Needle Coke Market to become US$4,424.3 mn by 2025 end

Being oligopolistic in nature, players in the global needle coke market have an upper hand to increase prices at their discretion, observes Transparency Market Research (TMR) in a new report. In the recent past, the market has been witnessing consolidation of players to curb high cost of operations that helps improve profitability. This, however, has severely impacted the production of graphite electrodes thereby affecting the steel industry.

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Key players operating in the global needle coke market include Mitsubishi Chemical Corporation, Indian Oil Corporation Ltd., Philips 66, JXTG Holdings Inc., Seadrift Coke LP, C-Chem Co.Ltd., PETROLEUM COKE INDUSTRIES CO. (K.S.), Baotailong New Material Co. Ltd., Bao-steel Group, Sinopec Shanghai Petrochemical Company Limited, Shanxi Hongte Coal Chemical Co. Ltd., Sinosteel Anshan Research Institute of Thermo-Energy Co. Ltd., Petrochina International Jinzhou Petrochemical Co. Ltd., and Shijiazhuang Deli Chemical Co.

As per a report by TMR, the global needle coke market was evaluated at US$953.8 mn in 2016, and is likely to be evaluated at US$4,424.3 mn by the end of 2025 at a CAGR of 5.5% between 2017 and 2025.
Based on type, the market is divided into petroleum derived and coal tar pitch derived. Of the two petroleum based needle coke outpaces coal tar pitch based needle coke in terms of demand as the former can withstand extreme temperatures in steel production and is relatively less detrimental to the environment.

In terms of grade, intermediate grade needle coke leads due to its high sulfur content and leading coefficient of thermal expansion (CTE) amongst all. Geography-wise, Asia Pacific and Europe stood as significant regions for needle coke. The increasing demand for steel and increased mining activities in China and India account for significant growth of Asia Pacific market.

Rising Demand for Aluminum from End-use Industries Benefits Market

Across the world, the rising volume of steel production is indirectly benefitting the needle coke market. Needle coke is a premium grade, high-value, petroleum coke to manufacture graphite electrodes for steel production. Needle coke is the main electric arc furnace heating material for steel production.

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The increasing switch from induction furnaces to electric arc furnaces (EAF) in several countries because of polluting nature of the former is also acting in favor of the needle coke market. However, the limited manufacturing capacity of needle coke that is employed in the manufacture of graphite electrodes is proving to be roadblock to those plans. For instance, in China, nearly 300,000 tons of graphic electrode manufacturing has been reduced since the second half of 2016 due to tightening of pollution limit of industrial plants. This has resulted in closure of about 30 percent of graphite electrode production, while some have restricted their output.

Apart from this, worldwide the production and consumption of aluminum is on the rise to serve a large number of end-use industries. For instance, the growth of automobiles and electrical appliances industry have led to substantial increase in aluminum production in the country. Today, China accounts for nearly 50% of the world’s production and consumption of aluminum. Considered as the metal of the future, aluminum finds increasing use in high-tech manufacturing and transportation.

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This release was published on openPR.