#petroleum coke market analysis
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Petroleum Coke Market 2022-2027 Size, Share, Recent Enhancements And Regional Analysis
Lately, the petroleum coke market has gained noticeable traction all over the world due to its growing demand across the cement and power generation industry. Lower costs associated with electricity production and high calorific value of fuel grade are fuelling the demand for petroleum coke. Moreover, a small amount of petroleum coke can effectively generate a substantial amount of heat. This has surged the demand for petroleum coke at the global level. Considering these aspects, several market players are making robust investments to enhance the production capacity of crude oil. Such a business landscape is giving momentum to the petroleum coke market, creating novel opportunities for growth and expansion.
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Surge in Crude Oil Production to Create Novel Opportunities Across Global Petroleum Coke Market
Petroleum coke is extensively used across power generation and cement industries. Notably, a consistent rise in the population across the globe has elevated the demand for electricity and well-developed infrastructure. To suffice this growing demand, several economies are rapidly expanding their cement and power generation capacities. Furthermore, various economies are actively exporting petroleum coke to other parts of the world. Market players are actively collaborating to provide local petroleum coke (petcoke) to fulfil the demand across the market. Consequently, key market entities in the petroleum coke market are prioritizing the production and improvisation of crude oil. Such positive trends are anticipated to create new growth prospects in forthcoming years. Over the forecast period, the amplified crude oil production is expected to facilitate significant market growth.
Fuel Grade Coke Offers Lucrative Business Opportunities Owing to Lower Costs and Higher Calorific Value
Throughout the projection period, the fuel grade coke is expected to gain prominence owing to its high calorific value. High calorific value and low-cost availability have extended its usage across the cement and power generation industries, especially in emerging economies. This has propelled the demand for fuel-grade coke across the globe. On the other hand, the industry has also witnessed extensive growth in the usage of calcined coke for producing titanium dioxide. Titanium dioxide is a key component in the production of aluminium, steel, paints and colourings, and fertilizers. In the coming years, increasing demand from the aluminium and steel industries is likely to augment remarkable growth across the global petroleum coke market.
Asia Pacific Consolidates Strong Foothold in Petroleum Coke Market Amidst Robust Expansion of Cement and Power Industries
Of late, Asia Pacific has observed sharp spikes in the demand for petroleum coke owing to the concurrent expansion of petroleum refining, cement, and power industries. Aggressive industrialisation and a steady rise in population have opened new avenues for advanced developments. The region has successfully advanced to the forefront of the petroleum coke market due to massive imports and intense infrastructure establishments. On the other hand, Europe is also expected to register paced growth owing to petroleum coke emerging as a notable alternative to natural gas and coal as a fuel.
Prominent Market Players
Petroleum Coke Industries Company, Aminco Resources LLC, Oxbow Corporation, Renelux Cyprus Ltd., Marathon Petroleum Corporation, Graphite India Limited, Phillips 66 Company, Suncor Energy Inc., British Petroleum, and Nippon Coke & Engineering. Co., Ltd. are some of the major market players operating in the global petroleum coke market.
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Petroleum Coke (Petcoke) Market 2022 Industry Dynamics, Segmentation, and Competition Analysis 2027
Petroleum Coke (Petcoke) Market research is an intelligence report with meticulous efforts to study the right and valuable information. The data considers both the existing top players and the upcoming competitors. This latest report provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the Petroleum Coke (Petcoke) Market. This market research report is a compilation of informative data that gives an all-inclusive analysis of the current trend for the forecast period. Our report provides a comprehensive account of the market's current state as well as its future prospects.
Growth prospects, leading trends, progress projections, key industries, and business innovations are the primary focus of the Petroleum Coke (Petcoke) Market study. A comprehensive study is available for a number of key areas involved in the report. Furthermore, the Petroleum Coke (Petcoke) study examines present and potential consumer positions in terms of sales based on market goods around the globe.
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The Global Petroleum Coke (Petcoke) Market Size is Projected to Reach a CAGR of 19.2% during 2022-2027.
