China UHP graphite electrode market demand and competition pattern analysis in 2023

Ⅰ. UHP graphite electrode market demand forecast

With the gradual recovery of the global economy, especially in the context of carbon neutrality, the demand for EAF (electric arc furnace) steel is expected to increase due to the significant carbon emission advantages of EAF steel over basic oxygen furnace steel. However, the production capacity of graphite electrodes outside China is expected to remain stable, and their graphite electrodes production quantities are not expected to meet the EAF production demand. Therefore, the shortage of graphite electrodes outside China is expected to be supplemented by Chinese manufacturers. From 2022 to 2026, the potential demand of other countries for UHP graphite electrodes is expected to reach about 192200 MT, with a compound annual growth rate of about 16.4%. 

Data source: Frost Sullivan, China Business Industry Research Institute

Ⅱ. UHP graphite electrode market competition pattern

UHP graphite electrode produced in China uses 100% needle coke imported from the international market. However, the leading manufacturers of high-quality needle coke in the world usually have high requirements for payment terms and require customers to have stable and large orders, which is a barrier for new participants in the production of UHP graphite electrodes in China.

Only a few manufacturers in China can produce UHP graphite electrodes, and the industry is quite concentrated. According to the market share in China, the top5 UHP graphite electrode manufacturers in 2021 are divided as follows:

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Data source: Frost Sullivan, China Business Industry Research Institute