Electrode Market Growth Over 2024 will be USD 5.68 Billion
What is Electrode?
Graphite is a form of carbon which is low bonding carbon compound. Under high temperature and pressure, it will convert into diamond and Dimond is high bond carbon compound. And in other hand Electrode is an electrical conductor used to contact a nonmetallic part of a circuit. So now you understand When a conductor is made by Gra phite is called Graphite Electrode. Example of Graphite Electrode is Welding rod use for Iron Welding.
The global graphite electrode market is expected to grow on account of its increasing use for the production of steel. The Asia Pacific emerged as the fastest growing market and is projected to continue dominating as a result of the presence of robust steel manufacturers. The usage of a 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.
Graphite electrodes offer excellent thermal resistance and high current carrying capacity which makes them a suitable choice in electric arc furnaces (EAF) steel, refinement of steel and similar smelting processes. Besides EAF and LF, graphite electrodes are also used for electrolytic aluminum smelting and electrical discharge machining (EDM). The development of these non-steel applications is also anticipated to provide an opportunity for market growth over the forecast period.
Ultra-high-power graphite electrode is expected to grow at the highest volume CAGR of 4.1% over the forecast period. Despite the high price of the product, the demand for these products is anticipated to be high in line with the rising demand for superior steel quality in various niche applications within the aerospace, automotive and electronics sectors.
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