New York, April 20, 2020 (GLOBE NEWSWIRE) -- The global needle coke market is expected to reach USD 5.85 Billion by 2027, according to a new report by Reports and Data. Needle coke is a high technology-intensive product and is primarily used in the production of graphite electrodes. The demand for lithium-ion batteries, mainly driven by the growing popularity of hybrid electric vehicles (HEV), battery electric vehicles (BEV), laptops, and smart devices, as well as growth of the steel industries (requiring graphite electrodes for arc furnaces), especially in the Asia Pacific region, among other factors, are causative for the growth of the market.
The new IMO 2020 regulations that came into effect from 1st January 2020 are likely to have a considerable impact on needle coke prices and supplies. The International Maritime Organization (IMO) requires ships to decrease their emissions similar to the consumption of marine fuels with a maximum sulfur content of 0.5%, well below the sulfur content of 3.5% till the last year. According to the new IMO rules, the price of low-sulfur crude oil needed for producing needle coke is anticipated to rise as a major portion of it will be consumed in marine fuels. Needle coke manufacturers would be compelled to face the increased competition for feedstock or invest in equipment to enable the use of high-sulfur oil, thereby exerting pressure on the consumers of the product.
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COVID-19 Impact
In the current situation, steel companies have shown strong determination and carry on to uphold production amid the prevailing COVID-19 pandemic, which has severely affected businesses worldwide. Although steel production and related activities are covered under the Essential Commodities Act, it is a matter of concern as how long steel companies can go on producing as steel companies had bookings till March 2020 and would start facing issues to sell products from April as the majority of automotive companies and white goods producers shut down production, and hence impacting the demand for needle coke. Also, the fears of extension to the lockdown period would further rupture the production activity in many sectors comprising the electric vehicles segment.
Further key findings from the report suggest
- By product type, petroleum-based needle coke held a larger market share in 2019 and is expected to grow at a rate of 6.1% in the forecast period. This product type has the ability to withstand high-temperature conditions, specifically in steel production, as well as it is less harmful to the environment.
- By grade, premium-grade needle coke is expected to grow at a rate of 6.1% in the forecast period.
- By application, electrodes contributed the largest market share in 2019 and is projected to grow at a rate of 6.6% in the forecast period. 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.
- The market in the Asia Pacific region held the largest market share in 2019 and projected to have a CAGR of 7.4% in the period 2020-2027. The market dominance of the region is owing to the growing infrastructure and growth of the manufacturing sector.
- Key participants include Phillips 66, Mitsubishi Chemical Corporation, Graftech International, Sumitomo Chemical Company, Indian Oil Corporation Limited, China National Petroleum Corporation, Asbury Carbon Inc., Baosteel Group, Sojitz Ject Corporation, and Graphite India Limited, among others.
- In August 2018, Baosteel Chemical Co. Ltd and Fangda Carbon collaborated to jointly set up a UHP (Ultra-High Power) grade graphite electrode production plant called ‘Boafang Carbon Material Technology Co. Ltd’.
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For the purpose of this report, Reports and Data have segmented the global needle coke market on the basis of product type, grade, application, and region:
Product Type Outlook (Volume, Kilo Tons; 2017-2027 and Revenue, USD Million; 2017-2027)
- Coal-Based Needle Coke
- Petroleum-Based Needle Coke
Grade Outlook (Volume, Kilo Tons; 2017-2027 and Revenue, USD Million; 2017-2027)
- Super-Premium Grade
- Premium Grade
- Intermediate-Premium Grade
Application Outlook (Volume, Kilo Tons; 2017-2027 and Revenue, USD Million; 2017-2027)
- Electrodes
- Silicon Metal & Ferroalloys
- Carbon Black
- Rubber Compounds
- Others
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/needle-coke-market
Regional Outlook (Volume, Kilo Tons; 2017-2027 and Revenue, USD Million; 2017-2027)
- North America
- U.S
- Europe
- U.K
- France
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- MEA
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