Graphite Electrode Billets Market Size, Share, Growth and Industry Analysis by Type (Graphite in Chunks, And, Graphite Electrode in Pieces) By Application (Steelmaking Industry, Metallurgical Industry, Chemical Industry, And, Others), Regional Insights, and Forecast From 2024 To 2031

Graphite Electrode Billets Market Report Overview

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The global graphite electrode billets market size was USD 6172.4 million in 2022 and is projected to touch USD 8353.99 million by 2031 with a CAGR of 3.4% during the forecast period.

Graphite electrode billets are mainly adopted in the steelmaking industry as they are considered as good conducting materials. Their function is to create an electric current. Metals can be melted and casted with the help of this electric current. Both natural and synthetic graphite electrode billets are available in the market.

Good electricity conducting property of graphite is increasing is usage in several industries. These billets are used in several industrial procedures. This is considered as the latest trend in the market.

Graphite electrode billets are used in silicon production, arc furnace steelmaking, and pig iron production, and, metallurgy market. Chemical industries also use them for water treatments, electrocution, and electroplating. These factors collectively propel the graphite electrode billets market growth.

COVID-19 impact: Poor Performance of Steelmking Industry During Pandemic Reduced Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The pandemic of COVID-19 changed the market conditions all over the world. Many problems arose due to the unexpected spread of coronavirus. Many restrictions were imposed on the functioning of several factories and industries. Temporary halt in the operations of numerous sectors caused a downfall in economy.

Steelmaking industry also faced the same difficulties. Industries were not allowed to work at full capacity. The number of workers had to be reduced. There was no proper availability of raw materials. This in turn led to the downfall of graphite electrode billets market during pandemic.

LATEST TRENDS

"Usage of Graphite Electrode Billets in Numerous Commercial Industries to Increase Market Growth"

Graphite electrodes are very commonly used in chemical industries for conducting various experiments and also to manufacture several products. It is used in arc furnaces for the task of melting scrap steel. They also play an important role in directing the flow of electricity.

These electrodes are made up of two important materials namely petroleum coke and coal tar pitch. These materials are given the shape of billets. They are also extruded into electrodes. These billets are employed in various commercial industries like steelmaking, ferroalloy production, and silicon production. These are considered as the latest trend in the market.

Graphite Electrode Billets Market Segmentation

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• By Type:

The market can be divided on the basis of type into the following segments:

Graphite in chunks, and, graphite electrode in pieces. The graphite in chunks segments is anticipated to dominate the market during the forecast period.

• By Application:

Classification based on application into the following segment:

Steelmaking industry, metallurgical industry, chemical industry, and, others. The steel making industry segment is predicted to dominate the market during the research period.

DRIVING FACTORS

"Increasing Adoption of Graphite Electrode Billets to Accelerate Market Growth"

Apart from being used in silicon production, arc furnace steelmaking, and pig iron production these billets are also extensively used in the metallurgy market. These billets are used as cathodes in electrolyte cells. Cathodes are required in various experiments and also for products that are manufactured in chemical industries.

Two types of graphite electrodes are available and each of them can be used for different purposes. Natural graphite electrodes are usually extracted from the naturally occurring metamorphic rocks. On the other hand, the synthetic electrodes are prepared by heating certain substances like carbonaceous materials to extreme temperatures. The heating is conducted in an electric arc furnace. These factors have accelerated the graphite electrode billets market share.

"Rising Demand for Electric Vehicles to Propel Market Growth "

There has been a prominent shift in the preference of the consumers regarding the choice of vehicles. A lo of people tend to choose electric vehicles over the normal fuel-based vehicles. This initiative is being encouraged even by the governments of many countries to decrease the level of pollution caused by normal vehicles. Therefore, we have seen a rise in demand for electric vehicles.

Electric vehicles must be manufactured with the best quality batteries. All of these batteries require graphite electrodes to perform their function efficiently without any disruption. Besides being used in electric vehicles such billets are also predominantly used in chemical industries for water treatments, electrocution, and electroplating. These can also be used in semiconductors, and, solar cells. All of these factors have helped in the growth and development of the market.

RESTRAINING FACTOR

"Low Current Densities of Graphite Electrodes to Bring Down Market Growth"

Graphite electrode billets have certain features that can act as disadvantages for the market. In spite of being used in many major commercial sectors the properties of these graphite electrodes can hamper the market growth. These electrode billets have low current densities.

Along with that they also have very low oxidation temperature as a result of which they can easily get oxidized when exposed to the environment. They also exhibit high contact resistance. All of these features of graphite electrode billets can restrain the market growth.

Graphite Electrode Billets Market Regional Insights

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"North America to Dominate Market in The Upcoming Years"

North America stands first in the graphite electrode billets market with nearly half of the market share. Canada and United States of America have some of the biggest steelmaking industries that are well established. These steel industries require graphite billets to prepare their products.

These billets are also used as very good conducting materials. There are adopted in numerous sectors like metallurgy, electroplating, chemical, and, steelmaking. The vast application of this product is driving the demand for the market in the North American region.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

LIST OF TOP GRAPHITE ELECTRODE BILLETS COMPANIES

• UCT Electrodes (Canada)
• Hitech Graphite (India)
• Hengyun Graphite Materials (China)
• Haidan Yongtong Taisu (China)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations. Name of some of the top industry players have also been mentioned in the market to get a better understanding of the competition present in the market.