The new report by Expert Market Research titled, ‘Global Needle Coke Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global needle coke market share assessing the market based on its segments like type, grade, application and major regions like North America, Europe, Asia Pacific, Middle East and Africa and Latin America.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2015-2026)
- Historical Market Size (2020): USD 3.87 billion
- Forecast CAGR (2021-2026): 65%
- Forecast Market Size (2026): USD 5.70 billion
A shift in paradigm, from traditional fuel vehicles to electric vehicles, amidst the rising concerns of carbon emission and pollution, drove the market in the historical period. Favourable government policies for promoting use of electric vehicles provides abundant growth opportunities in lithium-ion batteries, thus propelling the market.
The market finds its application in Electrical Discharge Machines (EDMs), which is used extensively in the aircraft sector owing to their costs, material variety, performance, and surface finish. Since the demand of aircrafts are expected to boom in the forecast period, this acts as a propellant for the needle coke market well.
Industry Definition and Major Segments
Needle coke is a high-value and premium quality petroleum coke which have a low coefficient of thermal expansion. It is a special form of coke that has a needle-like structure and is made of coal tar pitch or slurry oil from refineries. It possesses superior properties such as structural characteristics, high temperature resistance, high electrical resistance and oxidizability.
Due to these properties, needle coke is used in the manufacturing of graphite electrodes, which are used for electric arc furnaces in the steel industry. Highly specific calcination conditions, coking conditions and feedstock are required for the production of needle coke.
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Based on type, the market is bifurcated into:
- Coal-Based Needle Coke
- Petroleum-Based Needle Coke
Based on grade, the market is branched into:
- Base Premium
- Intermediate Premium
- Super Premium
Based on application, the market is categorised into:
- Lithium-Ion Battery
- Electrode
- Special Carbon Material
- Rubber Compounds
The regional markets for Needle Coke include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
North America led the market in the historical period owing to increasing end-user industries for steel production in this region. However, Asia-Pacific is expected to dominate the market in terms of growth in needle coke market, due to government initiatives to support domestic manufacturing in this region, in the forecast period.
The Indian government’s initiatives to encourage the culture of production of goods domestically are expected to reduce dependence on imports and increase regional production potential. This, in turn, is likely to present significant growth opportunities for industrial manufacturers and graphite producers. China, being one of the fastest growing economies, also adds to the growth of the market in the region.
Moreover, the advent of technologies such as electric arc furnace (EAF) in Asia Pacific, which are already being used in other regions such as North America, is expected to fuel market growth over the forecast period. However, the current pandemic of COVID-19 has considerably affected steel business across the globe. Moreover, the ongoing recession and disruption in the supply-demand chain has affected market growth.
Key Market Players
The major players in the market are Mitsubishi Chemical Corporation, GrafTech International Holdings Inc., C-Chem Co. Ltd., Phillips 66 Company, Asbury Carbons Inc. and few others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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