Tokai COBEX’s businesses and competitive advantages Three businesses with world-leading market shares Tokai COBEX boasts world-leading market shares for each of its three main products: cathodes used in aluminum smelters, carbon linings for blast furnaces, and carbon electrodes used in silicon metal and other smelters. The company has secured solid customer bases in growing markets such as the aluminum market, which is projected to overtake the steel market in the future.The company’s carbon electrodes are used to produce a wide range of materials, including silicon metal, alloy steel, and phosphoric acid, for which they are replaced on approximately a weekly basis. Tokai COBEX holds about 30% of the global market share2 for these products. Blast furnace linings are fireproof carbon and graphite materials that line the inner refractory brick walls of metallurgical furnaces. Since routine replacement of the linings accounts for about 90% of market demand, earnings from these products are stable. Tokai COBEX holds approximately 40% of the global market share2 for carbon linings.Cathodes are used in the electrolysis pots of aluminum smelters. As important components that affect the productivity of aluminum reduction pots, the cathodes are replaced about every five years. Tokai COBEX holds approximately 20% of the global market share1 for these cathodes.Cathodes used in aluminum smeltersCarbon electrodes used in smeltersCarbon linings for blast furnacesGlobal market shareNo.11Global market shareNo.22Global market shareNo.12Net sales by product type in 2018 Global production volume of major refined metals26022018014010020022010200620142018Aluminum4% yearly aluminum production growthCycle of lining replacements to restart after bottoming in 2017Copper Nickel Zinc IronFigures are compiled from data published by the World Steel AssociationNotes:1. Based on the company’s own research and estimated production volume in the global market excluding Chinese manufacturers2. Based on the company’s own researchApprox.60%Approx.20%Approx.20%Past and projected numbers of large blast furnaces in East Asia requiring lining replacement 20122016202010502024(Value of 100 set for the base year of 2000)(Blast furnaces)21TOKAI CARBON ANNUAL REPORT 2019Vision and StrategyBusiness ReportSustainability ReportData Section
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