Needle Coke Market Expand at a CAGR of 5.5% between 2017 and 2025

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The global needle coke market is anticipated to display steadfast growth in the upcoming years owing to the growth of a number of end-use industries. The recycling and melting of scrap metal to produce recycled steel is influencing the market’s growth. This is because needle coke is employed in the manufacture of graphite electrodes that are used in electric arc furnace in steel making. Further, several countries in the world are increasingly switching from induction furnace to electric arc furnaces (EAF) because of the polluting nature of the former.

The increasing demand for aluminum to serve a large number of end-use industries is also positively impacting the needle coke market. For example, the growth of electrical appliances industry and automobiles industry have upped aluminum production considerably.

A report by Transparency Market Research (TMR) estimates the global needle coke market to expand at a CAGR of 5.5% between 2017 and 2025, for the market’s valuation of US$953.8 mn in 2016 to become US$4,424.3 mn by 2025 end.

Declining Crude Oil Prices Ups Demand for Petroleum based Needle Coke

The global needle coke market is segmented on the basis of type, grade, end-user, and region in this report. In terms of type, petroleum derived and coal tar pitch derived are the segments into which the needle coke market is divided. Of the two, petroleum derived needle coke accounts for the leading market share as it can withstand high temperatures in steel production and is relatively less detrimental to the environment. The decline in crude oil prices globally has further upped the demand for petroleum derived needle coke.

Based on grade, the needle coke market is bifurcated into intermediate, premium, and super premium needle cokes. Amongst them, the intermediate segment holds substantial share in the overall market. This is mainly because of its high sulfur content which is close to 0.1%w, and comparatively higher coefficient of thermal expansion than premium and super premium needle cokes. On the other hand, premium grade needle coke has sulfur content below 0.1%w followed by super premium needle coke with less than 0.01%w sulfur content.

The segments into which the global needle coke market is segregated based on geography are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Amongst all, in 2016, North America held supremacy in the needle coke market. The region recorded leading steel production employing electric arc furnace process until 2016. Thus, needle coke production is high in this region.

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Vast Use of Electric Arc Furnace Process for Steel Making Makes Asia Pacific Key Market

Asia Pacific and Europe stood as significant markets for needle coke in 2016. Countries such as Germany, France, and the U.K. registered significant steel production via electric arc furnace process until 2016. Needle coke is used in the manufacture of graphite electrodes that are indispensable in electric arc furnace and ladle furnace steel production routes.

Also, India and China recorded substantially high production of steel via electric arc furnace until 2016. India’s estimated share of steel production via EAF is 60% in 2017. This indicates the needle coke market in Asia Pacific is steered by the steel industry.

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