#Petroleum Coke (Petcoke) Market Analysis#Petroleum Coke (Petcoke) Market Top Companies#Petroleum Coke (Petcoke) Market Research#Petroleum Coke (Petcoke) Market Trends
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Petroleum Coke Market is expected to grow at a significant rate of around 6% during the forecast period.
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Needle Coke Market Insights, 2031will See Strong Expansion through 2031
Needle coke, derived from heavy aromatic feedstock, is a high-quality carbon material primarily used in the manufacturing of graphite electrodes for electric arc furnace steelmaking. It possesses excellent thermal conductivity, low coefficient of thermal expansion, and high mechanical strength, making it indispensable in critical applications such as lithium-ion batteries, aerospace, and semiconductor manufacturing.
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Market Size and Growth: The needle coke market has been experiencing robust growth, fueled by increasing demand from end-use industries and technological advancements in manufacturing processes. The market size is anticipated to witness substantial expansion from 2021 to 2031, driven by rising investments in infrastructure development, growing steel production, and the burgeoning electric vehicle market.
Market Segmentation:By Service Type: Raw Needle Coke, Intermediate Needle Coke, and Finished Needle Coke.By Sourcing Type: Coal-Based Needle Coke and Petroleum-Based Needle Coke.By Application: Graphite Electrodes, Lithium-Ion Batteries, Special Carbon Material, and Others.By Industry Vertical: Steel, Automotive, Electronics, Aerospace, and Others.By Region: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Market Trends:Shift towards petroleum-based needle coke due to superior quality and cost-effectiveness.Increasing focus on recycling and sustainable production practices.Adoption of advanced technologies such as hydrogenation and delayed coking for needle coke production.
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Future Outlook: The needle coke market is poised for continued growth over the forecast period, driven by the expansion of key end-use industries and ongoing research and development activities aimed at enhancing product performance and sustainability.
Competitive Landscape: The needle coke market is characterized by intense competition, with key players focusing on product innovation, strategic partnerships, and geographical expansion to gain a competitive edge. Major companies operating in the market include Phillips 66, Mitsubishi Chemical Corporation, C-Chem Co., Ltd., JXTG Holdings, Inc., and PetroChina Company Limited.
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Graphite Electrodes Market 2024-2031: Powering Industrial Innovation
The graphite electrodes market is set to experience significant growth and transformation from 2024 to 2031, driven by the increasing demand for high-quality electrodes across various industries. Graphite electrodes, essential components in electric arc furnaces, play a critical role in the production of steel, aluminum, and other metals, making them indispensable in modern industrial processes.
Graphite electrodes are conductive materials used in electric arc furnaces for melting and refining steel and other metals. These electrodes exhibit high thermal and electrical conductivity, making them ideal for extreme temperature environments encountered in metal smelting and refining processes.
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The graphite electrodes market is projected to witness robust growth during the forecast period, fueled by factors such as growing industrialization, infrastructure development, and advancements in manufacturing technologies. The market’s expansion is also driven by the increasing demand for steel and aluminum in the construction, automotive, and aerospace industries.
Market Segmentation:
By Service Type: Ultra-High Power (UHP), High Power (HP), Regular Power (RP).
By Sourcing Type: Petroleum Coke, Needle Coke.
By Application: Steel Manufacturing, Non-Ferrous Metals, Silicon Metal Production, Others.
By Industry Vertical: Steel, Aluminum, Automotive, Aerospace, Construction, Others.
By Region: North America, Europe, Asia Pacific, Latin America, Middle East & Africa.
Regional Analysis:
North America: Dominated by the steel industry, driving demand for graphite electrodes in electric arc furnace operations.
Europe: Strong presence of automotive and aerospace industries, fostering demand for graphite electrodes in metal production and fabrication processes.
Asia Pacific: Witnessing rapid industrialization and infrastructure development, fueling demand for steel and aluminum production, driving market growth.
