United States, Rockville MD, June 15, 2022 (GLOBE NEWSWIRE) -- By the end of 2032, the global needle coke market is predicted to reach US$ 5.86 billion in valuation. Sales of needle coke market is expected to increase at a CAGR of 3.7% from 2022 to 2032, as per Fact.MR, a market research and competitive intelligence provider.
GrafTech International Ltd., a maker of petroleum coke and graphite electrodes, is receiving acclaim for its Seadrift freestanding petroleum needle coke factory, which is the first of its type.
Petroleum-derived needle coke is expected to generate more income and volume than coal-tar pitch-derived needle coke. At present, the petroleum-derived needle coke segment accounts for 56.5% of the global market share.
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Manufacturers of needle coke are investing in units that are not constrained by the demands and limits of traditional oil refineries. This assures a consistent and high-quality supply of petroleum-based needle coke. To expand the supply of premium petroleum-based needle coke, microscopy and sophisticated carbonization methods are being used.
Why is Petroleum-derived Needle Coke More in Demand than Coal-tar Pitch Needle Coke?
“High Consumption of Petroleum-derived Needle Coke in Steel Industry”
In 2022, petroleum-derived and coal tar pitch-derived needle coke segments are expected to account for 56.5% and 43.5% of the global market share respectively.
The steel industry's demand for synthetic graphite electrodes for Electric Arc Furnaces (EAFs) and lithium-ion battery anode material is driving the demand for petroleum-derived needle cokes.
Coal-tar pitch needle coke is made from coal tar, a by-product of the coke-making process. Because of its good physical-chemical qualities, refined coal-tar needle pitch coke is regarded as a viable material for the manufacturing of needle coke.
Production of needle coke from coal tar pitches has an advantage over petroleum coke in that it is more fragrant and has fewer adverse effects. Needle coke made from coal-based feedstock could outperform needle coke made from petroleum-based feedstock with suitable industrial treatment.
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Key Segments Covered in the Needle Coke Industry Survey
- Needle Coke Market by Type :
- Petroleum-derived Needle Coke
- Coal Tar Pitch-derived Needle Coke
- Petroleum-derived Needle Coke
- Needle Coke Market by Grade :
- Intermediate Premium Needle Coke
- Base Premium Needle Coke
- Super Premium Needle Coke
- Intermediate Premium Needle Coke
- Needle Coke Market by Application :
- Graphite Electrodes
- Lithium-ion Batteries
- Other Applications
- Graphite Electrodes
Competitive Landscape
Market participants are increasingly investing in research and development activities to create needle coke from low-value heavier hydrocarbon streams that do not require any considerable feed pre-treatment. Needle coke made from low-value heavier hydrocarbon streams can endure temperatures as high as 2800 degrees Celsius.
Furthermore, due to high product pricing, companies are increasing their refinery margins. Captive raw material supply has given fully integrated market companies such as Sumitomo Chemical Company, Phillips 66, and Mitsubishi Chemical Corp. a competitive advantage, especially during price changes.
- ICC, International Ltd. stated in November 2021 that it has finalised the previously announced acquisition agreement with Seadrift Coke L.P, the world's second-largest producer of petro needle coke, and C/G Electrodes LLC (C/G), a US-based graphite electrode maker.
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Key players in the Needle Coke Market
- Mitsubishi Chemical Holding Corporation
- Indian Oil Corporation
- Phillips 66
- JXTG Holdings Inc.
- Seadrift Coke L.P.
- C-Chem Co., LTD
- Petroleum Coke Industries Company K.S.C
- Baotailong New Material Co., Ltd.
- Bao-steel Group
Key Takeaways from Needle Coke Market Study
- The global needle coke market is set to reach a valuation of US$ 5.86 billion by 2032.
- The market in North America is projected to increase at a CAGR of 3.6% over the forecast period.
- Currently, APAC accounts for 28.7% share of the global market.
- Demand for petroleum-derived needle coke is expected to rise at a CAGR of 4% from 2022 to 2032.
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