Graphite And Graphene Are The Fastest Growing Segments Fueling The Growth of Needle Coke Market

 Graphite electrode and needle coke development - DanCrabon

The global Needle Coke Market is estimated to be valued at US$ 2.99 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Needle coke is a special grade form of petroleum coke that is used in the production of graphite electrodes for electric arc furnaces as well as lithium-ion batteries. It provides high mechanical strength, corrosion resistance and thermal shock resistance making it suitable for applications requiring high temperature stability.

Market Key Trends:

One of the key trends driving the growth of the needle coke market is the increasing consumption of graphite electrodes in electric arc furnace steel production. Graphite electrodes act as electrodes in electric arc furnaces used for steel production. Needle coke is the primary raw material used in the production of graphite electrodes. As steel production through electric arc furnaces grows, the demand for graphite electrodes and subsequently needle coke also increases. According to the World Steel Association, the share of steel production through electric arc furnaces is growing and accounted for over 30% of total global steel production in 2020. This rising share of electric arc furnace steel production is expected to drive the demand for needle coke over the forecast period.

Segment Analysis:

The global needle coke market can be segmented based on type, grade, application, and region. Based on type, the needle coke market is bifurcated into petroleum-derived and coal-tar pitch-derived. The coal-tar pitch-derived segment dominates the market due to its affordability compared to petroleum-derived needle coke. Based on grade, the market is categorized into intermediate, premium, and super premium. The premium grade segment accounts for the largest share due to its wide utilization in lithium-ion batteries and graphite electrodes. Based on application, the market is divided into lithium-ion batteries, graphite electrodes, and others. The graphite electrodes segment holds the largest share due to increasing demand from steel industries.

Key Takeaways

The global needle coke market is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing demand from lithium-ion batteries sector.

Regional analysis - Asia Pacific accounts for the largest share in the global needle coke market. Growing lithium-ion battery and graphite electrode industries in China and Japan are driving the needle coke market growth in the region. The North American market is expected to grow at a significant rate due to rising electric vehicle sales and graphite electrode plants in the US and Canada.

Key players analysis - Key players operating in the needle coke market are Baosteel Group, C-Chem Co. Ltd, China National Petroleum Corporation, ENEOS Corporation, Kaifeng Pingmei New Carbon Material Technology Co. Ltd (KFCC), Mitsubishi Chemical Corporation, Phillips 66 Company, PMS Tech (a joint venture of POSCO Chemtech and Mitsubishi Chemical), Seadrift Coke L.P. (GrafTech International), Shandong Jing Yang Technology Co. Ltd, Shandong Yida Rongtong Trading Co. Ltd, Shanxi Hongte Coal Chemical Co. Ltd, and Sinosteel Corporation. These players are focusing on expansion strategies to increase their market share in high growth regions.

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