Market Overview: The compound annual growth rate (CAGR) for the needle coke market is projected at 6.4% from 2019 to 2027, reaching an estimated valuation of USD 5.85 billion by 2027. This reflects an increase from its 2019 valuation of USD 3.59 billion. Needle coke, also known as high-value petroleum, is a technologically intensive product crucial in the production of graphite electrodes for arc furnaces and lithium-ion batteries within the steel industry. Comprising approximately 40% or more of raw material costs in graphite electrode manufacturing, needle coke possesses noteworthy properties such as high-temperature resistance, electrical resistance, and structural characteristics.
COVID-19 Impact: The ongoing COVID-19 pandemic has significantly impacted the global steel industry, creating uncertainties about lockdown extensions, subsequently disrupting needle coke production in various Electric Vehicle segments.
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Market Catalysts: The growing inclination towards electric vehicles, driven by environmental apprehensions regarding carbon emissions, has opened up profitable avenues for manufacturers of lithium-ion batteries. The Asia Pacific region, experiencing heightened industrialization, exhibits substantial demand for lithium-ion batteries. Graphite, a key component as an active anode material, holds significant importance in various electronic devices such as laptops and smartphones. Ongoing research is concentrated on improving graphite materials, aiming to further promote their utilization in lithium-ion batteries.
Product Types: Based on product types, the analysis highlights that coal-based needle coke is expected to hold the largest market share, with a projected growth rate of 7.2%. Coal-based needle coke is manufactured from coal tar produced during needle coke production and exhibits properties such as low electric resistance. Petroleum needle coke, holding the largest market share in 2019, is anticipated to grow at a rate of 6.1%, mainly due to its ability to withstand high-temperature conditions in steel production and its environmentally friendly nature.
Grade Categories: In terms of grades, super-premium grade needle coke dominated the market in 2019 and is expected to grow at a rate of 6.5%. The low sulfur content of super-premium grade makes it the preferred choice in the steel industry. Additionally, premium grade needle coke is projected to grow at a rate of 6.1%.
Applications: The analysis indicates that electrodes accounted for the largest portion of the market share in 2019, with an anticipated growth rate of 6.6%. Graphite electrodes are extensively used in various applications, including electric arc furnaces, ladle furnaces for steel manufacturing, Silicon Metal production, and ferroalloy production.
Regional Outlook: North America is expected to lead the market with a growth rate of 6.6%, driven by rapid growth in end-use industries and increased demand for electric vehicles. The Asia-Pacific region held the largest market share in 2019 and is projected to have a CAGR of 7.4%, attributed to growing infrastructure and manufacturing industries. Europe is expected to follow closely with an anticipated CAGR of 5.5%.
Market-O-Nomics: China held the largest market share in 2019 based on consumption. The industry is witnessing growth opportunities with the rise of green steel, increased demand for lithium-ion batteries, and the impact of IMO 2020 regulations.
Competitive Landscape: Key players in the needle coke market include Phillips 66, Graphite India Limited, Baosteel Group, Sojitz Ject Corporation, China National Petroleum Corporation, Asbury Carbon Inc., Indian Oil Corporation Ltd., Graftech International, Sumitomo Chemical Company, and Mitsubishi Chemical Corporation, among others. Strategic alliances and collaborations among manufacturers are evident, with new entrants such as Goodwill Alliance Mining Industries, S V Ispat Pvt. Ltd., and Zeel Minerals actively contributing to the industry.
Expert Insights: Industry experts foresee promising developments in the adoption of products, driven by increased demand for lithium-ion batteries and arc furnaces. New companies entering the market are expected to contribute to product design and development, meeting the rising market demand.
Segments Covered in the Report: The needle coke market report segments the industry based on product types, grades, applications, and regions. The segmentation includes coal-based and petroleum-based needle coke, super-premium grade, premium grade, intermediate-premium grade, electrodes, Silicon Metal & Ferroalloys, Carbon Black, Rubber Compounds, and others.
For a detailed understanding, the report provides revenue growth forecasts at global and regional levels, offering a comprehensive analysis of current and emerging trends from 2017 to 2027.
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