Needle coke is a specialty high quality petroleum coke and is the key raw material used in manufacturing of ultra-high power graphite electrodes that are further used in electric arc furnaces for manufacturing steel. Needle coke provides hardness, strength and efficient electrical conductivity to graphite electrodes that helps steel manufacturing through direct current arc furnace. The rising demand from steel producers for cost effective and eco-friendly steel manufacturing is driving the demand for graphite electrodes which in turn is propelling the needle coke market growth.
The global needle coke market is estimated to be valued at US$3.32 billion in 2024 and is expected to exhibit a CAGR of 10% over the forecast period of 2024-2031.
Key Takeaways
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 Needle Coke Market Size include growing consumption of steel globally and rising penetration of electric arc furnaces for steel making. In 2021, steel production around the globe reached over 1.95 billion tons. The market players are focusing on expanding their production capacities to meet the rising demand for needle coke from developing regions like Asia Pacific and Middle East Africa.
Globally, Asia Pacific accounts for the largest share in the needle coke market owing to high steel production and expanding graphite electrode production facilities in China and India. Other regions like North America and Europe are also expected to showcase significant growth on account of increasing investment towards development of green steel manufacturing technologies.
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