The global graphite electrode trade is highly competitive, with many players focused primarily on product development and capacity expansion. To maintain a competitive advantage, they also leverage strategic partnerships and geographical diversification. Moreover, the growing demand for electric vehicles (EVs) is driving steel production rates and, in turn, increasing the use of graphite electrodes in EAF technology. Additionally, the COVID-19 pandemic impacted steel production and the use of graphite electrodes across the world, but it also accelerated innovations in the industry to address the disruption and rebound.
The US government's new anti-dumping investigation against China-sourced graphite electrodes will affect the Chinese steel sector and the wider industry in Japan and Europe. Analysts claim that the US anti-dumping investigation against graphite electrodes sourced from China will affect the Chinese steel sector and the wider industry in Japan and Europe.
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China is the world's largest steel producer and graphite electrodes are a major export. The rapid infrastructure development in China drives steel consumption, which, in turn, encourages the widespread use electric arc furnaces. These machines need more graphite of high quality than blast furnaces or ladles to produce. The graphite-electrodes market will grow fastest in Asia-Pacific. The rapid industrialization in China, India, and their steel-producing industries will increase demand for graphite electrodes.
By 2024, Asia-Pacific would account for 45.7% or more of the global graphite-electrode market. This is due to a growing construction industry, automotive and electronics sector that drives the need for better steel. The rapid urbanization of these regions also increases demand for steel-based projects in infrastructure, which boosts the graphite market. The environmental sustainability regulations are also driving steel manufacturers to adopt EAF Technology, which heavily relies graphite electrodes.
North America, Europe Middle East, Africa, and South America also represent important regional markets. The need for environmentally sustainable, high-performance metals is driven by the continuous industrialization in these regions as well as the expanding automotive and steel sectors. These markets are expected grow at a significant rate in the next years. Moreover the growing popularity of electric vehicles in these nations will encourage a greater use graphite for the EAF. This will further fuel this market. Moreover, the growth of the mining sector in these regions will spur the need for improved and cost-effective graphite.
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