Wilmington, Delaware, Nov. 12, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, "Needle Coke Market by Type (Petroleum Based, Coal Based), by Application (Graphite Electrodes, Lithium-ion Battery, Special Carbon Material, Rubber Compounds, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global needle coke market is expected to gather a revenue of $5.7 billion by 2031. The market was valued at $2.3 billion in 2021 and is forecasted to rise at a CAGR of 9.8% during the 2022-2031 period.
Prime growth determinants
The growth of the global needle coke market is attributed to rising popularity of super premium grade needle coke from different sectors owing to its excellent properties and chemical composition. However, the high cost of production of needle coke might restrict the growth of the market. Nonetheless, technological advancements in needle coke production are predicted to create tremendous investment opportunities in the market.
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The petroleum-based segment to be the most lucrative
Based on type, the petroleum-based segment accounted for the highest market in 2021 with around two-thirds of the total revenue. The same segment is also anticipated to demonstrate the fastest CAGR of 10.2% during the forecast period. Growing expanse of cement and power generation industries is predicted to propel the market ahead.
The graphite electrodes segment to be one of the most valuable by 2031
Based on application, the graphite electrodes segment held the largest market share with nearly four-fifths of the total market revenue. Widespread use of graphite electrodes in the production of steel and other non-ferrous metals is forecasted to play a huge role in this segment’s rise. The lithium-ion battery segment, on the other hand, is likely to have the highest CAGR of 11.1% during the analysis timeframe. Increasing use of needle coke as lithium-ion batteries in different consumer electronics products might help in the expansion of the market.
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Asia-Pacific to offer numerous profitable opportunities
By region, the Asia-Pacific needle coke market generated the highest revenue in 2021 with around three-fifths of the total share. The same region is predicted to grow at a CAGR of 10.7% during the 2022-2031 period. Expanding scope of graphite electrode manufacturing due to growing demand for electric vehicles is anticipated to drive the market ahead.
Major Companies of the Industry
- Essar Oil Ltd
- Nippon Steel Corporation
- Reliance Industries
- HEG Limited
- Petroleum Coke Industry
- Shell Global
- Indian Oil Corporation
- Sumitomo Corporation
- Tokai Carbon Co., Ltd.
- Asbury Carbons Inc.
- GrafTech International Ltd
- Baosteel Group
- Mott Corporation
- Phillips 66
- Mitsubishi Chemical Corporation
The report also studies the leading players of the industry along with the different strategies adopted by them, such as collaborations and partnerships, and also captures the competitive landscape of the market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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