ALBANY, N.Y., July 29, 2021 /PRNewswire/ -- The global needle coke market is driven by the growing requirements of the nuclear power sector. Needle coke is used in the making of nuclear graphite, which is utilized in nuclear furnaces. In the foreseeable future, the nuclear sector is projected to be driven by the increase in the number of nuclear projects. Economic growth, population rise, and rapid urbanization are expected to increase energy consumption in the upcoming years. The global needle coke market is projected to expand at a CAGR of 4.8% during the forecast period, from 2021 to 2031, in terms of value. However, the market has experienced a downturn as a result of the coronavirus outbreak. Poor market sentiment has resulted in the decreased demand for products and services, causing production operations at steel plants to halt, thereby leading to a decline in the demand for needle coke. Companies in the market are making use of the plug-and-play technology to produce needle coke to meet consumer demand. Thus, the needle coke market is expected to observe growth opportunities in the nuclear energy sector.
Growing Demand for Needle Coke in Steel Industry to Develop Graphite Electrodes to Boost Global Market
The steel industry relies heavily on needle coke. It is utilized as a basic material in the manufacturing of graphite electrodes. Graphite electrodes are also utilized in the production of steel. The global needle coke market is also being driven by the rise of the metal business in both developing as well as industrialized nations.
Needle coke is a common substance utilized as a heating element in electric arc furnaces (EAFs), which are used in the production of steel. Due to increasing environmental restrictions, manufacturers of steel are choosing the EAF process of steel manufacturing over the blast furnace-blast oxygen furnace (BOF) method. The BOF method requires 0.2 kg to 0.3 kg of graphite electrode to make 1 ton of steel. The EAF method, on the other hand, needs around 0.7 kg to 0.8 kg of it to produce the same quantity of steel. As such, the increasing demand for graphite electrode is likely to drive the global needle coke market in the near future.
Useof Advanced Coal-based Needle Coke Manufacturing Technology to Innovate in Specialty Carbon Products
The demand for needle coke is being fueled by the use of high-grade carbon products. In order to drive innovation in specialty carbon products, needle coke producers are upgrading the coal-based needle coke manufacturing technology. Moreover, vital applications such as semiconductor manufacturing equipment and nuclear power require these materials in large quantities.
In addition, specialty carbon products are utilized in the production of solar energy. Large amounts of raw materials are procured by manufacturers to increase the supply of high-value carbon material items. A steady supply of needle coke and associated products for lithium-ion batteries, graphite electrodes, and specialty carbon materials is ensured by the plentiful availability of raw materials.
Due to its higher energy density, petroleum needle coke is preferred over coal pitch needle coke. As a result, needle coke makers are exploring revenue potential in lithium-ion batteries with extended lifespan. Petroleum-based needle coke is being produced using advanced carbonization and microscopy technology.
Use of needle coke in the battery manufacturing sector is on the rise, particularly in developing and industrialized countries such as Japan, India, the U.S., and the U.K. In developing countries including India, there has been a rise in government measures to promote foreign investment in the metal sector, thus driving the needle coke market.
Needle Coke Market: Key Competitors
Sinosteel Anshan Research Institute of Thermo-Energy Co.
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