High Demand for Production of Electric Arc Furnace Steel to Propel U.S. Graphite Electrodes? Market Growth

The U.S. graphite electrodes market is expected to witness steady growth during the forecast period. The consistent demand growth for graphite electrodes from various end-use industries coupled with encouraging government initiatives has played a pivotal role in boosting the prospects of the U.S. graphite electrodes market in the past few years. Moreover, the swelling demand for special steel for the production of automotive parts in the U.S. is another factor that is projected to strongly influence the growth trajectory of the market for graphite electrodes. Graphite electrodes are increasingly being used in the production of electric arc furnace (EAF) steel and an array of ferrous and non-ferrous metals.

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Companies operating in the current market landscape are expected to primarily focus on the quality of their products, production technologies, pricing strategies, and sales to improve their market position. Although the cost of graphite electrodes accounts for around 1% to 5% of the overall production cost of steel, it is an important material in the EAF steel production. Furthermore, as graphite electrodes are one of the very few products that exhibit high levels of electrical conductivity and the ability to withstand high temperatures during steel production, the demand for the same is on the rise. At the back of these factors, the U.S. graphite electrodes market is set to attain a market value of ~US$ 1 Bn by the end of .

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New IMO Regulations to Impact Market Growth

The International Maritime Organization (IMO) regulations are expected to have a strong influence on the operations of participants involved in the U.S. graphite electrodes market. Stability in the prices of graphite electrodes, along with a considerable surge in supply from China over the past few years has played a key role in boosting the growth of the market for graphite electrodes in the U.S. However, new IMO regulations that are effective from 1 January are projected to have a high impact on the supply chain of needle coke supplies and prices. Amidst soaring environmental concerns, the new regulations would require ships to minimize emissions and comply with these regulations. The new regulations are expected to impact the prices of needle coke, which is one of the most vital raw materials in the production of graphite electrodes.

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The fluctuating prices of needle coke due to the IMO regulations are expected to hamper the demand for graphite electrodes in the U.S. However, on the bright side, due to the minute changes in the supply structure in China, EAF has gained significant popularity, due to which, the demand for graphite electrode is anticipated to grow. The new IMO regulations are likely to exercise pressure on needle coke users, including graphite electrode manufacturers. The growth of the U.S. graphite electrodes market is anticipated to hinge its hope on the demand from steel manufacturers and market players involved in the lithium-ion battery industry.

Research and Testing Activities Aim to Reduce Downtime and Power Consumption

Participants in the current U.S. graphite electrodes market are increasingly investing resources in research & development to improve the quality of their products. Additionally, the ascending interest in uplifting the overall performance of graphite electrolytes is projected to further augment the demand for graphite electrodes during the forecast period. At present, technological advancements within the U.S. graphite electrodes market are primarily aimed at improving the service life and reduce the rate of consumption. Companies are likely to continue to invest efforts and resources to launch products with improved capabilities and fulfill the requirements of their customers.

In October , Hexagon Resources Limited revealed that the company had successfully completed tests that were predominantly aimed at improving the overall service life of graphite electrodes. The demand for graphite electrodes is set to grow at a steady rate due to its high thermal shock resistance. Companies in the U.S. graphite electrodes market are also expected to lower downtime, minimize carbon footprint, and manufacture cost-effective products. Companies may also offer customized products to their customers and focus on their pricing strategies to gain an edge in the current market landscape.

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Analysts&#; Viewpoint

The U.S. graphite electrodes market is expected to grow at a CAGR of ~2% during the forecast period. The consistent growth in the demand for graphite electrodes from end-use industries, surge in supply from China, and government initiatives to maximize scrap utilization are some of the leading factors that are expected to drive the market for graphite electrodes in the U.S. during the forecast period. Furthermore, the ascending demand for special steel for the production of automotive components will directly impact the demand for graphite electrodes in the coming years. Market participants should focus on improving the quality of their products and simultaneously allocate funds for research and development. The growth prospects of the U.S. graphite electrodes market will continue to hinge on the demand from steel manufacturers and manufacturers of ferrous and non-ferrous metals.  

U.S. Graphite Electrodes Market: Overview

• Graphite electrode is available in small or large diameters for high temperature and high intensity applications. Graphite electrode is employed in the production of steel in electric arc furnaces. It is also used in steel refining and smelting processes.
• Graphite electrode is primarily employed in production of steel and non-ferrous metals
• Prominent characteristics of graphite electrode include its ability to withstand electrical resistance with temperature up to 1,400°C, high machining accuracy, good surface finishing, and anti-oxidation treatment for longevity. Graphite electrode also offers high flexural strength, thus resulting in lower electrode breakage frequency at the time of machining. It has low specific resistance, which allows maximum current carrying capability without overheating of the electrode.

