At 6.5% CAGR, Needle Coke Market Worth 6.01 Billion by 2027, says Brandessence Market Research
08 Mar, 2021, 17:00 IST
PUNE, India, March 8, 2021 /PRNewswire/ -- Needle Coke Market is valued at USD 3.2 Billion in 2017 and expected to reach USD 6.01 Billion by 2027 with a CAGR of 6.5% over the forecast period. Demand in graphite electrodes & batteries and increase in steel industries are key driving factors for the growth of Needle Coke Market.
Top key players in the Needle Coke Market:
- Mitsubishi Chemical Corp
- Indian Oil Corporation Ltd
- C-Chem Co Ltd
- Sumitomo Chemical Company
- JXTG Nippon Oil & Energy Corp
- Philips 66
- Petroleum Coke Industries
- Sinopec Shanghai Petrochemical
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Scope of Needle Coke Market Report:
Needle Coke or Acicular Coke is a crystalline form of petroleum coke. It is a premium grade raw material of coke used in manufacturing of graphite electrodes in Steel or Aluminium industry for arc furnaces. The structure of needle coke consists of hard and dense material with carbon needles or threads aligned in a single direction. This coke can withstand temperature up to 2800 degree Celsius. Fluid Catalytic Cracking (FCC) decant oil or Coal Tar Pitch is generally used to produce Needle coke. This special type of coke has superior properties like Coefficient of Thermal Expansion, Oxidizability, High temperature and electrical resistance.
During the COVID-19 pandemic, some industries have positive impact and some are struggling. The steel market saw the uncertainty in supply & chain demands. The demand of needle coke also declined due to pandemic and lockdown on a global level. As needle coke is primary element for graphite electrode, manufacturers faced several challenges due to the low demand of graphite electrode in certain regions. The import and export have adversely affected due to lockdown which has affected the movement of graphite electrodes. The government is also helping manufacturers with strategic planning and regulations to increase the revenue of needle coke and maintain stability.
Global Needle Coke Market Segmentation Analysis:
Global Needle Coke Market report is segmented on the basis of Type, Grade, Application, and Region & country level. Based upon Type, Global Needle Coke market is classified as Coal based Needle Coke and Petroleum based Needle Coke. The market is classified on the basis of grade are Basic, Intermediate and Super Premium. On the basis of Application, market is divided as Graphite Electrodes, Steel Industry, Battery Industry, and Electric Vehicle Industry.
- Coal based Needle Coke
- Petroleum based Needle Coke
- Basic Premium
- Intermediate Premium
- Super Premium
- Graphite Electrodes
- Steel Industry
- Battery Industry
- Electric Vehicle Industry
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News: Needle Coker Unit proposal approved by Indian Oil
September 01, 2020; The stage-1 approval for installing Grassroot Needle Coker Unit at Paradip Refinery was cleared by Indian Oil Board. The unit will have Calcined Needle Coke (CNC) with capacity of 56 kilo-tones per annum. The Indian Oil Research & Development's in-house technology will be used and estimated project cost is Rs. 1268 Crore.
Demand in graphite electrodes and batteries are key driving factors for the growth of Needle Coke Market
The major factors driving the growth of Global Needle Coke Market are increasing demand for graphite electrodes and batteries. Rising demand of electrical vehicles has increased the use of batteries and graphite electrodes which is expected to augment the market growth. Needle coke is also used in ferroalloy furnaces and silicon metals. On the other hand, rapid increase in steel industry along with increased used of smart devices and rising awareness about environmental issues are also expected to support market growth. Petroleum coke is source to fine dust and can cause serious environmental issues as well as fluctuating prices of raw materials is expected to hamper the growth of needle coke market. Significant improvement in needle coke research and development along with rapid urbanization is likely to create ample opportunities in the needle coke market.
Asia-Pacific is dominating the Global Needle Coke Market
The global Needle Coke market is segmented into North America, Europe, Asia-Pacific and Rest of the World. Asia-Pacific is expected to dominate the Global Needle Coke Market in terms of growth rate within the forecast period attributed to presence of prominent manufacturers in this region. Countries like China and India are the leading producers of graphite electrodes. In 2020, China produced 1.052 billion tons of crude steel as a world top producer followed by India with 99.5 million and Japan with 83.1 million tons of production. Moreover, supportive government initiatives to promote domestic manufacturing which reduces the reliance on imports and are likely to create opportunities in the region. North America is expected to developed gradually in needle coke market owing to rising demand of needle coke from various end use industries along with the presence of novel technologies are also expected to support the market growth.
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