NEW YORK, June 13, 2018 /PRNewswire/ --
MarketResearch.biz announces publication of its most recently generated research report titled, "Global Needle Coke Market by Type (Petroleum-based and Coal-based), By Application (Graphite Electrode, Special Carbon Material, and Others), and Region - Global Forecast to 2026.", which offers a holistic view of the needle coke market through systematic segmentation that covers every aspect of the target market. The first five-year cumulative revenue (2017-2021) is projected to be approximately US$ 11.2 Bn, which is expected to increase significantly over the latter part of the five-year forecast period.
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. 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.
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Global Needle Coke Market: Market Dynamics
Major factors driving growth of the global needle coke market are increasing demand for steel and increasing adoption of needle coke in other applications such as lithium-ion battery, aerospace, and nuclear furnaces. In addition, needle coke used in electric arc furnaces for steel production is considered much more beneficial and cost effective, since it causes lower carbon emissions and has high production output with lower inventory.
However, uncertainty in global crude oil prices and shortage of raw materials is expected to restrain growth of the global needle coke market
Technological and other advancements and increasing R&D activities by electrode manufacturers is expected to create new opportunities in terms of revenue for players operating in the global needle coke market over the forecast period
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Global Needle Coke Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global needle coke management market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global needle coke market is expected to expand at a moderate CAGR of 5.5% during the forecast period.
Global Needle Coke Market: Segmental Snapshot
The market report has been segmented on the basis of form type, application, and region. The product type segment includes petroleum-based and coal-based. The application segment includes graphite electrodes, special carbon materials, and others. The regions covered in the analysis are North America, Europe, Asia Pacific, South America, and Middle East & Africa.
By type: The petroleum-based segment accounted 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.
By application: The 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
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.
The market in North America accounted for the second highest revenue share in the global needle coke market in 2016. Rising demand for needle coke from various end-use industries, especially from steel manufacturing and aerospace industries, coupled with increasing applications for needle coke are major factors driving growth of the North America needle coke market currently.
Moreover, technological advancements in equipment used for manufacturing needle coke, coupled with recent discoveries in shale gas reserves in countries in the region are other major factors expected to boost demand for needle coke in the North America market over the forecast period
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Global Needle Coke Market: Competitive Analysis
The research report on the global needle coke market includes profiles of some of major companies such as Shanxi Hongte Coal Chemical Co. Ltd., Fangda Carbon New Material Co., Ltd., Shanxi Meijin Energy Co., Ltd., Jinzhou Petrochemical Co., Ltd., Baotailong New Materials Co., Ltd., Sinosteel Corporation, Indian Oil Corporation Limited, ConocoPhillips Company, C-Chem Co., Ltd., Seadrift Coke, L.P., JXTG Holdings, Inc., Sumitomo Corporation, and Mitsubishi Chemical Holdings Corporation.
The Global Needle Coke Market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2017-2026 report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the Global Needle Coke Market for 2017-2026.
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