivity, low impurity concentration, good electrical properties, high mechanical strength, and chemical stability. The use of graphite electrodes in gouge operations, such as the production of a slope or groove, the removal of casting flaws, or welding by arc or gas process, also contributes to the graphite electrode rod market size expansion.
The COVID-19 pandemic has compelled nations to enact lockdowns and stringent social segregation policies all around the world. Covid-19 had a delicate influence on the market for graphite electrode rods. Due to Covid-19, many more end-use businesses are shut down during the lockdown, which causes the graphite electrode rod to decline with time. Nearly all industries, including those in the automotive, aerospace, building, and petroleum sectors, have suffered significant losses. As a result, virtually every industry has been disrupted, and the market for graphite electrode rods has also been significantly impacted. Consumers, businesses, and governments all across the world have experienced financial hardship as a result of COVID-19. Manufacturers of graphite electrode rod are now facing increased costs as a result of the collapse of the equilibrium between supply and demand. By the end of 2027, the market for graphite electrode rods will also benefit from ongoing market recovery.
"Demand For Graphite Electrodes Is Rising As EV Adoption Rises And Graphite Electrode Usage In Lithium-Ion Batteries Expands"
The creation of anode materials depends on the usage of graphite electrodes in lithium-ion batteries. The excellent thermal and electrical conductivity of graphite, a kind of carbon, makes it the perfect material for lithium-ion batteries. The anode material, the negative electrode of a lithium-ion battery, is created using graphite electrodes. During the battery's charging and discharging cycles, the anode material is in charge of storing and releasing lithium ions. In the upcoming years, the worldwide EV market is anticipated to expand rapidly due to reasons such rising worries about climate change, advances in battery technology, and government subsidies for EV adoption. The need for lithium-ion batteries is anticipated to rise significantly as a result, which will also raise demand for graphite electrodes. Additionally, the increasing adoption of renewable energy sources such as wind and solar power is driving demand for energy storage solutions, which in turn, is driving demand for lithium-ion batteries and graphite electrodes.
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Depending on graphite electrode rod given are types: Regular Power (RP) Graphite Electrodes, High Power (HP) Graphite Electrodes, Ultra High Power (UHP) Graphite Electrodes. The Regular Power (RP) Graphite Electrodes type will capture the maximum market share through 2027.
The market is divided in Battery Industry, Smelt, Manufacturing, Chemical Industry, National Defense Industry & Others based on application. The global graphite electrode rod market players in cover segment like Battery Industry will dominate the market share during 2021-2027.
"Growing Demand From The Semiconductor Sector Will Fuel The Market's Expansion For Graphite Electrode Rods"
The semiconductor industry is one of the fastest-growing industries in the world, driven by the increasing adoption of electronic devices and the growing demand for renewable energy. The increasing usage of smartphones, laptops, and tablets is driving the growth of the semiconductor industry. Graphite electrodes are used in the production of silicon wafers, which are the building blocks of solar cells and electronic devices. The high thermal and electrical conductivity of graphite makes it an ideal material for use in the production of silicon wafers. In addition, the increasing adoption of renewable energy sources such as solar power is driving demand for solar cells, which are used to convert sunlight into electricity. The semiconductor industry is a key player in the production of solar cells and the increasing demand for solar cells is expected to drive the graphite electrode rod market growth. The increasing demand for energy-efficient devices is driving the growth of the semiconductor industry. This is expected to increase the demand for graphite electrodes as they are used in the production of energy-efficient electronic devices.
"Market Growth For Graphite Electrode Rods Is Being Driven By An Increase In The Use Of Graphite Electrodes In Lithium-Ion Batteries"
Graphite electrodes are used to produce the anode material, which is the negative electrode in a lithium-ion battery. The anode material is responsible for storing and releasing lithium ions during the charging and discharging process of the battery. Demand for lithium-ion batteries is increasing along with demand for graphite electrodes as EV usage rises. In the upcoming years, the market for EVs is anticipated to expand rapidly due to reasons including rising worries about climate change, advances in battery technology, and government subsidies for EV adoption. The need for lithium-ion batteries is anticipated to rise significantly as a result, which will also raise demand for graphite electrodes. The increasing usage of graphite electrodes in lithium-ion batteries is fueling the graphite electrode rod market growth, driven by the growing adoption of EVs, increasing demand for energy storage solutions, and the increasing usage of consumer electronics.
"Government Agencies' Strict Rules Act As A Barrier To The Expansion Of The Market"
Numerous coke producing plants around China have closed as a result of the country's severe environmental restrictions regarding carbon emissions. Most induction furnaces in China were replaced with electric arc furnaces, which use graphite electrodes to melt steel scrap, as a result of the implementation of new environmental rules. The nation has shut down 600 factories nationally with a total capacity of between 100 and 120 million tons of induction furnace. The Chinese government called for the closure of a number of extremely polluting companies. As a result of environmental concerns, China has stopped producing numerous graphite electrodes. Though it's possible that the graphite electrode rod market growth is being hampered by the increase in raw material prices.
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"Asia Pacific Is Expected To Dominate The Worldwide Market Due To Its Robust Industrial Base And The Presence Of Top Renewable Energy Producers "
In the upcoming years, the market for graphite electrode rods in the Asia Pacific area is anticipated to rise significantly. The rising demand for steel and non-ferrous metals in nations like China and India, as well as the expanding use of electric vehicles (EVs) and renewable energy sources, are the main drivers of the region's growth. In the Asia Pacific area, China is the country with the greatest market for graphite electrode rods. The nation is a significant producer and user of steel, non-ferrous metals, and electric vehicles. The market for graphite electrode rods in China is anticipated to increase as a result of the country's rising demand for EVs, non-ferrous metals, and steel. In the Asia Pacific area, India is another important market for graphite electrode rods. The nation is a significant producer and user of steel, and the market for renewable energy is expanding quickly. India's growing need for renewable energy sources and steel is anticipated to fuel the market for graphite electrode rods there. In terms of graphite electrode rod market share, China is expected to dominate the Asia Pacific graphite electrode rod market, due to the country's large steel and non-ferrous metals industries, as well as its growing EV market.
North America is a significant graphite electrode rod market share holder for graphite electrode rods, driven by the region's strong industrial base and the presence of leading manufacturers of graphite electrodes. The market in North America is expected to grow at a steady pace in the coming years. One of the key factors driving growth in the North American graphite electrode rod market share is the increasing demand for steel production. The region has a strong industrial base, and the growing demand for steel in various industries is driving demand for graphite electrodes. Furthermore, the region has a significant number of companies that are involved in the production of graphite electrodes. The presence of leading manufacturers of graphite electrodes in the region is expected to drive the growth of the market in the coming years.
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Market Players Profiled
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
Graphite Electrode Rod Market Report Coverage REPORT COVERAGE DETAILS Market Size Value In US$ 8.8254 Billion in 2021 Market Size Value By US$ 11.9542 Billion by 2027 Growth Rate CAGR of 5.19% from 2021 to 2027 Forecast Period 2022-2027 Base Year 2021 Historical Data Available Yes Segments Covered Type and Application Regional Scope GlobalWant more information on uhp graphite electrode, coconut shell granular activated carbon, hp graphite electrode, activated carbon supplier, coal activated carbon? Click the link below to contact us.