Market Drivers and Challenges:
Drivers:
Growing Demand for Steel and Aluminum in Construction and Manufacturing Sectors
Technological Advancements in Graphite Electrode Manufacturing Processes
Increasing Use of Electric Arc Furnaces in Metal Recycling and Secondary Steel Production
Challenges:
Volatility in Raw Material Prices, Particularly Needle Coke
Environmental and Regulatory Concerns Regarding Emission Controls in Metal Production
Competition from Alternative Metal Smelting Technologies
Market Trends:
Development of Ultra-High Power Graphite Electrodes for Enhanced Performance and Efficiency
Integration of Digitalization and Automation in Electric Arc Furnace Operations for Improved Productivity
Adoption of Sustainable Sourcing Practices and Recycling Initiatives for Needle Coke
Future Outlook:
The future of the graphite electrodes market looks promising, driven by the increasing demand for steel and aluminum in various end-use industries and the continuous evolution of manufacturing processes. As industries strive for efficiency, sustainability, and cost-effectiveness, graphite electrodes will remain vital components in metal production and fabrication processes.
Key Market Study Points:
Analysis of Technological Innovations and Their Impact on Electrode Performance and Durability
Assessment of Regulatory Landscape and Its Influence on Market Dynamics
Identification of Emerging Applications and Growth Opportunities in Key End-Use Industries
Evaluation of Supply Chain Dynamics and Raw Material Sourcing Strategies
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Competitive Landscape:
The graphite electrodes market is characterized by intense competition, with key players focusing on product innovation, research and development, and strategic partnerships to gain a competitive edge. Major companies in the market include Showa Denko K.K., Graphite India Limited, Tokai Carbon Co., Ltd., HEG Limited, and GrafTech International Ltd.
Recent Developments:
Introduction of Advanced Graphite Electrode Grades for Specific Applications and Operating Conditions
Investment in Research and Development to Develop Sustainable and Environmentally Friendly Electrode Manufacturing Processes
Strategic Collaborations and Partnerships to Expand Market Presence and Product Portfolio
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Solid Fuel Market In-Depth Analysis of Industry Share, Size, Forecast Report to 2031
The latest report, titled "Global Solid Fuel Market Share, Size and Trends | 2031", by The Insight Partners offers a comprehensive analysis of the Solid Fuel market, which comprises insights based on an in-depth Solid Fuel market analysis. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The Solid Fuel market has been growing significantly in recent years, driven by many key factors, such as increasing demand for its products, expanding customer base, and technological advancements. This report provides a comprehensive analysis of the market, includingSolid Fuel market size, trends, drivers and constraints, competitive aspects, and prospects for future growth.
The purpose of this report is to provide valuable insights into market dynamics, enabling users, investors, and business owners to make informed investment decisions. The Solid Fuel market report offers accurate information on different market segments and highlights the top companies operating in each segment.
The authenticity of the data is ensured through verification by industry experts and opinion leaders. The information is gathered through comprehensive primary and secondary research, and it is presented in a well-organized manner using tables, figures, diagrams, and charts to enhance clarity and comprehension of the Solid Fuel market trends.
Our Extensive Research Report Includes:
Solid Fuel Market Forecast- Coverage- Market Size, Share, and CAGR | Forecast by 2031
Market Scope– Aim of the research, A glance at key chapters
Market Dynamics- Drivers, Challenges, Regional Trends, and Market Opportunities
Market Segmentation – Product, Application, End-use Industries, and Regional Growth Prospects.
Market Players – Key Market Players and Strategies
Recent Developments and Innovation in Solid Fuel Market
Regional Framework- Key Regional Markets, Growth Projections
Product Pricing Research and Customer Analysis
Key players covered in this report are Companies Indian Oil Corp Ltd, Elinoil Hellenic Petroleum Company SA, RESORBENT Sro, JH CARBON PTY LTD, Hargreaves (UK) Services Ltd, Essar Global Fund Ltd, BP Plc, Lukoil Oil Co, Valero Energy Corp, Philips 66
Research Methodology:
Most research studies use a combination of both primary and secondary research methods to ensure comprehensive and accurate data analysis. The specific methodology used in a Solid Fuel market research study will depend on various factors such as the research objectives, the target audience, and the available resources.
What is our report scope?
