Princeton, NJ -- (SBWIRE) -- 05/26/2018 -- According to the report published by Research Cosmos, The global graphite electrodes market was valued at $5.04 billion in 2016 and is projected to reach $27.5 billion by 2022, growing at a CAGR of 28.4% from 2017 to 2024. In 2016, the ultra-high graphite electrode segment generated the highest revenue share in the global graphite electrodes market. Among major regions, China was the highest revenue generating market, holding nearly 25% of the market share, in 2016.

Recently, the graphite electrode prices have risen sharply, impacting both the steel and aluminum industries. The surge in prices is due to supply-side factors, rather than being driven by changes in the demand from the Chinese steel industry.

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Metallurgy segment garnered the highest share in the global market, owing to the growth of steel- oriented sectors

The growth of steel- oriented sectors such as construction, automotive, infrastructure, aerospace & defense, and many others have led to a surge in the consumption and production of steel. Nowadays, manufacturers have opted for electric arc furnaces (EAF) for manufacturing steel, which requires graphite electrodes as a main component. Being a prerequisite of steel manufacturing process or smelting process via EAF route, the demand for graphite electrodes is linked to the demand for EAF.

Rising prices of raw materials is anticipated to hamper the market growth

Manufacturing of graphite electrodes takes into account the consumption of various raw materials, such as petroleum coke, pitch binder, power, and needle coke among others. The rise in raw material prices has led to the increase in the production cost, which in turn has increased the price of graphite electrodes. After witnessing a fluctuating price trend, the raw material prices soared up drastically in the year 2017 and is expected to maintain this trend during the forecast period as well.

China accounted for the largest market share for global graphite electrodes market, owing to the high steel production

China held nearly 38% market share, in terms of production, of the global market. It is expected to continue its dominance during the forecast period as well. According to World Steel Association, China is the largest steel producer of the world, holding more than 40% of the production share. Moreover, it is among the top five car manufacturing countries in the world, leading to the growth of graphite electrode market in this region. However, the increasing concerns of Chinese government on environmental conditions is expected to have an impact on the market growth in this region.

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KEY FINDINGS OF GLOBAL GRAPHITE ELECTRODES MARKET, 2016-2024
The global graphite electrode market is witnessing a faster rising price trend of raw materials as compared to the finished good.
Developed nations such as India and Middle East have the highest exposure to EAF route, which in turn is expected to offer humongous opportunities for the market growth in these region.
Market players are focusing on mergers and acquisitions, in order to attain large share of the global market and become the market leader.
North America led the global graphite electrodes market, in terms of consumption, by holding 30% of the total share.

Some key market players are SGL Group, GrafTech, Fangda Carbon, Showa Denko K.K, Jilin Carbon, Tokai Carbon, Nippon Carbon, Graphite India Limited (GIL), HEG Limited, Yangzi Carbon, and Kaifeng Co., Ltd. In August 2015, GrafTech was acquired by Brookfield Asset Management at a total value of $706.5 million. The acquisition took place with an aim to confidently turn around the company by cutting down production and closing high cost operations.

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