Needle Coke Market to Garner $5.7 Billion, Globally, By 2031 at 9.8% CAGR, Says Allied Market Research

29 Oct.,2022

 

450mm RP Graphite Electrode

Growing popularity of super premium grade needle coke due to its low sulfur content and excellent intrinsic properties such as low puffing rate, low coefficient of thermal expansion, and large particle size drives the growth of the global needle coke market. 

PORTLAND, Ore., Oct. 7, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Needle Coke Market by Type (Petroleum Based, Coal Based), by Application (Graphite Electrodes, Lithium-ion Battery, Special Carbon Material, Rubber Compounds, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global needle coke industry was estimated at $2.3 billion in 2021, and is anticipated to hit $5.7 billion by 2031, registering a CAGR of 9.8% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chains, competitive scenarios, and regional landscapes.

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Determinants of growth-

Growing popularity of super premium grade needle coke due to its low sulfur content and excellent intrinsic properties such as low puffing rate, low coefficient of thermal expansion, and large particle size drives the growth of the global needle coke market. On the other hand, high production cost of needle coke impedes the growth to some extent. Nevertheless, surge in technological advancement is expected to create lucrative opportunities in the industry.

Covid-19 scenario-

  • The outbreak of the pandemic had a negative impact on the supply of graphite electrodes, as well as the import & export of needle coke.
  • However, on the other hand, the pandemic coupled with the high volatility of crude oil prices had delayed many refinery projects across the globe, which had given way to increased demand for electric vehicles, thus giving the market a mixed impact altogether.

The petroleum-based segment to maintain the lion's share-

By type, the petroleum-based segment contributed to more than two-thirds of the global needle coke market share in 2021, and is expected to lead the trail by 2031. The same segment is also projected to showcase the fastest CAGR of 10.2% from 2022-2031. Rise in supply of heavy oils globally and developments in the cement and power generation industries are anticipated to increase the demand for petroleum coke across the world, thus propelling the segment growth.

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The graphite electrodes segment to dominate by 2031-

By application, the graphite electrodes segment garnered around four-fifths of the global needle coke market share in 2021, and is expected to retain its dominance by 2031. This is because graphite electrodes are widely used in the production of steel and other non-ferrous metals via electric arc furnaces and ladle furnace pathways. These are then utilized in various battery types, electroplating and electrolysis, welding, cathodic protection, membrane electrode assembly, chemical analysis, and electroshock weapons. The lithium-ion battery segment, simultaneously, would exhibit the fastest CAGR of 11.1% from 2022 to 2031. This is because needle coke, which is widely used as a lithium-ion battery, is employed in products such as electronics, toys, wireless headphones, handheld power tools, small and large appliances, electric vehicles, and electrical energy storage systems.

Asia-Pacific grabbed the highest share-

Based on region, Asia-Pacific held the major share in 2021, generating nearly three-fifths of the global needle coke market. The same region would also cite the fastest CAGR of 10.7% throughout the forecast period.  The growing demand for a high-quality needle for graphite electrode manufacturing along with the significant rise in demand for electric vehicles across the province propel the market growth.

Key players in the industry-

  • Essar Oil Ltd
  • HEG Limited
  • Indian Oil Corporation
  • Asbury Carbons Inc.
  • Mott Corporation
  • Nippon Steel Corporation
  • Petroleum Coke Industry
  • Sumitomo Corporation,
  • GrafTech International Ltd
  • Phillips 66
  • Reliance Industries
  • Shell Global
  • Tokai Carbon Co., Ltd.
  • Baosteel Group
  • Mitsubishi Chemical Corporation

The report analyzes these key players in the global needle coke market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.

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SOURCE Allied Market Research