Needle coke is a derivative of crude oil or coal tar. It is the primary material used for graphite electrodes in electric furnaces for steel production. There are two types of needle cokes namely coal-based and petroleum-based. Around 66% of global steel is produced in basic oxygen blast furnaces (BOF) and the remaining 34% in electric arc furnaces (EAF). Though BOF currently is more widely used in the steel industry, EAF are expected to gain high traction in coming years, owing to factors such as less environmental impact, extreme high temperature operations, less facility space requirement, and higher production output with lower inventory. Needle coke is the main raw material used in making graphite electrodes to be used in EAF. Increasing demand for steel from other industries is expected to ensure sustainable growth for the global needle coke market in future.
The global Needle Coke Market is segmented on the basis of form type, application, and region.
Market Analysis by Product Type:
On the basis of type, petroleum-based segment currently accounts for highest revenue share contribution as compared to coal-based segment, and is expected to register a CAGR of over 5% between 2017 and 2026. This is primarily attributed due to certain factors such as declining crude oil prices globally. Petroleum-based needle coke segment is expected to register highest CAGR, as it is high temperature resisting in steel production and relatively less harmful to environment, and more widely used.
Market Analysis by Application:
Among all the application segments, graphite electrode segment is projected to account for highest revenue share as compared to that of other application segment, and register a CAGR of over 5% over the forecast period, owing to increasing demand from steel manufacturing and steel recycling industries/plants. Needle coke is used for production of graphite electrodes, which are used in electric arc furnaces to produce steel from scrap metal/steel.
Market Analysis by Region:
The market in Asia Pacific accounted for highest revenue share in the global needle coke market in 2016, and is expected to register a CAGR of over 5% between 2017 and 2026, owing to the presence of large number of raw material suppliers in the region. In addition, increasing mining activities for iron ore in emerging economies such as China, Japan, and India is another factor anticipated to boost demand for needle coke and in turn fuel growth of the Asia Pacific market over the forecast period. Moreover, China is a major exporter of needle coke across the globe, with countries such as Germany, Russia, and India being the major export destinations. This is another factor for the Asia Pacific region accounting for major revenue share in the global market in 2016.
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