Graphite electrodes are large cylindrical structures made up of needle coke (petroleum coke).These electrodes are available in small or large diameters for high-temperature and high- intensity applications. Graphite electrodes are mainly used for steel manufacturing in electric arc furnaces. They are also used in steel refining and smelting processes. The key application of graphite electrodes is in production of steel and non-ferrous metals. Properties such as high heat resistance, low electrical conductivity, resistance to thermal shock, and low chemical reactivity are anticipated to boost the demand for graphite electrodes. The graphite electrode market was valued at about US$ 10 Bn in 2017 and is projected to expand at a CAGR of 3% during the forecast period.
Factors such as rise in demand for graphite electrodes in end-use industries, increase in utilization of steel scrap, and high demand from the steel industry are expected to drive demand for graphite electrodes. Graphite electrodes possess favorable electrical properties, high mechanical strength at high temperatures, high electrical and heat conductivity, low impurity content, chemical stability, and high vibrational resistance. Graphite electrodes used in Electric Arc Furnace (EAF) provide flexibility in varying its steel production unlike the blast furnace method of steel production. EAF units can be rapidly started and stopped, allowing the steel mill to vary production according to demand. Due to flexibility, quick turnaround time, and lower fixed costs of EAF, they have gained popularity among steel producers. However, low availability of raw material and fluctuating cost are restraining the graphite electrodes market.