Needle Coke Market Size, Share And Global Trend By Type(Petroleum Derived, Coal Tar Pitch), By Grade(Intermediate,Premium,Super Premium), By Application(Graphite Electrode, Lithium-Ion Battery, Special Carbon Material), And Regional Forecast, 2024-2032

The Needle cocke market is projected to grow at highest CAGR during 2023-2030 forecast period. Needle coke is a very essential element in the steel recycling process which boost the demand for needle coke in the market. Needle coke is majorly a heating element used in an electric arc furnace (EAF) for steel making. The versatile properties of steel make it the most dominant material used in various industries around the world. 

The extensive consumption of petroleum products has been enlarged by two-fold since the last couple of decades. There are a number of by-products formed during the refining of hydrocarbon. Needle coke is a premium grade petroleum coke which is widely used in the manufacturing of graphite electrodes for arc furnaces in the steel industry. The superior quality of needle coke is hard and dense mass formed with a structure of carbon needles oriented in a single direction. This coke is highly crystalline and provides the properties needed for manufacturing graphite electrode. Crystallinity affects the most important property of graphite electrodes such as coefficient of thermal expansion and electrical resistivity. Needle coke is classified on the basis of type, grade, and application. The type is further divided into petroleum-derived and coal tar pitch needle coke. A high temperature is needed in steel making process and needle coke is used as a heating element due to its crystalline property. Companies are broadly using graphite electrode in batteries and nuclear reactor.

To gain extensive insights into the market, Request for Customization

The tremendous industrial development in the transportation, construction, aviation, energy industry has widened the growth of steel which, in turn, expected to intensify the demand for needle coke in the steel making process. Needle coke is also utilized in aluminium and battery manufacturing units which are expected to gain significant market growth for needle coke. The volatile market and uncertainty in the global crude prices is obstructing the growth of the needle coke market.

Key Players Covered

The leading needle coke companies in the world are GrafTech International Ltd., Graphite India Ltd., Mitsubishi Chemical Corporation, JXTG Holdings, Sumitomo Corporation, Indian Oil Corporation, Shaanxi Coal and Chemical Industry Group, Sojitz Ject Corporation, Posco Chemical Company, C-Chem Co., Ltd., China National Petroleum Corporation, Phillips 66, Baotailong New Material Co.,Ltd., Bao-steel Group, Seadrift Coke LP, Sinopec Shanghai Petrochemical Company Limited, and Petrocokes Japan Ltd.

SEGMENTATION

Regional Analysis

The global needle coke market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is expected to gain a significant market growth due to ongoing development in the exploration and production of hydrocarbon. Apart from oil and gas growth, the recent strategic development in electronics & telecommunication, transportation, infrastructure, appliances, and industrial products paves the way for the overall growth of the needle coke market. In Europe, the transformation of energy policies, increasing focus on energy security has shown and immense growth opportunities in solar power, wind power, along with technological advancement has increased the steel utilization rate which drives the needle coke market in the region. The Asia Pacific is proven to be a high potential market for the growth of needle coke. The presence of leading graphite electrode manufacturers and an increase in consumption of lithium batteries are driving the demand for needle coke in China. India being one of the fastest growing economies in the Asia Pacific region provides enormous development opportunities in a broad area. MEA is known for its remarkable exploration and production capacity for oil and gas across the world. Most countries are involved in hydrocarbon business and exporting petroleum products around the world which drives the demand for needle coke in MEA.

Key Industry Developments

• In August 2018, The two Chinese companies Shanghai Baosteel Chemical Co. Ltd and Fangda Carbon are jointly setting up UHP (Ultra-High Power) grade graphite electrode plant under the subsidiary of ‘Boafang Carbon Material Technology Co. Ltd., The plant capacity is expected to be around 100,000 tonnes per year and planned to put it in operations by 2020.


• In August 2018, Reliance Industries Ltd. has approached leading oil companies to buy petroleum coke from them to fire its $5 billion petcoke gasifiers.