UHP graphite electrodes are gaining immense traction in the steel industry. They are mainly used in UHP EAFs with the current density ranging from 19 amperes per square centimeter to 43 A/cm2. Large capacity UHP EAFs are being used as they have low cost and high work efficiency. UHP graphite electrodes possess excellent dimension stability and high resistance toward deformation, spalling, cracking, oxidation, and thermal shock. As the UHP graphite electrodes are made using needle coke, the increase in the adoption of UHP electrodes will drive the consumption of needle coke.
As per Technavio, the emergence of green steel will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global needle coke market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Needle Coke Market: Emergence of Green Steel
The consumption of fossil fuel for the production of steel contributes to carbon dioxide emissions, which has become a major issue faced by the global steel industry. To resolve the issue, several R&D activities have been undertaken, which have led to the emergence of green steel. Several steel-making methods have been developed to reduce CO2 emissions, which includes pulverized coal injection, and carbon capture and storage (CCS) technology. This will increase the production of steel worldwide, which will boost the demand for needle coke for producing graphite electrodes.
“Apart from the emergence of green steel, other factors such as advancements in the mining industry, and the declining Li-ion battery prices will have a significant impact on the growth of the needle coke market value during the forecast period,” says a senior analyst at Technavio.
Global Needle Coke Market: Segmentation Analysis
This market research report segments the global needle coke market by end-user (graphite industry, battery industry, and others) and geographic regions (APAC, Europe, the Americas, and MEA).
The APAC region led the needle coke market in 2018, followed by Europe, the Americas, and MEA, respectively. The needle coke market analysis report identifies factors such as the high consumption of needle coke in the steel industry, and the increase in steel production to fuel the growth of the needle coke market share in APAC during the forecast period.
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