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Needle Coke Market size was valued at $3.7 billion in 2019 is forecast to reach $5.3 billion by 2025, after growing at a CAGR of 6.1% during 2020-2025. Needle Coke is a premium grade high-value petroleum coke utilized for the manufacturing of the graphite electrodes. The major factor driving the growth of the market studied is rapidly increasing demand from steel manufacturing industry. Emerging economies such as China, India and others, is estimated to fuel market demand. Additionally, growing Graphite electrodes demand from aerospace industry is assessed to create opportunities for the market in the coming years. However, frequent fluctuations in crude oil prices is estimated to negatively impact the market growth.
Needle Coke Market Segment Analysis – By Type
Petroleum based needle coke held a larger market share in 2019 and is projected to grow at a rate of XX% in the forecast period, 2020-2025. The ability to withstand high-temperature conditions, specifically in steel production, as well as less harmful effect on environment are some of the key properties of petroleum-based needle coke, fueling the market demand. The petroleum needle coke market is primarily driven by demand for graphite electrodes from the steel industry. High demand for steel from industries such as automotive, transport, building & construction, electrical engineering, consumer goods, foil & packaging, machinery & equipment, and others is propelling the steel industry.
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Needle Coke Market Segment Analysis – By Application
Among all the applications, electrodes contributed the largest market share in 2019 and is projected to grow at a rate of XX% during the forecast period, 2020-2025. Graphite electrodes find usage in electric arc furnace (EAF) and ladle furnace (LF) for production of steel, silicon metal production, ferroalloy production, and smelting processes, among others.
Needle Coke Market Segment Analysis – Geography
Asia Pacific dominated the needle coke market with a share of more than 38% in 2019. Development of infrastructural activities in this region, primarily in China, India, and Malaysia. The market dominance of the region is owing to the growing infrastructure and growth of the manufacturing sector. During the forecast period, 2020-2025, the new energy vehicle industry in China is projected to grow rapidly and China’s favourable policy about the recycling of resources is estimated to accelerate the development of electric furnaces. China’s output of needle coke is projected to be more than 1,300 kilo-ton in 2025, showing a CAGR of XX% between 2020 and 2025.
Needle Coke Market Drivers
Rising demand in steel recycling market
Surging demand in steel recycling is another factor propelling the growth of the global needle coke market in future. Since, needle coke is an important part in steel industry, is projected to witness a solid growth. Rising demand for petroleum-based coke in order to generate energy is projected to drive the market in future. Moreover, beneficial properties of this coke type, such as less breakage, low thermal expansion coefficient, and electric resistance are projected to boost the market growth during the forecast period, 2020-2025.
Surge in demand for of lithium-ion batteries
Increase in use of various automobiles such as electric & hybrid vehicles, rise in demand from electrical & electronics industry are some of the key reasons fueling the demand for lithium-ion batteries. As one of the key components used to manufacture lithium-ion batteries is needle coke, rise in the demand for lithium-ion battery is going to fuel the demand for needle coke.
The lithium-ion battery market was valued $XX billion in 2019, and is forecast to reach $XX billion by 2025, at a CAGR of XX% from 2020 to 2025. High price of lithium-ion batteries is limiting the growth of the market currently, however, multiple advantages associated with lithium-ion batteries are estimated to increase its adoption in the forecast period.
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Needle Coke Market Challenges
Fluctuation in crude oil prices
Fluctuation in the entire natural gas and crude oil sector is estimated to negatively impact the growth of needle coke market caused primarily due to gap in demand and supply of needle coke. Moreover, even though the petroleum products are assessed to depict a substantial growth in future, the economic and political instability with respect to the sale of these products is estimated to hamper growth of needle coke market.
Increased production of coke to improve the refinery margins, rise in investment are some of the key strategies adopted by players in the needle coke market. The market appears to be fragmented owing to the emergence of several players all over the world. Major players in the needle coke market are Phillips 66, Asbury Carbon Inc., Seadrift Coke L.P., Sumitomo Chemical Company, Mitsubishi Chemical Corp., JXTG Nippon Oil & Energy Corp., Indian Oil Corporation Limited, GrafTech International, Essar, Baosteel Group and Others.
In August 2019, Indian Oil Corporation Limited (IOCL) invested $1.3 billion in expanding its Paradip refinery capacity from 15 million tons per annum (mtpa) to 25 mtpa.
In April 2019, Sumitomo Chemical Company invested $150 million into a new project at the Changzhou National Hi-Tech District (CND) facility of Sumika Electronic Materials (Changzhou) Co., Ltd.
Petroleum-based needle coke held a larger market share in 2019, owing to its ability to withstand high-temperature conditions among other factors.
Among all the applications, electrodes accounted for the largest market share in 2019 and is projected to grow at a rate of XX% during the forecast period, 2020-2025.
The demand for lithium-ion batteries as well as growth of the steel industries are some of the key factors, fueling the growth of the needle coke market.
Asia Pacific dominated the needle coke market with a share of more than XX% in 2019 due to rise in infrastructure and growth of the manufacturing sector.
The prevailing COVID-19 pandemic has severely affected businesses worldwide. As majority of automotive companies and manufacturers have shut down production, the industry operators are likely to witness decline in the demand for needle coke.
Related Reports :
A. Graphite Electrodes Market
B. Calcined Petroleum Coke Market
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