Furnace Carbon Electrode Market

The article discusses the trends in the global furnace carbon electrode market from 2022 to 2030, including consumption, production, imports, and exports. China emerges as a key player in both consumption and production, with the market expected to see modest growth in volume and value. The article also delves into the pricing trends and key importing and exporting countries in the market.

Market Forecast

Driven by rising demand for furnace carbon electrode worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.1% for the period from 2022 to 2030, which is projected to bring the market volume to 7.7M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.1% for the period from 2022 to 2030, which is projected to bring the market value to $37.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Carbon Electrodes For Furnaces

In 2022, global furnace carbon electrode consumption declined slightly to 7.6M tons, standing approx. at the previous year's figure. Overall, consumption continues to indicate a pronounced curtailment. The pace of growth was the most pronounced in 2021 when the consumption volume increased by 2.7% against the previous year. Global consumption peaked at 9.4M tons in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

The global furnace carbon electrode market revenue fell modestly to $31.7B in 2022, with a decrease of -3.9% against 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). In general, consumption continues to indicate a slight shrinkage. As a result, consumption reached the peak level of $42B. From 2019 to 2022, the growth of the global market failed to regain momentum.

Consumption By Country

China (2.3M tons) constituted the country with the largest volume of furnace carbon electrode consumption, accounting for 31% of total volume. Moreover, furnace carbon electrode consumption in China exceeded the figures recorded by the second-largest consumer, India (961K tons), twofold. The third position in this ranking was held by Russia (393K tons), with a 5.1% share.

In China, furnace carbon electrode consumption remained relatively stable over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of consumption growth: India (-0.8% per year) and Russia (-6.0% per year).

In value terms, China ($7.5B), India ($4.6B) and Brazil ($2.1B) constituted the countries with the highest levels of market value in 2022, together accounting for 45% of the global market.

In terms of the main consuming countries, China, with a CAGR of +0.4%, recorded the highest growth rate of market size over the period under review, while market for the other global leaders experienced a decline in the market figures.

In 2022, the highest levels of furnace carbon electrode per capita consumption was registered in Iceland (629 kg per person), followed by Canada (5.2 kg per person), South Korea (4.1 kg per person) and Italy (4 kg per person), while the world average per capita consumption of furnace carbon electrode was estimated at 1 kg per person.

In Iceland, furnace carbon electrode per capita consumption declined by an average annual rate of -5.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Canada (-4.7% per year) and South Korea (-4.0% per year).

Production

World Production of Carbon Electrodes For Furnaces

In 2022, the amount of carbon electrodes for furnaces produced worldwide reduced modestly to 7.5M tons, flattening at 2021 figures. In general, production recorded a noticeable descent. The pace of growth was the most pronounced in 2021 when the production volume increased by 2.7%. Global production peaked at 9.1M tons in 2012; however, from 2013 to 2022, production failed to regain momentum.

In value terms, furnace carbon electrode production reduced to $31.5B in 2022 estimated in export price. Over the period under review, production showed a mild contraction. The most prominent rate of growth was recorded in 2018 with an increase of 44%. As a result, production reached the peak level of $47.9B. From 2019 to 2022, global production growth remained at a somewhat lower figure.

Production By Country

China (2.7M tons) constituted the country with the largest volume of furnace carbon electrode production, comprising approx. 36% of total volume. Moreover, furnace carbon electrode production in China exceeded the figures recorded by the second-largest producer, India (1M tons), threefold. Russia (371K tons) ranked third in terms of total production with a 5% share.

In China, furnace carbon electrode production remained relatively stable over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: India (-0.7% per year) and Russia (-6.4% per year).

Imports

World Imports of Carbon Electrodes For Furnaces

In 2022, approx. 1.1M tons of carbon electrodes for furnaces were imported worldwide; waning by -9.6% against 2021. Over the period under review, imports recorded a slight contraction. The pace of growth appeared the most rapid in 2018 with an increase of 100% against the previous year. As a result, imports reached the peak of 2.4M tons. From 2019 to 2022, the growth of global imports remained at a lower figure.

In value terms, furnace carbon electrode imports expanded rapidly to $3.9B in 2022. Overall, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 189%. As a result, imports attained the peak of $8.4B. From 2019 to 2022, the growth of global imports remained at a somewhat lower figure.

Imports By Country

In 2022, Iceland (236K tons), distantly followed by Iran (122K tons), the United States (67K tons), Russia (54K tons) and Turkey (50K tons) were the main importers of carbon electrodes for furnaces, together mixing up 50% of total imports. Italy (36K tons), South Korea (36K tons), Canada (34K tons), Germany (33K tons), Egypt (21K tons), France (20K tons), Japan (20K tons) and Brazil (20K tons) took a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Iran (with a CAGR of +10.6%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest furnace carbon electrode importing markets worldwide were Iran ($409M), the United States ($307M) and Iceland ($294M), together accounting for 26% of global imports.

Among the main importing countries, Iran, with a CAGR of +6.4%, saw 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.

Import Prices By Country

The average furnace carbon electrode import price stood at $3,671 per ton in 2022, with an increase of 19% against the previous year. Over the period under review, import price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 an increase of 45% against the previous year. Global import price peaked at $4,031 per ton in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Turkey ($5,660 per ton), while Iceland ($1,243 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Iceland (+3.1%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Carbon Electrodes For Furnaces

In 2022, global exports of carbon electrodes for furnaces dropped significantly to 900K tons, reducing by -15.9% on 2021 figures. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when exports increased by 110% against the previous year. As a result, the exports attained the peak of 2.3M tons. From 2019 to 2022, the growth of the global exports failed to regain momentum.

In value terms, furnace carbon electrode exports stood at $3.3B in 2022. Over the period under review, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when exports increased by 189% against the previous year. As a result, the exports reached the peak of $8.2B. From 2019 to 2022, the growth of the global exports remained at a somewhat lower figure.

Exports By Country

China represented the main exporting country with an export of about 344K tons, which recorded 38% of total exports. The Netherlands (170K tons) ranks second in terms of the total exports with a 19% share, followed by Spain (9.5%), India (6.8%), Japan (5.3%) and France (4.9%). Russia (33K tons) took a relatively small share of total exports.

Exports from China increased at an average annual rate of +4.0% from 2012 to 2022. At the same time, the Netherlands (+46.5%) and France (+4.1%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing exporter exported in the world, with a CAGR of +46.5% from 2012-2022. Spain and India experienced a relatively flat trend pattern. By contrast, Russia (-1.4%) and Japan (-9.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the Netherlands and China increased by +18 and +11 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($1.1B) remains the largest furnace carbon electrode supplier worldwide, comprising 34% of global exports. The second position in the ranking was taken by Spain ($530M), with a 16% share of global exports. It was followed by France, with a 10% share.

In China, furnace carbon electrode exports increased at an average annual rate of +5.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Spain (+2.8% per year) and France (+9.3% per year).

Export Prices By Country

In 2022, the average furnace carbon electrode export price amounted to $3,716 per ton, picking up by 19% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the average export price increased by 38%. The global export price peaked at $4,530 per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was France ($7,839 per ton), while the Netherlands ($1,200 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+5.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform