Global Needle Coke Market 2019-2023
Global Needle Coke Market: About this market
Needle coke has a needle-like structure and is made of either slurry oil from refineries or coal tar pitch. It is the major raw material for making graphite electrodes that are used in the manufacturing process of steel using an electric arc furnace (EAF). Technavio’s needle coke market analysis considers sales from the graphite industry, battery industry, and others. Our analysis also considers the sales of needle coke in APAC, Europe, North America, South America, and MEA. In 2018, the graphite industry segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as rising demand for graphite electrodes for the EAF method of steel production will play a significant role in the graphite industry segment to maintain its market position. Also, our global needle coke market report looks at factors such as an increase in oil refining capacity, rise in the adoption of green vehicles, increasing demand for UHP graphite electrodes. However, widening lithium demand-supply gap challenges faced in bringing investments in the coal industry due to regulations against carbon pollution, fluctuation in crude oil and coal prices may hamper the growth of the needle coke industry over the forecast period.
Global Needle Coke Market: Overview
Increasing demand for UHP graphite electrodes
Graphite electrodes are used in applications, such as submerged arc furnaces and ladle furnaces for the production of steel, non-metallic materials, and metals. They are also primarily used in EAFs for steel production. Graphite electrodes can be produced using petroleum coke or needle coke. Graphite electrodes are classified into regular power, high power, super high power, and UHP based on parameters such as resistivity, electric conductivity, thermal conductivity, resistance to oxidation and thermal shock, and mechanical strength. Out of all the types of graphite electrodes. UHP graphite electrodes are gaining attention in the steel industry. This demand for UHP electrodes will lead to the expansion of the global needle coke market at a CAGR of 6% during the forecast period.
The emergence of green steel
The emission of CO2 is a major issue faced by the steel industry worldwide. To resolve the issue, numerous research and development (R&D) activities have been undertaken. These R&D activities led to the emergence of green steel. Researchers have found a new steel-making process that can eliminate CO2 emissions completely. In the traditional steel-making process, during steel production, large amounts of smoke, carbon, and belching flame are released. The traditional steel-making process emits CO2 twice the weight of steel. However, the new process can accomplish steel-making with zero emissions. Pulverized coal injection and carbon capture and storage (CCS) technology are among them. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global needle coke market during the forecast period 2019-2023, click here.
With the presence of a few major players, the global needle coke market is concentrated. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading needle coke manufacturers, that include C-Chem Co. Ltd., GrafTech International Ltd., Mitsubishi Chemical Holdings Corp., Phillips 66 Co., Sojitz Corp., and Sumitomo Corp.
Also, the needle coke market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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