Ultra-high Power (UHP) Graphite Market : Global Demand, Growth Analysis & Opportunity Outlook 2023
Buy Now Report ID: 243 | Published Date: Feb 13, 2023
Ultra-high Power (UHP) Graphite Market : Global Demand, Growth Analysis & Opportunity Outlook 2023
Buy Now Report ID: 243 | Published Date: Feb 13, 2023
Our in-depth analysis segmented the global ultra-high power graphite electrode market in the following segments:
Global ultra-high power graphite electrode market is further classified on the basis of region as follows:
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The global UHP graphite electrode market is estimated to expand at a CAGR of 9.56% over the forecast period i.e. 2016-2023. The market of UHP graphite electrodes accounted revenue share of 67% in 2015 of overall graphite electrode market. On the other hand, an infrastructure and construction sector accounted for 55.2% in 2015 and is expected to post a CAGR of 6.8% over the forecast period i.e. 2016-2023. Further, the UHP graphite electrode market is anticipated to reach 1.1 Million Metric tons by 2023 owing to rising adoption of energy efficient and time savings graphite electrodes.
Asia-Pacific is the major revenue generating region in 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 further prompt the demand for UHP graphite electrodes in near future.
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On the other hand, Europe is expected to be the second largest share contributor by registering promising CAGR in overall market of UHP graphite electrodes across the globe due to growth of oil and gas sector in Europe region. The demands for high-value product in oil and gas industries are swelling the demand for electric arc furnace which is further expected to boost the demand for UHP graphite electrodes over the forecast period i.e. 2016-2023.
Continuous improvement in steel quality and climbing demand for durable and quality steel in emerging economies for better infrastructural and mobility growth are growing importance of ultra-high power graphite electrodes among the steel production industries. The features of UHP graphite electrodes such as reduction of jointing due to longer electrodes, less graphite losses which increases efficiency and life of graphite electrode further decreases the production cost. Steel industries are shifting towards UHP graphite electrodes with the purpose to gain more capital by producing good quality steel with time and energy savings processes. Emergence of industrial sector, huge investment in steel industries and rising preference of steel owing to its properties such as flexibility, high strength and durability and growing economies across the globe are some of the factors which exhibit a positive impact on the global market of UHP graphite electrodes.
Increasing investments in steel industries, rapid exploration of graphite mines across the globe; rising export and import of crude steel owing to miscellaneous applications in automobile industries and rise in funding in steel refractories industry are some of the major key factors further triggering the demand for UHP graphite electrodes in near future.
Additionally, factors such as growing demand for high efficiency graphite electrodes in steel production industries, rising demand for UHP graphite electrode owing to its effective thermal and chemical properties, rising initiative to shift the industries towards energy efficient and less energy consumption aspects in order to maintain environmental figures are prompting the demand for UHP graphite electrodes over the forecast period i.e. 2016-2023. The market of UHP graphite electrodes has been up surged on the back of rapid growth in industrialization and urbanization which is leading to increase modern infrastructure and mobility facilities such as railways, bridges, etc. This modern infrastructure is increasing the demand for steel, thus increasing the steel production and demand for UHP graphite electrodes. Likewise, growing adoption of electric arc furnaces owing to safety and anti-corrosive value aspects, increasing implementation on advanced technology furnaces by various large steel production industries and rising small and medium steel production industries equip with high-end technology furnaces such as electric arc furnace in developing nations is anticipated to impel the growth of UHP graphite electrode market.
Although, 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 market of UHP graphite electrodes is curbing on account of strict government regulations on products manufactured from graphite substance and high cost of investment of electric arc furnace.
The key players of ultra-high power graphite electrode market are as follows:
The key players of ultra-high power graphite electrode market are as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
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