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Albany, New York, Sept. 04, 2019 (GLOBE NEWSWIRE) -- Global needle coke market is estimated to experience significant growth in coming years, due to the expansion of steel manufacturing sector particularly in the region of Asia Pacific. Needle coke is used in the making of graphite electrodes, which are majorly utilized in the steel sector. Other important properties of needle coke are low puffing rate, less thermal expansion, and bigger particle size. These properties are responsible to fuel the demand in the market in forthcoming years. It is also used in making scrap metal melt in electric furnace in steel manufacturing firms.
Based on value, the global needle coke market is likely to expand at a steady CAGR of over 4.0% within the forecast period from 2018 to 2026. By the end of the forecast period, the global needle coke market is valued to reach around worth US$5.18 bn. In terms of type, the needle coke market is bifurcated as coal tar pitch derived and petroleum derived. Among these, the demand for the segment of petroleum-based needle coke is more, even though its suppliers are few in number.
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Rising Demand in Steel Recycling to Augur Market Growth
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 expected to witness a solid growth. Rising demand for petroleum-based coke in order to generate energy is likely 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 anticipated to bolster the market growth in coming years.
In addition, there is an increase in strict regulations with respect to the usage of traditional fuel, and rising awareness regarding the conservation, by using alternatives. This has surged the adoption of lithium-ion batteries, stimulating the demand in needle coke market, significantly since past few years.
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Fluctuation in Crude Oil Industry to Affect Needle Coke Market Negatively
However, fluctuation in the entire natural gas and crude oil sector is a reason behind the obstruction in the growth of needle coke market. This is due to gap in demand and supply of needle coke. Moreover, even though the petroleum products are likely to depict a substantial growth in future, the economic and political instability with respect to the sale of these products is expected to hinder market growth.
Geographically, in 2017, the needle coke market was led by Asia Pacific region, with over 60% share. China comprised a major share of the needle coke market based on revenue and volume in 2017. The region is likely to sustain its dominance in the span of forecast period across the globe. After China, North America and Europe trailed with regards to revenue earned in the same year.
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Rising Innovations and Changing Dynamics in Distribution Channels Emerge as an Important Business Strategy
Global needle coke market appears to be fragmented owing to the emergence of several players all over the world. Major players leading the global needle coke market are Mitsubishi Chemical Corporation, Phillips 66, Baotailong New Material Co., Ltd., JXTG Holdings, Inc., Indian Oil Corporation Ltd., C-Chem CO., LTD., and Bao-steel Group. Increased production of coke so as to improve the refinery margins is foreseen to be a major strategy behind the growth of the market globally in the upcoming years. Rise in distribution channels regarding the transport of needle coke to several manufacturing places of graphite electrodes is estimated to emerge as another strategy adopted by the companies to reach a better position in the market.
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This information is encompassed in the report by TMR, titled, “Needle Coke Market (Type - Petroleum Derived, Coal Tar Pitch Derived; Grade - Intermediate, Premium, Super Premium; Application - Graphite Electrode, Lithium Ion Batteries, Others - Specialty Carbon) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026.”
The needle coke market has been segmented as follows:
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