This report is centered around the global Solid Fuel market, with a specific focus on North America, Europe, Asia-Pacific, South America, the Middle East, and Africa. The report classifies the market by manufacturers, regions, types, and applications. It presents a comprehensive view of the current market situation, encompassing historical and projected market size in terms of value and volume. Additionally, the report covers technological advancements and considers macroeconomic and governing factors influencing the Solid Fuel market growth.
On the Basis of Fuel Type this market is categorized further into-
Petcoke/Flexicoke
Anthracite
Metallurgical Coke
and Coal
Key Region/Countries are Classified as Follows:
The following section of the report offers valuable insights into different regions and the key Solid Fuel market players operating within each of them. To assess the growth of a specific region or country, economic, social, environmental, technological, and political factors have been carefully considered. This section also provides readers with revenue and sales data for each region and country, gathered through comprehensive research. This information is intended to assist readers in determining the potential value of an investment in the following regions:
North America (U.S., Canada, Mexico)
Europe (U.K., France, Germany, Spain, Italy, Central & Eastern Europe, CIS)
Asia Pacific (China, Japan, South Korea, ASEAN, India, Rest of Asia Pacific)
Latin America (Brazil, Rest of Latin America)
The Middle East and Africa (Turkey, GCC, Rest of the Middle East and Africa)
Rest of the World
Strategic Outlook and TIP Recommendations
Strategic planning is essential to the success of any firm. The strategic advice in this area is essential for investors and enterprises. A company that has a forward-thinking, forward-focused vision endures through good times and bad. Understanding the components of the business environment enables organizations to take strategic actions when and where they are needed.
Author’s Bio:
Ash Paul
Senior Market Research Expert at The Insight Partners
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Petroleum Needle Coke Market ,Size, Market Segmentation and Future Forecasts to 2029
Overview
The Petroleum Needle Coke Market report, at first, has given a brief understanding of the industry through basic overview. This overview includes the market definition, key applications of the product, and the recent manufacturing technology employed for such production. The global Petroleum needle coke market has been analyzed in detail to gain an understanding of the competitive landscape, key regional status, and recent trends noted in the relevant industry. This analysis also contains the product price margins , along with risk factors that are associated with manufacturers.
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Market Drivers and Restraints
The report has explored several key dynamics that have a solid influence over the Petroleum needle coke market. This report studied the pricing history, volume trends, and value trends the of the market for the forecast period.Also, the report mentions various market drivers, restraints, as well as opportunities to gain an insightful understanding of the market.
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Detailed Regional Analysis
The global Petroleum needle coke market has been analyzed in detail on a global as well as a regional level. The report comprises a regional analysis for North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. For each of these regions, the report contains a study of the market extensively, taking the outlook, opportunities, and the recent trends into consideration.
Research Methodology
To understand the potential of market in a precise manner, the global market has been analyzed according to the Porter’s Five Force Model structure. Also, the Petroleum needle coke market has been studied using SWOT analysis, and it highlights various strengths and opportunities, threats, and weaknesses that are associated with the industry.
Key Players
The report has included a profiling of various prominent players in the market and various trends in the manufacturing landscape and also identifies some of the new market entrants that are shaping the Petroleum needle coke market landscape.
About Us
Absolute Market Research, headquartered in Los Angeles, California, United States, is one of the leading market research and intelligence solutions provider companies. Our research reports span across different industries namely automotive, aerospace & defense, chemicals & materials, construction & building materials, energy & power, healthcare, consumer goods, electronics, semiconductors, ICT & media, travel, and more.
With the help of our domain-expert research analysts, we offer thorough analysis & insights into various industrial sectors. Absolute Market Research holds a dynamic position in the market research industry to offer reliable insights to our clients and help them in staying ahead of the competition. Absolute Market Research takes into consideration various aspects of any industry while drafting the syndicate as well as customized study. Our research team will help you in analyzing any industry from 360-degree covering different aspects such as market entry strategies, futuristic opportunities, technological innovation, strategic moves, existing & new market entrants, their business performance, product portfolio, SWOT analysis, and more.
