| Study Period | 2019 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| CAGR | 5.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
Major Players*Disclaimer: Major Players sorted in no particular order |
UHP Graphite Electrode Market Analysis
The UHP Graphite Electrode Market is expected to register a CAGR of greater than 5% during the forecast period.
UHP Graphite Electrode market was hard hit due to the repercussions of Covid-19 on the manufacturing sector across the globe. As the economic activities declined, the steel demand from the automotive and construction industry reduced adversely, leading to a direct impact on the demand for UHP Graphite Electrodes. On the positive front, the market witnessed a substantial rebound in 2021 with an active pick-up in economic activities, leading to a gradual drop in steel demand. In line with consistent development initiatives being undertaken across the globe, the expected rise in the steel demand is expected to keep the consumption of the UHP Graphite Electrode market appreciable in 2022.
- Surging prices of needle coke which is highly utilized to produce graphite electrodes are expected to hinder the market growth.
- Increasing emphasis on adopting the Electric Arc Furnace (EAF) method to produce steel across various economies due to its low polluting nature is expected to bolster the demand for UHP Graphite Electrodes.
- The Asia-Pacific region is expected to dominate the market and will also witness the highest CAGR during the forecast period.
UHP Graphite Electrode Market Trends
Growing Demand for Steel Production through Electric Arc Furnace (EAF) Route
Decarbonization has been among the key focus of the countries over the past few years. Steel is one of the most important constructions and engineering materials that form the manufacturing sector's core pillars in various economies. The steel industry is currently looking for ways to reduce its carbon footprint from both economic and environmental perspectives. To limit the pollutants from the steel manufacturing process, companies have been continuously adopting the 'Electric Arc Furnace Route,' which uses scrap steel and electricity for steel production, expelling minimum waste during the process.
The steel industry is one of the most carbon and energy-intensive industries. Increasing the share of steel production from electric arc furnaces (EAF) by using renewable energy sources is one of the high potential ways to decarbonize the industry.
In 2021, steel production from blast furnaces accounted for 70% of the total steel production worldwide, while 30% of steel was produced from the electric arc process. Raw steel production increased by nearly 6% in 2021 concerning 2020 and is expected to increase further in the forecast period in line with development plans in major economies across the globe.
The UHP graphite electrode market will likely grow globally due to all these factors during the forecast period.
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Asia-Pacific Region to Dominate the Market
The Asia-Pacific region is expected to dominate the market. In the region, China is the largest economy in terms of GDP. China and India are among the fastest emerging economies in the world.
China is the world's leading producer and exporter of steel globally. The country dominates globally, representing nearly 56% of total crude steel production. China has been looking for ways to decarbonize the steel sector so that it does not need to cap steel production in line with the government's stringent pollution standards. In 2021, China approved the construction of 43 new EAFs, which are expected to be commissioned between 2022-2025. By 2025, China plans to account for 15-20% of the total steel production by EAF route, which is expected to lead to a substantial increase in the demand for UHP Graphite Rods in the market.
India is regarded as the second-largest steel-producing nation behind China. In 2021, India's Crude Steel Production Stood at 118 million tonnes, depicting a growth of 18% from the previous year. The substantial growth observed in the Indian Steel manufacturing sector has been due to ample raw materials and cost-effective labor. Increasing government emphasis on decarbonizing the steel sector is expected to elevate the adoption of the electric furnace method for steel production, thereby propelling the demand for UHP Graphite Electrodes in the forecast period
Due to all such factors, the market for UHP Graphite Electrode in the region is expected to steady growth during the forecast period.
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UHP Graphite Electrode Industry Overview
The UHP Graphite Electrode Market is consolidated, with the top five players accounting for nearly 45% of the global market. Some of the major players in the market include GrafTech International, FangDa Carbon New Material Co. Ltd, Showa Denko K.K, ZHONGZE Group, and Nantong Yangzi Carbon, among others (not in any particular order).
UHP Graphite Electrode Market Leaders
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GrafTech International
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Fangda Carbon New Material Co. Ltd
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Showa Denko K.K.
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ZHONGZE GROUP
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Nantong Yangzi Carbon
- *Disclaimer: Major Players sorted in no particular order
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UHP Graphite Electrode Market News
- In May 2022, Tata Steel in India announced the installation of an Electric Arc Furnace (EAF) capacity of around 0.5 million in the Rohtak manufacturing unit.
- In November 2021, Algoma announced plans to construct an EAF to replace blast furnaces in Ontario by 2024. Post the development, the company's carbon emission is expected to reduce by nearly 70%.
- In July 2021, ArcelorMittal, a Luxembourg-based steel maker, announced an investment EAF facility to produce 2.4 million metric tons of steel in line with its decarbonization targets.
UHP Graphite Electrode Industry Segmentation
UHP Graphite Electrode is a type of Graphite Electrode designed for high performance in the electric arc furnace industry. UHP Graphite Electrode is mainly composed of high valued-needle coke derived from petroleum or coal tar. The Electrode is majorly utilized for the steel recycling and production process in the electric arc furnace. UHP Graphite Electrodes are known for their stable performance and cost-saving advantage in steel-making and recycling. UHP Graphite Electrode is also widely used in the smelting process of yellow phosphorous and silica. The UHP Graphite Electrode Market is segmented by application and geography. By Application, the market is segmented into electric arc furnaces, basic oxygen furnaces, and non-steel. The report also covers the market size and forecasts for the UHP Graphite Electrode Market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on volume (kilo tons).
| Application | Electric Arc Furnace (EAF) | ||
| Basic Oxygen Furnace (BOF) | |||
| Non-Steel | |||
| Geography | Asia-Pacific | China | |
| India | |||
| Japan | |||
| South Korea | |||
| Rest of Asia-Pacific | |||
| North America | United States | ||
| Canada | |||
| Mexico | |||
| Europe | Germany | ||
| United Kingdom | |||
| Italy | |||
| France | |||
| Rest of Europe | |||
| South America | Brazil | ||
| Argentina | |||
| Rest of South America | |||
| Middle-East and Africa | Saudi Arabia | ||
| South Africa | |||
| Rest of Middle-East and Africa | |||
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UHP Graphite Electrode Market Research FAQs
What is the current UHP Graphite Electrode Market size?
The UHP Graphite Electrode Market is projected to register a CAGR of greater than 5% during the forecast period (2025-2030)
Who are the key players in UHP Graphite Electrode Market?
GrafTech International, Fangda Carbon New Material Co. Ltd, Showa Denko K.K., ZHONGZE GROUP and Nantong Yangzi Carbon are the major companies operating in the UHP Graphite Electrode Market.
Which is the fastest growing region in UHP Graphite Electrode Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in UHP Graphite Electrode Market?
In 2025, the Asia-Pacific accounts for the largest market share in UHP Graphite Electrode Market.
What years does this UHP Graphite Electrode Market cover?
The report covers the UHP Graphite Electrode Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the UHP Graphite Electrode Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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UHP Graphite Electrode Industry Report
Statistics for the 2025 UHP Graphite Electrode market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. UHP Graphite Electrode analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
