The market for graphite electrode is anticipated to register a CAGR of over 9% during the forecast period. The primary raw material used for the production of graphite electrode is needle coke (either petroleum-based or coal-based).　

Rising production of iron and steel in emerging countries, rising availability of steel scrap in China thereby increasing the usage of electric arc furnaces are expected to drive the demand for the market during the forecast period.

Soaring prices of needle coke resulting in supply tightness amongst other restraints such as limited growth of UHP graphite electrode in China and consolidation of graphite electrode industry are likely to hinder the market's growth.

Rising production of steel through electric arc furnace technology in China is expected to act as an opportunity for the market in future.