Carbon Electrode Market

The global market for carbon electrodes is expected to see growth in consumption and value over the period from 2022 to 2030, with a projected increase in market volume and market value. The market performance is forecasted to retain its current trend pattern, expanding with an anticipated CAGR of +1.5% for consumption and +3.7% for value. Key insights on consumption, production, imports, and exports are provided, highlighting trends in different countries and types of carbon electrodes. The analysis also includes data on average import and export prices, as well as notable growth rates in various aspects of the market.

Market Forecast

Driven by increasing demand for carbon electrodes worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.5% for the period from 2022 to 2030, which is projected to bring the market volume to 6.7M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.7% for the period from 2022 to 2030, which is projected to bring the market value to $25.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Carbon Electrodes

Global carbon electrode consumption rose slightly to 6M tons in 2022, with an increase of 4.6% compared with the previous year. Over the period under review, consumption showed a modest expansion. Global consumption peaked at 6.3M tons in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

The global carbon electrode market value fell modestly to $19.4B in 2022, standing approx. at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the global market reached the maximum level at $20.9B in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Russia (1.1M tons), Canada (961K tons) and the United States (542K tons), with a combined 43% share of global consumption. Iceland, India, the United Arab Emirates, Japan, China, Norway, Iran, France, Mexico and Italy lagged somewhat behind, together accounting for a further 34%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Norway (with a CAGR of +23.0%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Russia ($3.9B), the United States ($3.4B) and Canada ($2.4B) appeared to be the countries with the highest levels of market value in 2022, together comprising 50% of the global market. France, the United Arab Emirates, Italy, Iran, Mexico, Iceland, Japan, China, Norway and India lagged somewhat behind, together accounting for a further 18%.

Norway, with a CAGR of +25.2%, recorded the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of carbon electrode per capita consumption was registered in Iceland (1,013 kg per person), followed by the United Arab Emirates (30 kg per person), Norway (27 kg per person) and Canada (25 kg per person), while the world average per capita consumption of carbon electrode was estimated at 0.8 kg per person.

In Iceland, carbon electrode per capita consumption decreased by an average annual rate of -2.1% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: the United Arab Emirates (+16.1% per year) and Norway (+21.9% per year).

Production

World Production of Carbon Electrodes

In 2022, global production of carbon electrodes expanded to 6.9M tons, with an increase of 1.7% compared with the previous year's figure. The total output volume increased at an average annual rate of +1.8% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2017 with an increase of 18% against the previous year. Global production peaked at 6.9M tons in 2020; afterwards, it flattened through to 2022.

In value terms, carbon electrode production fell to $17.3B in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 37%. Global production peaked at $20.2B in 2019; however, from 2020 to 2022, production failed to regain momentum.

Production By Country

The country with the largest volume of carbon electrode production was China (2.7M tons), accounting for 39% of total volume. Moreover, carbon electrode production in China exceeded the figures recorded by the second-largest producer, Russia (801K tons), threefold. Canada (668K tons) ranked third in terms of total production with a 9.7% share.

In China, carbon electrode production increased at an average annual rate of +2.2% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Russia (+1.6% per year) and Canada (+29.3% per year).

Imports

World Imports of Carbon Electrodes

In 2022, approx. 2.8M tons of carbon electrodes were imported worldwide; with an increase of 16% on 2021 figures. The total import volume increased at an average annual rate of +1.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 with an increase of 32% against the previous year. Over the period under review, global imports attained the maximum in 2022 and are likely to see gradual growth in the immediate term.

In value terms, carbon electrode imports skyrocketed to $6.5B in 2022. In general, imports recorded perceptible growth. The most prominent rate of growth was recorded in 2018 with an increase of 145% against the previous year. As a result, imports reached the peak of $9.8B. From 2019 to 2022, the growth of global imports remained at a lower figure.

Imports By Country

Iceland (465K tons), Norway (336K tons), the United Arab Emirates (306K tons), Canada (305K tons) and Russia (304K tons) represented roughly 61% of total imports in 2022. The following importers - Iran (125K tons), the United States (82K tons), Sweden (82K tons), Germany (66K tons), India (55K tons), Turkey (50K tons) and Bahrain (46K tons) - together made up 18% of total imports.

From 2012 to 2022, the biggest increases were recorded for Bahrain (with a CAGR of +27.2%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest carbon electrode importing markets worldwide were Canada ($518M), Russia ($517M) and Iceland ($494M), together accounting for 23% of global imports. The United Arab Emirates, Norway, Iran, the United States, Turkey, Germany, India, Sweden and Bahrain lagged somewhat behind, together comprising a further 39%.

Among the main importing countries, Bahrain, with a CAGR of +20.0%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

In 2022, carbon electrodes not for furnaces (1.3M tons), distantly followed by carbon electrodes for furnaces (1.1M tons) represented the major types of carbon electrodes, together creating 100% of total imports.

From 2012 to 2022, the biggest increases were recorded for carbon electrodes not for furnaces (with a CAGR of +2.7%).

In value terms, carbon electrodes for furnaces ($3.9B) and carbon electrodes not for furnaces ($2.7B) constituted the products with the highest levels of imports in 2022.

Carbon electrodes not for furnaces, with a CAGR of +7.2%, recorded the highest rates of growth with regard to the value of imports, in terms of the main imported products over the period under review.

Import Prices By Type

The average carbon electrode import price stood at $2,307 per ton in 2022, picking up by 6.8% against the previous year. In general, the import price enjoyed a slight increase. The most prominent rate of growth was recorded in 2018 when the average import price increased by 122%. As a result, import price reached the peak level of $3,989 per ton. From 2019 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major imported products. In 2022, the product with the highest price was carbon electrodes for furnaces ($3,671 per ton), while the price for carbon electrodes not for furnaces stood at $2,079 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by carbon electrode not for furnaces (+4.5%).

Import Prices By Country

In 2022, the average carbon electrode import price amounted to $2,307 per ton, picking up by 6.8% against the previous year. Over the period under review, the import price showed a modest increase. The pace of growth appeared the most rapid in 2018 an increase of 122% against the previous year. As a result, import price attained the peak level of $3,989 per ton. From 2019 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Turkey ($5,657 per ton), while Iceland ($1,062 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+4.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Carbon Electrodes

For the third year in a row, the global market recorded growth in shipments abroad of carbon electrodes, which increased by 7.1% to 3.7M tons in 2022. Over the period under review, total exports indicated a perceptible increase from 2012 to 2022: its volume increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +91.1% against 2016 indices. The most prominent rate of growth was recorded in 2017 when exports increased by 42%. The global exports peaked in 2022 and are likely to continue growth in the near future.

In value terms, carbon electrode exports soared to $6.8B in 2022. In general, exports enjoyed a tangible increase. The pace of growth appeared the most rapid in 2018 with an increase of 135% against the previous year. As a result, the exports attained the peak of $10B. From 2019 to 2022, the growth of the global exports remained at a somewhat lower figure.

Exports By Country

China represented the key exporter of carbon electrodes in the world, with the volume of exports resulting at 2.5M tons, which was approx. 67% of total exports in 2022. It was distantly followed by the Netherlands (380K tons) and Norway (190K tons), together constituting a 15% share of total exports. The following exporters - Iceland (89K tons), Spain (86K tons), Poland (70K tons) and France (69K tons) - each recorded an 8.4% share of total exports.

Exports from China increased at an average annual rate of +5.5% from 2012 to 2022. At the same time, Iceland (+20.4%), Poland (+7.2%) and France (+1.2%) displayed positive paces of growth. Moreover, Iceland emerged as the fastest-growing exporter exported in the world, with a CAGR of +20.4% from 2012-2022. Spain, the Netherlands and Norway experienced a relatively flat trend pattern. China (+14 p.p.) and Iceland (+1.9 p.p.) significantly strengthened its position in terms of the global exports, while Norway and the Netherlands saw its share reduced by -1.8% and -2.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($3.7B) remains the largest carbon electrode supplier worldwide, comprising 54% of global exports. The second position in the ranking was taken by Spain ($531M), with a 7.8% share of global exports. It was followed by France, with a 6.7% share.

From 2012 to 2022, the average annual growth rate of value in China totaled +9.8%. In the other countries, the average annual rates were as follows: Spain (+2.8% per year) and France (+5.6% per year).

Exports By Type

Carbon electrodes not for furnaces was the major type of carbon electrodes in the world, with the volume of exports recording 2.7M tons, which was near 75% of total exports in 2022. It was distantly followed by carbon electrodes for furnaces (900K tons), constituting a 25% share of total exports.

Carbon electrodes not for furnaces was also the fastest-growing in terms of exports, with a CAGR of +5.7% from 2012 to 2022. Carbon electrodes for furnaces experienced a relatively flat trend pattern. From 2012 to 2022, the share of carbon electrodes not for furnaces increased by +10 percentage points.

In value terms, carbon electrodes for furnaces ($3.3B) and carbon electrodes not for furnaces ($3.3B) appeared to be the products with the highest levels of exports in 2022.

Carbon electrodes not for furnaces, with a CAGR of +6.2%, saw the highest growth rate of the value of exports, among the main exported products over the period under review.

Export Prices By Type

The average carbon electrode export price stood at $1,829 per ton in 2022, growing by 12% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of 117%. As a result, the export price attained the peak level of $3,345 per ton. From 2019 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by the product type; the product with the highest price was carbon electrodes for furnaces ($3,716 per ton), while the average price for exports of carbon electrodes not for furnaces amounted to $1,248 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by carbon electrode not for furnaces (+0.4%).

Export Prices By Country

The average carbon electrode export price stood at $1,829 per ton in 2022, picking up by 12% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average export price increased by 117% against the previous year. As a result, the export price attained the peak level of $3,345 per ton. From 2019 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was France ($6,608 per ton), while the Netherlands ($546 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+4.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform