Needle Coke Market: Introduction
Transparency Market Research delivers key insights on the global needle coke market. In terms of revenue, the global needle coke market is estimated to expand at a CAGR of ~5% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global needle coke market.
Environmental constraints related to needle coke production are likely to hamper the global needle coke market during the forecast period. The increase in the demand for needle coke in graphite electrodes and lithium-ion batteries is projected to drive the global needle coke market in the next decade, as needle coke is extensively employed in electrode and battery manufacturing industries.
Needle Coke Market: Dynamics
The demand for needle coke is increasing in the manufacture of electrodes and batteries. Needle coke plays a major role in the steel industry. It is used as a raw material in graphite electrode production. Graphite electrodes are further used in steel manufacturing. The expansion of the metal industry in developed and developing economies is driving the global needle coke market.
Needle coke is an important material used as a heating element in electric arc furnace (EAF) for steel production. Steel manufacturers are preferring the EAF method for the production of steel over the blast furnace-blast oxygen furnace (BOF) processes, owing to stricter environmental regulations. The 0.2 kg to 0.3 kg of graphite electrode is required to produce 1 ton of steel through the BOF process. However, the 0.7 kg to 0.8 kg of graphite electrode is required to produce the same amount of steel by employing the EAF process.
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The expansion of the nuclear industry is a major factor driving the global needle coke market. Needle coke is a raw material used in the production of nuclear graphite, which is widely employed in applications required for nuclear industry such as nuclear furnaces.
Rise in the number of nuclear projects and increase in population are expected to drive the nuclear industry in the near future. Growth in global population and economy; and rapid urbanization are likely to boost the demand for energy over the next few years. The United Nations (UN) estimates that the world’s population is estimated to increase from 7.6 billion in 2017 to 9.7 billion by 2050.
Needle Coke Market: Prominent Regions
Asia Pacific dominates the global needle coke market. The demand for premium and super premium grade needle coke is estimated to rise at a rapid pace in the region between 2021 and 2031. China is anticipated to be a highly attractive country of the needle coke market in Asia Pacific during the forecast period. The production of steel has been rising at a strong pace in China, owing to the increase in industrialization. This is boosting the demand for graphite electrodes, thereby driving the needle coke market.
Europe is likely to be another highly attractive region of the global needle coke market during the forecast period. Germany held a major share of the needle coke market in Europe in 2020. Investments in the industrial sector have increased in Germany of late. This is driving the demand for needle coke in various end-use industries in the country.
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Needle Coke Market: Key Players
Major players operating in the global needle coke market are Mitsubishi Chemical Holding Corporation, Indian Oil Corporation, Phillips 66, JXTG Holdings Inc., Seadrift Coke L.P., C-Chem Co.,LTD, Petroleum Coke Industries Company K.S.C., Baotailong New Material Co., Ltd., Bao-steel Group, Sinopec Shanghai Petrochemical Company Limited, Shanxi Hongte Coal Chemical Co Ltd, Sinosteel Anshan Research Institute of Thermo-Energy Co., Petrochina International Jinzhou Petrochemical Co., Ltd, Shijiazhuang Deli Chemical Co., and Petrocokes Japan Ltd.
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