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#Market Size#Market Share#Market Trends#Market Analysis#Industry Survey#Market Demand#Top Major Key Player#Market Estimate#Market Segments#Industry Data
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Petroleum Coke Market Demand | Size, Growth Analysis 2024
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#United Kingdom Petroleum Coke Market#Market Size#Market Share#Market Trends#Market Analysis#Industry Survey#Market Demand#Top Major Key Player#Market Estimate#Market Segments#Industry Data
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Needle Coke Market Size and Share: An In-depth Examination of Market Metrics
The 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 specialty type of petroleum coke used in the production of ultra-high power graphite electrodes, which are primarily used in electric arc furnaces for steel production. It has high mechanical strength and electrical conductivity properties essential for graphite electrode production. Needle coke is produced by thermal cracking and isles heating of coal tar pitch or petroleum pitch residue under oxygen-free conditions.
Market Dynamics:
The rising demand for needle coke market from the graphite electrode industry is the major factor driving the growth of the market. Graphite electrodes are used for melting scrap steel in electric arc furnaces. With the increasing steel production globally, particularly in developing economies such as China and India, the demand for graphite electrodes has increased substantially over the years. According to World Steel Association, crude steel production increased from 1,808 million tons in 2018 to 1,895 million tons in 2019. This rising steel production is augmenting the demand for needle coke from the graphite electrode industry. Additionally, limited availability of substitutes for needle coke in ultra-high power graphite electrode manufacturing is another factor fueling the needle coke market growth.
SWOT Analysis
Strength: Needle coke has high electrical conductivity and chemical resistance which makes it ideal for graphite electrodes used in electric arc furnaces for steelmaking. It has low coefficient of thermal expansion and high dimensional stability at high temperatures. It is available in large piece size suitable for graphite electrodes upto 4.5m in length.
Weakness: Needle coke manufacturing process requires petroleum pitch as raw material. Fluctuations in crude oil prices directly impact the production cost. High capital investment is required to set up needle coke production facilities.
Opportunity: Increasing steel production driven by growth in construction and automotive industries worldwide presents growth opportunity for needle coke. Expanding graphite electrodes manufacturing capacity, especially in Asian countries will drive the demand for needle coke.
Threats: Strict environmental regulations limiting coke oven operations could impact the supply of needle coke. Alternative materials like scrap-based electric arc furnace production may reduce the demand for graphite electrodes.
Key Takeaways
The global Needle Coke market is expected to witness high growth, exhibiting CAGR of 10.% over the forecast period, due to increasing steel production worldwide driven by growth in construction and automotive industries.
Regional analysis: Asia Pacific dominates the global needle coke market, accounting for over 50% share of the total market in 2023. China, Japan and India are major consumers as well as producers in the region. Growing steel industry especially in China and India is driving the growth of needle coke market in Asia Pacific. North America is the second largest market for needle coke led by the US. Presence of large automotive industry and shale gas production is fueling the market growth in this region.
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. The market is highly consolidated with top five players accounting for over 50% of the total production capacity. Key players are focused on capacity expansion plans and long term supply agreements with graphite electrode manufacturers.
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Petroleum Coke (Petcoke) Market 2022 Industry Dynamics, Segmentation, and Competition Analysis 2027
The report titled Petroleum Coke (Petcoke) Market offers detailed insights on the Petroleum Coke (Petcoke) industry entailing key information on its different market segments. The report gives an industry overview from around the world and covers the latest trends, market restraints, and investment opportunities, and conducts exclusive interviews of the Petroleum Coke (Petcoke) industry leaders to contribute to the report’s findings. The report discusses the buyers’ requirements and suggests strategic actions & business changes accordingly to the market players. Moreover, the natural, internal, and external barriers to progress are given in the report. The wider business environment of the Petroleum Coke (Petcoke) market and the industry challenges are included in the report.
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Growth prospects, leading trends, progress projections, key industries, and business innovations are the primary focus of the Petroleum Coke (Petcoke) study. A comprehensive Petroleum Coke (Petcoke) study is available for a number of key areas involved in the report. Furthermore, the Petroleum Coke (Petcoke) study examines present and potential consumer positions in terms of sales based on market goods around the globe.
