Soderberg Electrode Paste Market Size, Share, Growth, and Industry Analysis, By Type (Obturation Type, Standard Type and Others), By Application (Ferro Alloy, Calcium Carbide, Metal Cleaning Process and Others), and Regional Forecast to 2029

Updated On: 29 April 2024

REPORT OVERVIEW

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The global soderberg electrode paste market size was 1375.7 million in 2022. As per our research, the market is expected to reach USD 1760.3 million by 2029, exhibiting a CAGR of 2.2% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the soderberg electrode paste experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Soderberg electrode paste, also known as self-baking electrode paste, is a crucial material used in the production of electric arc furnace (EAF) steel and ferroalloy. This paste is primarily used as the conductive electrode material in the EAF steelmaking process. It is made from a mixture of various carbonaceous materials, including petroleum coke, coal tar pitch, and sometimes other additives like anthracite coal. The precise composition can vary depending on the specific requirements of the steelmaking process.

The primary role of the electrode paste is to conduct electricity from the power source to the charge material in the electric arc furnace (EAF). As the electric current passes through the paste, it encounters resistance, generating intense heat at the contact point. This heat is what melts the scrap metal and any other raw materials in the furnace, allowing for the steelmaking process to take place.

COVID-19 IMPACT: Disrupted Supply Chains resulted in Recession of the Market

COVID-19 had a life changing impact globally. The soderberg electrode paste market was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected.

The production of Soderberg electrode paste relies on raw materials like petroleum coke and coal tar pitch. The pandemic disrupted supply chains worldwide, causing shortages and price fluctuations for these materials. Lockdowns, transportation restrictions, and reduced production in some areas contributed to these disruptions. Movement restrictions and border closures affected the transportation of materials and finished products. Delays in shipping and difficulties in moving goods across international borders impacted the availability of Soderberg electrode paste for steel manufacturers.

Many industries, including manufacturing, faced challenges related to workforce availability. COVID-19 outbreaks among factory workers led to production slowdowns or shutdowns in some areas, impacting the production of electrode paste. To prevent the spread of the virus, manufacturing facilities had to implement additional safety measures, such as social distancing, sanitation protocols, and reduced capacity. These measures could reduce production efficiency. The market is anticipated to boost the soderberg electrode paste market share following the pandemic.

LATEST TRENDS

"Research and Development to Broaden Market Growth"

Maintaining consistent quality in electrode paste is crucial for steelmakers to achieve reliable and predictable results in their processes. Manufacturers have been working on refining their production processes to ensure consistent quality and performance of electrode paste. Advancements in materials science and technology continue to play a role in electrode paste development. Researchers have been exploring new materials and formulations to improve the performance and lifespan of electrode paste.

Automation and digital technologies are increasingly being integrated into the manufacturing processes of electrode paste. This can lead to more precise control over the production process, which is essential for maintaining quality and consistency. These latest developments are anticipated to boost the soderberg electrode paste market share.

SEGMENTATION

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• By Type

Based on type, the market is divided into Obturation Type, Standard Type and Others.

• By Application

Based on application, market is segmented into Ferro Alloy, Calcium Carbide, Metal Cleaning Process and Others.

DRIVING FACTORS

"Steel Production & Demand to Boost Market Share"

The most significant driver for Soderberg electrode paste is the demand for steel. As the steel industry grows or experiences fluctuations in demand due to factors such as infrastructure development, automotive manufacturing, and consumer goods production, the demand for electrode paste also rises or falls accordingly. Infrastructure projects, such as the construction of buildings, bridges, and transportation systems, can drive demand for steel and, in turn, electrode paste. The prevalence and capacity of EAFs in steel production impact the consumption of electrode paste. A higher number of EAFs or expansion of existing ones can lead to increased demand for electrode paste.

"Technological Advancements to Boost Market Size"

Advancements in electrode paste production technology can lead to improved quality, performance, and cost-effectiveness. Manufacturers are continually looking for ways to innovate and enhance their products. Technological advancements in geology and exploration have enabled more efficient and sustainable sourcing of raw materials like petroleum coke. These techniques help identify new deposits and assess the quality of carbonaceous materials. Automation and robotics have improved the precision of mixing and blending raw materials, resulting in consistent quality and composition of the paste. These factors are anticipated to drive the soderberg electrode paste market share.

RESTRAINING FACTORS

"Raw Material Supply and Price Volatility to Hamper Market Share"

The availability and cost of key raw materials like petroleum coke and coal tar pitch can be highly volatile. Supply disruptions, changes in commodity prices, and geopolitical factors can affect the cost and availability of these materials, impacting electrode paste production. Economic recessions or downturns can lead to reduced steel demand, affecting the consumption of electrode paste. The factors are anticipated to hinder the soderberg electrode paste market growth.

REGIONAL INSIGHTS

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"Asia Pacific Holds the Major Share of the Global Market with Large Steel Industry"

China was a major shareholder in the production and consumption of Soderberg electrode paste. China's dominance in the steel industry and its significant investment in electric arc furnace (EAF) steelmaking capacity contributed to this leadership position. China has the world's largest steel industry, accounting for a significant portion of global steel production. The country's rapid industrialization and urbanization led to a massive demand for steel, which, in turn, drove the need for electrode paste in EAFs.

KEY INDUSTRY PLAYERS

"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 in 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 portfolio.

List of Market Players Profiled

• Yangguang Carbon [China]
• Elkem [Norway]
• Rongxing Group [China]
• Energoprom Group [Russia]
• Tokai COBEX [Japan]
• Ukrgrafit [Ukraine]
• Rheinfelden Carbon [Germany]
• Graphite India [India]
• India Carbon [India]
• Redox [China]
• Eastern Electrodes & Coke [India]
• Dakang Fine Chemical [China]
• Minhe Guangda Carbon [China]
• Hisea Energy[China]
• Ningxia TLH Group [China]
• Carbon Resources [Australia]

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of 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, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.