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2022

Needle Coke Market

Needle Coke Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Application : Global Opportunity Analysis and Industry Forecast, 2021-2031

MC : Bulk Chemicals

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Author's: Arpita Kumari | Eswara Prasad
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Needle Coke Market Research, 2031

The global needle coke market was valued at $2.3 billion in 2021, and is projected to reach $5.7 billion by 2031, growing at a CAGR of 9.8% from 2022 to 2031.

Needle coke is a specialty grade of pet coke, regarded for its crystalline form, which makes it suitable for the production of electrodes. Needle coke is generally manufactured in a specialized coker using low-sulfur FCC slurry as feedstock. It is made only from decant oil from fluid catalytic cracking (FCC) or coal tar pitch. It is utilized as a major material for graphite electrodes in an electric furnace. Needle coke is of various types, including coal-based and petroleum-based. Coal-based needle coke is made from coal tar that appears during coke production. Petroleum-based needle coke is used to enhance wear & tear properties in polymer applications.

Needle coke graphite electrodes can be used as principal heating element for an electric arc furnace. There is petroleum-based needle coke and coal-based needle coke, and either can be used to produce graphite electrodes. Also, super premium grade needle coke is becoming gaining popularity because of its low sulphur content and excellent intrinsic properties, such as low puffing rate, low coefficient of thermal expansion, and large particle size, which allow for 5% boost in productivity in steel recycling. These factors are driving the needle coke market growth. However, high production cost of needle coke is anticipated to hamper the growth of the needle coke industry. On the contrary, rise in technological advancement is expected to generate lucrative opportunities for the global needle coke market.

 

Needle Coke Market, Needle Coke Industry, Needle Coke Market Size, Needle Coke Market Share, Needle Coke Market Trend, Needle Coke Market Growth, Needle Coke Market Forecast, Needle Coke Market Analysis

The needle coke market is segmented into type, application, and region. On the basis of type, the market is categorized into petroleum-based and coal-based. On the basis of application, the market is categorized into graphite electrodes, lithium-ion battery, special carbon material, rubber compounds, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. The needle coke market share is analyzed across all significant regions and countries.

The major players operating in the global needle coke market include, Asbury Carbons Inc., Baosteel Group, Essar Oil Ltd, GrafTech International Ltd, HEG Limited, Indian Oil Corporation, Mitsubishi Chemical Corporation, Mott Corporation, Nippon Steel Corporation, Petroleum Coke Industry, Phillips 66, Reliance Industries, Shell Global, Sumitomo Corporation, and Tokai Carbon Co., Ltd.

Needle Coke Market by Region

Asia-Pacific dominated the market with the highest revenue share in 2021. There is growing demand for high-quality needle coke for graphite electrode manufacturing in Asia-Pacific. Needle coke is also used in the making of nuclear graphite, which is utilized in nuclear furnaces. Further, China has rigorous needle coke standards for chemical companies. Thus, the growing demand for high-quality needle for graphite electrode manufacturing along with growth in demand for electric vehicles in the region is predicted to drive the market growth in the region.

Needle Coke Market by Type

Petroleum Based segment dominated the global needle coke market in terms of revenue, in 2021. Petroleum coke, or pet coke, is obtained from crude oil in oil refineries. It is the final solid material that is derived from oil refining, and is available in two forms, fuel grade and calcined grade. Fuel grade petroleum coke has a high heating value, which generates almost no ash when burnt, and is extensively utilized in power plants and cement kilns. Rise in supply of heavy oils globally and growth in cement and power generation industries are expected to surge the demand for petroleum coke during the forecast period. Also, surge in production of steel due to development in railways, highway construction, automobiles, and transportation sectors is predicted to encourage the demand for petroleum coke. As petroleum coke has a relatively low ash content and minimal toxicity, it is used on a large scale in various end-industries.

Needle Coke Market by Application

Graphite Electrodes segment dominated the global needle coke market in terms of revenue, in 2021. Graphite electrodes are the primary heating element for an electric arc furnace, which is employed in the steelmaking process, which involves melting scrap from old automobiles or appliances to make new steel. Petroleum-based needle coke is widely used to produce graphite electrodes. Graphite electrodes are used in the production of steel and other non-ferrous metals via the electric arc furnace and the laddle furnace pathways. These are used in various battery types, electroplating and electrolysis, welding, cathodic protection, membrane electrode assembly, chemical analysis, and electroshock weapon. Superior physical qualities of graphite electrodes include, minimal thermal expansion and electric resistance, as well as reduced spalling and fracture.