Key Players in the Petroleum Coke (Petcoke) Market:
Shell, Valero Energy, ConocoPhillips, MPC, Asbury Carbons, ExxonMobil, Aminco Resource
Petroleum Coke (Petcoke) Market Types:
Needle Coke Type
Shot Coke Type
Sponge Coke Type
Honeycomb Coke Type
Others
Petroleum Coke (Petcoke) Market Applications:
Power
Cement
Aluminum
Steel
Others
Highlights of the Report:
The report gives information on all the active tenders in the Petroleum Coke (Petcoke) industry across the globe based on different categories. The important government notifications and change in regulations according to the latest updates is provided in the report.
The market size and forecast estimates of the Petroleum Coke (Petcoke) market is given in the report considering the economic, financial, and general business conditions prevailing in the Petroleum Coke (Petcoke) market from 2022 to 2027.
The report demonstrates the contribution of each segment and sector in the improvement of Petroleum Coke (Petcoke) market share, market size, and CAGR.
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Regional Petroleum Coke (Petcoke) Market (Regional Output, Demand & Forecast by Countries):
North America (United States, Canada, Mexico)
South America (Brazil, Argentina, Ecuador, Chile)
Asia Pacific (China, Japan, India, Korea)
Europe (Germany, UK, France, Italy)
Middle East Africa (Egypt, Turkey, Saudi Arabia, Iran) And more.
Why Purchase This Market Research Report?
Critical issues and challenges the Petroleum Coke (Petcoke) market will be facing in the forecasted years are identified in the report to help market players align their business decisions and strategies accordingly.
The report identifies key trends facing the Petroleum Coke (Petcoke) market.
Trends responsible for global and regional economic growth of the Petroleum Coke (Petcoke) market are highlighted in the report to help market players in a critical understanding of the future of the Petroleum Coke (Petcoke) market.
The report conducts an assessment of the production and operational practices taking place in the marketplace.
The report presents the challenges faced by the leading geographies and nations from the pandemic and their reorientation of policies to survive the market.
The Report Attempts to Answer the Following Questions:
What will be the financial performance of North America, APAC, Europe, and Africa in the Petroleum Coke (Petcoke) market in 2022 and beyond?
Which companies are likely to succeed in the Petroleum Coke (Petcoke) market with the help of foreign companies, mergers and acquisitions and new product launches?
What are the strategy recommendation and business models for emerging market players?
Which are the Petroleum Coke (Petcoke) market’s largest manufacturing firms and most competitive firms?
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Needle Coke Market - Forecast (2023 - 2028)
Needle Coke Market size was valued at $3.7 billion in 2019 is forecast to reach $5.3 billion by 2025, after growing at a CAGR of 6.1% during 2020-2025. Needle Coke is a premium grade high value petroleum coke utilized for the manufacturing of the graphite electrodes. The major factor driving the growth of the market studied is rapidly increasing demand from steel manufacturing industry. Emerging economies such as China, India and others, is estimated to fuel market demand. Additionally, growing Graphite electrodes demand from aerospace industry is assessed to create opportunities for the market in the coming years. However, frequent fluctuations in crude oil prices is estimated to negatively impact the market growth.
Report Coverage
The report: “Needle Coke Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Needle Coke Industry.
By Type: Petroleum Based and Coal Based.
By Grade: Intermediate, Premium and Super Premium.
By Application: Graphite Electrode, Special Carbon Material, Lithium Ion Battery and Others.
By Geography: North America, South America, Europe, Asia Pacific, and Rest of World.
Key Takeaways
Petroleum based needle coke held a larger market share in 2019, owing to its ability to withstand high-temperature conditions among other factors.
Among all the applications, electrodes accounted for the largest market share in 2019 and is projected to grow at a rate of XX% during the forecast period, 2020-2025.
The demand for lithium-ion batteries as well as growth of the steel industries are some of the key factors, fueling the growth of the needle coke market.
Asia Pacific dominated the needle coke market with a share of more than XX% in 2019 due to rise in infrastructure and growth of the manufacturing sector.
