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The market is being driven by the wide variety of uses that needle coke finds in numerous industries. For instance, it is extensively used in ferroalloy furnaces as an electrode. Moreover, needle coke is widely utilised in graphite electrodes, which are used in high-capacity submerged arc furnaces. Furthermore, the demand for needle coke for its ferroalloys and silicon metals related applications has been speculated to increase over the forecast period owing to the falling prices of crude oil. Additionally, the growing preference of consumers for natural graphite electrode in lithium-ion batteries is expected to propel the growth of the market. Also, the rapidly increasing demand for smartphones is likely to have a positive impact on the market growth, as these smartphones involve the use of Li-ion batteries. Another major factor enhancing the demand for needle coke is its use as a processing aid in rubber compounding applications.
Some of the major players in the industry include Mitsubishi Chemical (OTCMKTS: MTLHF) and GrafTech International Holdings Inc. Mitsubishi Chemical was the world’s first company to produce needle coke based on coal, after nearly 10 years of research. The company produces coal-based needle coke from coal tar that appears during the production of coke. Coal-based needle coke possesses excellent physical properties and ensures less spalling and less breakage due to its properties like low co-efficient of thermal expansion and low electric resistance as compared to petroleum-based needle coke. Thus, its increasing demand is expected to enhance the market growth over the forecast period.
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The major players in the global needle coke market are Mitsubishi Chemical Corporation, GrafTech International Holdings Inc., C-Chem Co. Ltd., Phillips 66 Company, and Asbury Carbons Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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