The global needle coke market is expected to witness significant growth in the forecast period i.e. 2023-2027. Needle coke is a specialty grade carbon final & raw material extracted from the ethylene tar pitch, low-Sulphur vacuum residues, coal tar pitch, petroleum fluidizing catalytic cracking (FCC), and refined solvent coal. Needle coke possesses exceptional strength, high-temperature resistance, ionizability, bulk density, superior electric conductivity, low coefficient of thermal expansion, and bulk density. All these characteristic helps them to increase the demand for needle coke worldwide. According to World Steel Association AISBL, in 2021, the global average production of crude steel worldwide reached 1,953,304 thousand tons per year. The needle coke produces graphite electrodes for the steel industry to melt steel scrap or scrap substitute. Thus, as the demand for crude steel increases, the need for needle coke will rise in the projected year.
Ongoing research and development by the different firms and instruction to find better or innovative products influence the growth. Due to its growing demand in electronics, steel, construction, and others, it impacts the development of the needle coke industry. The effort by marketers and government policies is influencing the demand. Thus, we can expect a rise in growth and demand in the market share of Global Needle Coke market in 2027.
Rising Demand for Power Consumption Worldwide is Driving the Growth
Needle coke is the best material used to produce synthetic graphite that provides suitable components for manufacturing the highest quality of graphite (99%) through the graphitization process. Graphite is considered the best material, which is ideal for the production of lithium-ion battery anodes. Recently, people’s growing awareness about the drawback of petroleum and the adoption of EV vehicles are impacting the growth. Lithium-ion batteries are one of the best and most usable battery types due to their long-lasting and rechargeable nature.
According to Statista, in 2021, the global lithium-ion battery market was valued at 40.5 billion USD and is projected to reach almost 92 billion USD in 2026. Thus, the growth in the demand for lithium-ion batteries directly influences the demand for Needle coke. The rising demand for smartphones and EV vehicles is the crucial factor in the projected period for the growth of the needle coke market.
Needle coke is used to manufacture semiconductors, used mainly in each electronic device to create a circuit. Pitch coke is the raw material used for building production equipment for semiconductors or solar array panels. According to Statista, in 2021, revenue from the global semiconductor industry was valued at 595 billion USD and is projected to increase by almost 676 billion USD in the forecast period of 2022. Thus, a rise in the demand for the semiconductor market will influence the market growth of the needle coke market.
The government is now taking various initiatives to lower the use of petroleum for that. They are taking multiple industries to switch toward electric vehicles. All these efforts create an environment that indirectly impacts the market’s growth. Apart from these, increasing demand from the aluminum & steel industry, Aerospace & defense industries, automotive industries, and semiconductor industries are influencing the market’s growth. All the factors mentioned above are expected to drive the development of the Global Needle Coke Market.
Fluctuation in the Prices is Hindering the Growth
Needle coke is extracted from two sources, petroleum, and coke based. Thus, fluctuation in the price of these products in the global market directly influences the cost of needle coke. Apart from these, health and environmental hazard are significant factors caused by the ashes of the product, but proper precaution can sideline defects.
Continuous R&D For Better Product is Driving Growth
The development of new or innovative existing products is the primary strategy used by firms for long-term growth. In the needle coke market, key players are investing in R&D for developing needle coke from low-value heavier hydrocarbon streams without undergoing any feed pre-treatment methods. Furthermore, various activities to reduce the price propelled the market.
The global needle coke market is segmented based on product type, product grade, and application. Based on product type, the market is split into petroleum-based, and coal-based. Based on product grade, the market is divided into intermediate, premium, and super premium. Based on application, the market is divided into graphite electrodes, lithium-ion batteries, specialty carbon, rubber compound, and others.
The Mitsubishi Chemical Holding Corporation, Indian Oil Corporation, Phillips 66, Sumitomo Chemical Company, JXTG Nippon Oil & Energy Corp, Asbury Carbon Inc, Graphite India Ltd., HEG Limited, C-Chem Co. LTD, Petroleum Coke Industries Company K.S.C. are the major market player in Global Needle Coke Market.
In this report, global needle coke market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
• Global Needle Coke Market, by product type:
• Global Needle Coke Market, by product grade:
• Endometriosis Therapeutics, by application:
• Medical market, by region:
· United States
· South Korea
–Europe & CIS
· United Kingdom
–Middle East & Africa
· South Africa
· Saudi Arabia
Company Profiles: Detailed analysis of the major companies present in global needle coke market.
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
• Detailed analysis and profiling of additional market players (up to five).