San Francisco, CA -- (SBWIRE) -- 02/23/2023 -- RISING GLOBAL STEEL PRODUCTION TO PROPEL GLOBAL GRAPHITE ELECTRODE MARKET GROWTH
Global steel demand is increasing as industrialization picks up pace in emerging markets such as China, India, Thailand, Vietnam, Malaysia, and Indonesia. Steel is the backbone of modern industrial processes and graphite electrodes play a key role in steel production. According to the World Steel Association (WSA), global steel production was nearly 1951 million tonnes in 2021. The WSA further estimates that the global demand for steel and steel products will increase by 2.2% in 2023.

THE VOLATILITY IN GLOBAL COMMODITY PRICES PRESENTS CHALLENGES TO MARKET GROWTH
One of the major challenges for the global market has been the volatility in global steel prices. Steel prices were around US$ 894 per ton in late January and increased to US$ 1,010 per ton just after the start of the Russia-Ukraine war. Prices briefly reached a high of US$ 1,635 per ton due to concerns about supply disruptions. Steel was trading at US$ 665 per ton in December. The volatility in steel prices creates major uncertainty among producers and is a key factor challenging the growth of the graphite electrode market.

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CHINA AND INDIA ARE KEY COUNTRIES IN SHAPING THE GLOBAL MARKET DEMAND
China and India are expected to drive the global market due to the expansion of their key domestic industries. China is the world's largest steel producer, producing nearly 1,032 million tonnes of steel in 2021. India is another emerging country that will propel global demand. India was the second largest steel producer globally, with an annual production of 118.2 million tonnes. The growth of Indian infrastructure development will likely spur even greater demand for steel. For instance, the 2023 budget presented by the Indian government outlined a 33% increase in capital expenditure for new infrastructure development.

HIGH-POWER AND ULTRA-HIGH-POWER GRAPHITE ELECTRODES TO PROPEL MARKET GROWTH
High-power and ultra-high-power graphite electrodes are primarily used in electric furnaces to produce steel and non-ferrous metals. Using high-power graphite electrodes in new innovative technologies is expected to generate opportunities for global market growth. In January 2023, scientists at the University of Illinois, U.S. developed a new micro battery with a higher energy density that utilizes high-power graphite electrodes. Manufacturers of ultra-high power graphite electrodes are raising capital to fund production expansion due to an anticipated increase in demand. In January 2023, Sanergy Group raised HK$ 187 million (US$ 23.84 million) in an IPO on the Hong Kong stock exchange.

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SHOWA DENKO AND JILIN CARBON TO PLAY KEY ROLES IN MARKET GROWTH
The major players in the global graphite electrode market are undertaking various strategies to augment market growth. In July 2022, Showa Denko entered into a strategic partnership with Salzgitter AG to recycle graphite electrodes used in electric arc furnaces. In April 2022, Jilin Carbon announced an investment of 2.09 billion yuan (US$ 310 million) to expand graphite electrode production capacity.

GRAPHITE ELECTRODE MARKET REPORT SCOPE
By Type
1. Regular Power (RP)
2. High Power (HP)
3. Ultra-High Power (UHP)

By Application
1. Electric Arc Furnace (EAF)
2. Ladle Furnace (LF)

By Geography
1. Asia-Pacific
2. Europe
3. North America
4. South America
5. Middle East and Africa