Advanced Materials Industry Graphite Electrode Market Trends 2024

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Graphite Electrode Market Share, Size, Trend, Analysis, Industry
Outlook and Forecast to 2024 | Hexa Research
“The global Graphite Electrode Market size was
valued at USD 3.83 billion in 2016 and is anticipated
to grow on account of increasing steel production
through electric arc furnace (EAF) route in developed
as well as developing nations”
The global Graphite Electrode Market is expected to reach USD 5.68 billion by 2024 and is expected to grow
on account of its increasing use for production of steel. Asia Pacific emerged as the fastest growing market
and is projected to continue dominating as a result of the presence of robus t steel manufacturers. The usage
of graphite electrode has increased due to rigorous competition in the steel industry.
Rapid steel production and increasing spending on infrastructure in developing economies across the globe
are expected to boost the demand for high-grade steel that is manufactured using electric arc furnaces (EAF).
Adoption of advanced technology for steel production with the purpose of saving time and energy is
expected to augment the demand for graphite electrodes.
The demand for electric arc furnace is expected to grow significantly as it offers several advantages such as
production flexibility and low CO2 emission. It also saves raw material and energy due to its efficiency. The
segment is likely to grow at a 4.1% CAGR over the projected period.
Browse Details of Report @ https://www.hexaresearch.com/research-report/graphite-electrode-market
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