COVID-19 Analysis:

The COVID-19 pandemic has had a detrimental impact on the supply of graphite electrodes, as well as the import and export of needle coke. Graphite electrodes are the primary heating element of an electric arc furnace, which is a steelmaking process, in which scrap from old vehicles or appliances is melted to create new steel.

However, the pandemic coupled with the high volatility of crude oil prices has delayed many refinery projects across the globe, which has created increased demand for electric vehicles. According to International Energy Agency, electric car sales were 12% higher year-on-year in China in 2021. However in 2020, electric vehicle sales reached approximately 1.3 million in both, Europe and China, which translates into a share of electric cars in total sales of roughly 10% in Europe, and 5% in China. In the U.S., despite a lack of EV stimulus measures at the federal level, electric car sales were 4% higher in 2020 than  2019. Thus, the growing demand for electric vehicles globally is predicted to propel the demand for needle coke during the COVID-19 pandemic.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the needle coke market analysis from 2021 to 2031 to identify the prevailing needle coke market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the needle coke market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global needle coke market trends, key players, market segments, application areas, and market growth strategies.

Needle Coke Market Report Highlights

Aspects Details
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Market Size By 2031

USD 5.7 billion

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Growth Rate

CAGR of 9.8%

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Forecast period

2021 - 2031

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Report Pages

200

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By Type
  • Petroleum Based
  • Coal Based
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By Application
  • Graphite Electrodes
  • Lithium-ion Battery
  • Special Carbon Material
  • Rubber Compounds
  • Others
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, UK, Spain, Italy, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
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Key Market Players

HEG LIMITED, GrafTech International Ltd., ESSAR OIL LTD, SHELL GLOBAL, MITSUBISHI CHEMICAL CORPORATION, PHILLIPS 66, SUMITOMO CORPORATION, BAOSTEEL GROUP, Reliance Industries Ltd, PETROLEUM COKE INDUSTY, NIPPON STEEL CORPORATION, TOKAI CARBON CO., LTD, Indian Oil Corporation Ltd, ASBURY CARBONS INC, mott corporation

Analyst Review

According to the perspective of the CXOs of leading companies, the needle coke market is anticipated to grow in the near future due to its extensive use in applications, such as graphite electrodes, lithium-ion battery, special carbon material, rubber compounds, and other end-use industries.

Needle coke is a high-quality petroleum coke that is widely used in the steel industry to make graphite electrodes for arc furnaces. Coal tar pitch, which is a byproduct of coking metallurgical coal, used in blast furnace steelmaking to make coal-based needle coke. The electrodes are also used to melt steel scrap, or scrap substitutes, in the case of electric arc furnace (EAF) steelmaking, or to maintain the temperature of molten steel in secondary steelmaking. Further, needle coke is used to make synthetic graphite, which is utilized to make anodes for lithium-ion batteries that are used in electric cars. The rising popularity of electric and hybrid vehicles is bolstering the demand for lithium-ion batteries.

However, high production cost of needle coke is projected to hinder the market growth.

The Asia-Pacific region is projected to register a robust growth during the forecast period.

Author Name(s) : Arpita Kumari | Eswara Prasad
Frequently Asked Questions?

The global needle coke market was valued at $2.3 billion in 2021, and is projected to reach $5.7 billion by 2031, registering a CAGR of 9.8% from 2022 to 2031.

The growth of the global needle coke market is majorly attributed to its wide applications in various industries, such as graphite electrodes, lithium-ion battery, special carbon material, rubber compounds, and others. Also, surge in preference toward hybrid electric vehicles is driving the market growth during the forecast period. However, high production cost of needle coke is projected to hinder the expansion of the market. On the contrary, rise in technological advancement is expected to offer ample growth opportunities for the needle coke market.

Graphite electrodes is the leading application of Needle Coke Market.

Asia-Pacific is the largest regional market for Needle Coke.

The major players operating in the global needle coke market include, Asbury Carbons Inc., Baosteel Group, Essar Oil Ltd, GrafTech International Ltd, HEG Limited, Indian Oil Corporation, Mitsubishi Chemical Corporation, Mott Corporation, Nippon Steel Corporation, Petroleum Coke Industry, Phillips 66, Reliance Industries, Shell Global, Sumitomo Corporation, and Tokai Carbon Co., Ltd.

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Needle Coke Market

Global Opportunity Analysis and Industry Forecast, 2021-2031