Dublin, April 17, 2023 (GLOBE NEWSWIRE) -- The "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, By Company, By Region" report has been added to ResearchAndMarkets.com's offering.
The global needle coke market is expected to witness significant growth in the forecast period, 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. 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.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in global needle coke market.
- 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.
Report Scope:
Global Needle Coke Market, by product type:
- Petroleum-based
- Coal-based
Global Needle Coke Market, by product grade:
- Intermediate
- Premium
- Super Premium
- Endometriosis Therapeutics, by application:
- Graphite Electrodes
- Lithium-Ion Batteries
- Specialty Carbon
- Rubber Compounds
- Others
Medical market, by region:
- North America
- United States
- Canada
- Mexico
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Europe & CIS
- Germany
- France
- United Kingdom
- Spain
- Italy
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
For more information about this report visit https://www.researchandmarkets.com/r/ekg3w5
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