The North America Graphite Electrodes Market is expected to grow in a great way during the forecast period. It is estimated that the target market in this region is growing, recording a CAGR of 3.2% over 2021 - 2026.
A graphite electrode is a type of electrode that is often used for providing electrical conductivity at a higher level and the ability to defend an extremely high level of dissipated heat. These are primarily used in the production of electric arc furnace (EAF) that is used in the refinement of steel, and the similar smelting process like ferroalloys, silicon, white phosphorus/yellow phosphorus, etc.
The growth of the North America Graphite Electrodes Market is attributed to the high consumption and production of graphite electrodes in the US and Canada.
Showa Denko KK Group, a leading chemical engineering firm in Japan, committed to installing the devices for mass-production of the SPALF Packaging Material for large onboard lithium-ion batteries.
Tokai Carbon Co., Ltd. confirmed the acquisition of the Graphite Electrodes Business of the SGL GE, which is one of the largest Graphite Electrode manufacturers around the world.
Drivers and Restraints of North America Graphite Electrode Market
The penetration of EAF-based steel production which is stable for the foreseeable future owing to the high awareness regarding environmentally friendly technologies is imprinting a significant upward trend for the demand for graphite electrodes in the coming five years in North America. The increasing application of steel in different end-user verticals like construction, infrastructure, and others will create enormous growth potential for the development of the graphite electrodes business in this area. The growing adoption of electric arc furnaces in the manufacturing of steel and other elements is likely to propel the expansion of the graphite electrodes business in the North American nations in the foreseen years.
But the less availability of raw materials that are required for manufacturing these electrodes is the major restraint of the growth of the North America Graphite Electrode Market. Also, the strict government regulations related to the emission of carbon compounds will act as a foothold for the rapid expansion of this industry in this area over the outlook period.
Market Segmentation of North America Graphite Electrode Market until 2025.
By Product Type: Ultra-High Power (UHP), High Power (HP), And Regular Power (RP).
By Application: Steel, Silicon Metal, and Aluminum. Among these, steel and non-ferrous metals hold a prominent share of the regional market because of the region's high percentage in the making of steel.
By Region: US, Canada & Rest of North America. In the regional analysis of the North America Graphite Electrode Market, the US is the region that has a significant share of the target markets' revenue. The growth of the graphite electrode market in the US is attributed to the awareness about eco-friendly technologies, which are boosting the demand for these graphite electrodes. Canada is also another promising area for the expansion of the regional market.
The key players of the North America Graphite Electrode Market include Showa Denko K.K., GrafTech International, Graphite India Limited, Nippon Carbon Co. Ltd., HEG Limited, Kaifeng Carbon Co., Ltd., Nantong Yangzi Carbon, SEC Carbon, Ltd., and Tokai Carbon Co., Ltd.
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