Needle Coke Market to Be Dominated by Petroleum-Based Needle Coke Segment Through 2027
Growing demand for power consumption and increased investment
in Research & Development to drive the demand for the global needle coke market
in the forecast period, 2023-2027.
According to TechSci Research
report, “Needle Coke Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2017-2027”, The global needle coke
market is anticipated to grow at an impressive rate in the forecast period,
2023-2027. The demand for the needle coke market is expected to rise as
projected due to the Growing need for power consumption and research &
Development. 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 used
in different sectors to make finished goods such as battery and semiconductor
appliances. According to Statista, in 2021, revenue from the global
semiconductor industry was valued at 595 billion USD and projected to increase
by almost USD 676 billion in the forecast period of 2022. Thus, the demand for
needle coke will be influenced by the rising demand for semiconductors. The
effect of needle coke on the environment and humans is restraining the growth.
Worldwide, the
government is taking various initiatives to lower the dependence on
petroleum-based products. All these efforts create an environment that
indirectly impacts the market's growth of needle coke. Additionally, increasing
demand from the aluminum & steel industries, Aerospace & defense
industries, automotive industries, and semiconductor industries are prompting
the market's growth. Thus, the abovementioned factors will drive the
Development, directly influencing the demand for needle coke worldwide.
Browse over XX market
data Figures spread through 110 Pages and an in-depth TOC on " Global
Needle Coke 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. The
petroleum-based segment is expected to hold the largest market share in 2022.
Petroleum-based needle coke has high-temperature conditions and is less harmful
than its opponent to the environment, making this segment more demanded. Apart
from these, demand from different industries for their product production is
propelling more share of petroleum-based needle coke segment.
Based on product
grade, the market is divided into an intermediate, premium, and super premium.
As per estimates, the super-premium segment will experience the highest market
share leaving its competitor during the forecast period. Due to its traits such
as exceptional inherent quality and low Sulphur level.
Based on
application, the market is divided into graphite electrodes, lithium-ion
batteries, specialty carbon, rubber compound, and others. Graphite electrodes
are expected to account for a significant market share over the next projected
years. As the graphite electrode is used at a large scale in electric arc furnaces
(EAF) and ladle furnaces (LF) to produce silicon, steel, and ferroalloy
production, graphite electrodes dominate the market.
Major companies
operating in global Needle Coke Market are:
- 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.
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Asia-pacific
is expected to dominate the global needle coke market in the projected years
due to its trade policy, availability of resources, manufacturing expertise,
low-cost workforce availability, and innovation capabilities. The needle coke
is anticipated to increase due to the growing demand for power consumption and
research & development. 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 in the
forecasted year.
Ongoing R&D and product improvement
efforts, collaboration, merger, and acquisition are the various managerial
activities impacting the market's growth. Increasing demand from the aluminum
& steel industries, aerospace & defense industries, automotive
industries, semiconductor industries, and fewer players in the market are
market propelling factors. All the factors mentioned above are expected to
impact market growth and create favorable conditions to push the global needle
coke market growth till 2027.” Said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Needle Coke Market- Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, Segmented By Product Type
(Petroleum Based v/s Coal Based), By Product Grade (Intermediate, Premium,
Super Premium), By Application (Graphite Electrodes, Lithium-Ion Batteries,
Specialty Carbon, Rubber Compounds, Others), By Company, By Region, has
evaluated the future growth potential of global needle coke market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in global needle coke market.”
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