Graphite Electrode Market, Overview, Growth, Demand and Forecast to 2024-2031

The graphite electrode market was valued at 11,983.77 million in 2022 and expected to grow at CAGR of 8.3% over forecast period.

The primary driver for the graphite electrode market is the demand from the steel industry. Graphite electrodes are essential in electric arc furnaces (EAFs), which are widely used in steel production. The shift towards electric arc furnace steelmaking, which is more energy-efficient and environmentally friendly compared to traditional methods, has increased the demand for graphite electrodes.

In addition, rising infrastructure development activities worldwide, including construction and industrial projects, contribute to increased demand for steel and, consequently, graphite electrodes. Furthermore, the automotive industry's growing demand for steel for manufacturing lightweight and high-strength components, as well as the trend toward electric vehicles, drives the need for graphite electrodes in steel production