The prevailing COVID-19 pandemic has severely affected businesses worldwide. As majority of automotive companies and manufacturers have shut down production, the industry operators are likely to witness decline in the demand for needle coke.
Needle Coke Market Segment Analysis - By Type
Petroleum based needle coke held a larger market share in 2019 and is projected to grow at a rate of XX% in the forecast period, 2020-2025. The ability to withstand high-temperature conditions, specifically in steel production, as well as less harmful effect on environment are some of the key properties of petroleum-based needle coke, fueling the market demand. The petroleum needle coke market is primarily driven by demand for graphite electrodes from the steel industry. High demand for steel from industries such as automotive, transport, building & construction, electrical engineering, consumer goods, foil & packaging, machinery & equipment, and others is propelling the steel industry.
Needle Coke Market Segment Analysis - By Application
Among all the applications, electrodes contributed the largest market share in 2019 and is projected to grow at a rate of XX% during the forecast period, 2020-2025. Graphite electrodes find usage in electric arc furnace (EAF) and ladle furnace (LF) for production of steel, silicon metal production, ferroalloy production, and smelting processes, among others.
Needle Coke Market Segment Analysis - Geography
Asia Pacific dominated the needle coke market with a share of more than 38% in 2019. Development of infrastructural activities in this region, primarily in China, India, and Malaysia. The market dominance of the region is owing to the growing infrastructure and growth of the manufacturing sector. During the forecast period, 2020-2025, the new energy vehicle industry in China is projected to grow rapidly and China's favorable policy about the recycling of resources is estimated to accelerate the development of electric furnaces. China's output of needle coke is projected to be more than 1,300 kilo-ton in 2025, showing a CAGR of XX% between 2020 and 2025.
Needle Coke Market Drivers
Rising demand in steel recycling market
Surging demand in steel recycling is another factor propelling the growth of the global needle coke market in future. Since, needle coke is an important part in steel industry, is projected to witness a solid growth. Rising demand for petroleum-based coke in order to generate energy is projected to drive the market in future. Moreover, beneficial properties of this coke type, such as less breakage, low thermal expansion coefficient, and electric resistance are projected to boost the market growth during the forecast period, 2020-2025.
Surge in demand for of lithium-ion batteries
Increase in use of various automobiles such as electric & hybrid vehicles, rise in demand from electrical & electronics industry are some of the key reasons fueling the demand for lithium-ion batteries. As one of the key components used to manufacture lithium-ion batteries is needle coke, rise in the demand for lithium-ion battery is going to fuel the demand for needle coke.
The lithium-ion battery market was valued $XX billion in 2019, and is forecast to reach $XX billion by 2025, at a CAGR of XX% from 2020 to 2025. High price of lithium-ion batteries is limiting the growth of the market currently, however, multiple advantages associated with lithium-ion batteries are estimated to increase its adoption in the forecast period.
Needle Coke Market Challenges
Fluctuation in crude oil prices
Fluctuation in the entire natural gas and crude oil sector is estimate to negatively impact the growth of needle coke market caused primarily due to gap in demand and supply of needle coke. Moreover, even though the petroleum products are assessed to depict a substantial growth in future, the economic and political instability with respect to the sale of these products is estimated to hamper growth of needle coke market.
Market Landscape
Increased production of coke to improve the refinery margins, rise in investment are some of the key strategies adopted by players in the needle coke market. The market appears to be fragmented owing to the emergence of several players all over the world. Major players in the needle coke market are Phillips 66, Asbury Carbon Inc., Seadrift Coke L.P., Sumitomo Chemical Company, Mitsubishi Chemical Corp., JXTG Nippon Oil & Energy Corp., Indian Oil Corporation Limited, GrafTech International, Essar, Baosteel Group and Others.
Acquisitions/Technology Launches
In August 2019, Indian Oil Corporation Limited (IOCL) invested $1.3 billion in expanding its Paradip refinery capacity from 15 million tons per annum (mtpa) to 25 mtpa.
In April 2019, Sumitomo Chemical Company invested $150 million into a new project at the Changzhou National Hi-Tech District (CND) facility of Sumika Electronic Materials (Changzhou) Co., Ltd.
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