Key Growth Drivers of U.S. Graphite Electrodes Market

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• Rise in demand for graphite electrode in end-use industries, increase in utilization of steel scrap, and high demand for graphite electrode in the steel industry are expected to drive the demand for graphite electrodes in the U.S. Graphite electrodes possess excellent electrical properties, high mechanical strength at high temperatures, high electrical and heat conductivity, low impurity content, chemical stability, and high vibrational resistance. Thus, graphite electrodes are ideal for usage in electric arc furnaces (EAF).
• Graphite electrode that is used in an EAF provides flexibility at the time of production of steel, 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 the demand. Furthermore, they can withstand temperatures up to 1,800°C, due to their superior thermal expansion and thermal shock resistance, which help in reducing the entire mass of steel.
• EAFs have gained popularity among steel producers due to their flexibility, quick turnaround time, and lower fixed costs. Growth in investment in the steel manufacturing sector in the U.S. is expected to enhance capacity expansions for EAFs in the U.S.
• Rise of government initiatives in order to increase the usage of scrap steel metal is another prominent factor that is likely to drive the graphite electrodes market in the U.S. Scrap utilization rates for steel producing industries differ significantly around the world, depending on the production process. Steel scrap is usually sourced from waste generated during the steelmaking process due to rolling, conditioning, cutting, and trimming processes. Steel scrap can also be generated in the form of steel products at the end of their service life. Availability of scrap is high in the U.S. due to the presence of large steel producing industries and considerably high consumption of steel products in the country.

Ultra High Power Electrodes to Offer Lucrative Opportunities in U.S. Graphite Electrodes Market

• The steel industry primarily requires high power electrodes and ultra high power electrodes. Demand for high-quality ultra high power graphite electrodes is rising significantly in the U.S., due to its low electrical resistance and high density.
• The ultra high power electrode segment accounted for a major share of the graphite electrode market in the U.S. in . It is expected to remain the dominant segment during the forecast period. Large capacity ultra high power arc furnaces are becoming increasingly popular in order to meet the requirement of higher work efficiency. Therefore, ultra high power electrodes with diameters of more than 18&#; are expected to dominate the graphite electrodes market in the U.S.
• High power electrode and regular power electrode segments are estimated to expand at a moderate pace during the forecast period. High power electrodes are extensively employed in a wide range of applications, including steel and non-ferrous metals, fused materials, and chemical processing.

Lucrative Opportunities in U.S. Graphite Electrodes Market

• Well-established players can invest significantly in research & development activities in the graphite electrodes market in the U.S. in order to develop innovative solutions for decreasing cost and enhancing the quality of their existing product line
• Key players can focus on expanding their footprint across the globe through strategic capital allocation and increase of production capacity to serve end-use industries such as building & construction, automotive, infrastructure, aerospace & defense, and oil & gas

Leading Players in U.S. Graphite Electrodes Market

• Major players operating in the graphite electrodes market in the U.S. include 
  • GrafTech International
  • Showa Denko K.K.
  • Tokai Carbon
  • GES-AGM
  • Ameri-Source Specialty Products
  • Graphite Sales, Inc.
  • Saturn Industries, Inc.
• Most of the producers of graphite electrodes have integrated operations across the value chain in order to consolidate their share in the market. For instance, GrafTech has in-house production of petroleum coke, which is used as a major raw material for graphite electrodes.
• Key players in the U.S. graphite electrodes market need to focus on maintaining raw material supply as supply of needle coke, a key raw material, is fluctuating. Accurate forecast and production planning as per market dynamics are key to the survival in the graphite electrode manufacturing industry.
• Manufacturers in the U.S. are focusing on boosting customer leadership through creation, innovation, and impressive research & development to revolutionize innovations in the graphite technology in order to increase productivity

U.S. Graphite Electrode Market - Segmentation

TMR&#;s research study assesses the graphite electrode market in the U.S. on the basis of type and application. This report presents the extensive market dynamics and progressive trends associated with different segments, and how they are influencing the growth prospects of the graphite electrode market in the U.S.

Type

• Ultra High Power Electrode (18" and Above)
• High Power Electrode (18" and Below)
• Regular Power Electrode
• (16" and Below)

Application

• Steel & Non-ferrous Metals
• Fused Materials
• Chemical Processing
• Others (including Ferroalloys and Silicon Metal)

Country

• U.S.

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