Rising Demand for Steel and Advancements in Steel Production is Expected to Expand the Growth of Global UHP Graphite Electrode Market, according to our research report Global UHP Graphite Electrode Market Outlook 2023.
Global UHP graphite electrode market is segmented into various end-use industries. In this segment, steel production industries are expected to contribute the largest market share in overall market of UHP graphite electrode on account of rising demand for steel in developing nations and emerging trend of electric arc furnace in steel production industries in order to process the steel scrap efficiently. The market of UHP graphite electrode registered the maximum share of 67% in 2015 of overall graphite electrode market on the back of spiked demand in steel production sector and adoption of electric arc furnace in emerging industries. Further, the market of UHP graphite electrode is anticipated to expand at a CAGR of 9.56% during the forecast period i.e. 2016-2023. Rapid urbanization and huge spending in modern infrastructure facilities across the globe is swelling the production of steel thus, increase the demand for UHP graphite electrodes in order to produce high grade steel.
Asia-Pacific region held the largest revenue share in 2015 of overall UHP graphite electrode market across the globe. Rapid steel production in nations such as China, India, etc. and increasing modern infrastructure in emerging economies across the globe are swelling the demand for electric arc furnaces for the production of good quality steel which is further prompting the demand for UHP graphite in near future.
Rising demand for high-grade steel:
Rapid urbanization and growing infrastructure sector across the globe are increasing the demand for high grade steel. Increasing expenditure for modern infrastructure and mobility facilities are likely to grow demand for good quality steel. Expansion of construction sector and increasing demand for high-grade steel for the construction of massive sculptures is expanding the opportunities in steel production sector. Whereas, introduction of new steel grades with less weight by various steel production companies which further grows importance in near future.
Adoption of sophisticated technology:
Adoption of advanced and sophisticated technology in steel production sector is rising with the purpose to save time and energy. Increase in demand for high-value product in oil and gas manufacturing sector to improve the production quality. Thus swelling the demand for electric arc furnace which offers several advantages such as higher production flexibility, lower CO2 emissions and low investment cost and it also saves raw material and energy due to its high efficiency. These rising adoptions of electric arc furnace in steel production industries consecutively prompt the demand for UHP graphite electrodes to produce high-grade steel for various purposes.
Conversely, high cost of extraction of graphite which is further increasing the cost of graphite electrodes, limited manufacturers of graphite electrodes needs long transportation and handling facilities, decreasing demand of steel in developing nations owing to slowing economy are some of the factors likely to inhibit the growth of UHP graphite electrode market in near future.
The report titled “Global UHP Graphite Electrode Market Outlook 2023” delivers detailed overview of the Global UHP Graphite Electrode Market in terms of market segmentation by Dimensions, by End-user.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the Global UHP Graphite Electrode Market which includes company profiling of SGL Carbon, Graphite India, Showa Denko Carbon, Schutz Carbon Electrodes and GrafTech International, etc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Global UHP Graphite Electrode Market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.