Needle Coke – Snapshot
Needle coke is also otherwise known as acicular coke. It refers to an extremely crystalline petroleum coke that is utilized in the making of electrodes for aluminum and steel industries. Needle coke is considered valuable, as electrodes need to be replaced on a regular basis. The growing importance of the product is estimated to bolster growth of the global needle coke market in the years to come.
A rise in the number of electric vehicles has resulted in the surging demand for needle coke. A shift in preference of consumers toward electric cars is generating immense opportunities for the producers of lithium-ion batteries. These batteries find increased scope of use in battery electric vehicles (BEV) and hybrid electric vehicles (HEV). This factor is likely to support growth of the global needle coke market over the tenure of assessment.
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Demand in the Needle Coke to Ride on the Back of Multiple Benefits Offered by the Product
The hybrid electric vehicles industry has experienced considerable growth in the last few years due to the formulation of favorable policies by the government. In addition, increased awareness about the need to reduce carbon emissions in the environment and volatile pricing are likely to shoot up the demand for hybrid electric vehicles. This in turn is likely to boost growth of the global needle coke market in the forthcoming years.
Needle coke is basically the main raw material that is utilized for the purpose of production of graphite electrodes made using arc furnace in the industries of aluminum and steel. Needle coke exhibits various superior characteristics, which include the following such as
- Coefficient of Thermal Expansion or CTE
- structural characteristics
- high electrical resistance
- resistance to high temperature
- oxidizability
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Such multiple benefits of the product is anticipated to support growth of the global needle coke market. Needle coke accounts for more than 40% of the total raw material cost in the making of graphite electrodes.
Needle Coke Market: A Rising Demand for Steel Opens New Horizons
The needle coke market is expected to witness major growth in the near future, thanks to a growing demand for steel. The market is expected to register 4.0% CAGR during 2018-2026 and reach US$ 5.18 bn by 2026 end. Needle coke is primarily used for the manufacturing of graphite electrodes for EAF steel. It is a highly crystalline coke and is made using fluid catalytic cracking decant oil in its initial stages as a petroleum derived product. On the other hand, coal tar needle coke is obtained as a byproduct of low ash cooking and distillation process. The distillation process enables manufacturers to turn coal tar into various intermediate chemicals. The growing demand for steel, cost-effectiveness of needle coke products, and growing advances in the field are expected to register steady growth for the needle coke market in the near future.
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Needle Coke Market: Petroleum-Based Needle Coke Emerges as a Clear Favorite
The needle coke market is divided into coal tar pitched and petroleum derived. Among these, the petroleum based product is expected to drive growth of the needle coke market. The segment is witnessing a robust demand, despite the presence of only a handful global suppliers. The growth in the segment is driven by growing demand from China and India, major suppliers of Steel. Additionally, essential qualities of needle coke such as puffing rate, low coefficient of thermal expansion, and large particle size are advantageous to end-industries. This is further expected to drive growth for the needle coke market in the near future. The products offer less breakage, low electric resistance, and coefficient of thermal expansion.
Needle Coke Market: Lithium-ion Batteries Pave Way for Growth
The needle coke market is segmented on the basis of application into lithium-ion battery, graphite electrode, and others. Among these, the needle coke market is expected to witness the highest demand in graphite electrodes. These are growing in demand as demand in Asia Pacific continues to rise. Rising infrastructural development, growing manufacturing in Asia Pacific, and China as a major producer of needle coke are expected to drive it further. Additionally, the lithium-ion batteries segment is expected to witness healthy growth, thanks to growing demand for smartphone and various wearable devices. However, the graphite electrodes segment is expected to dominate the market during the forecast period.
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