Wilmington, Delaware, United States, Nov. 01, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Commonly used as the elements for heating, products in the global Needle Coke Market are produced using coal tar, as well as petroleum. These products are most prominently used for the production of electrodes in aluminum and steel sectors. Increasing demand for graphite from aluminum and steel sectors is most likely to bolster growth of the global Needle Coke Market in coming years. As per a latest market intelligence study, the global Needle Coke Market is anticipated to grow at a CAGR of 5% over the forecast period of 2021 to 2031.
Needle Coke Market – Key Findings of the Report
- Increasing Investments in Research and Development: Players in the global Needle Coke Market are increasing their investments in research and development in order to enhance production technologies. They are focused on innovation and collaborating with industry experts and specialists to develop new technologies that can enable them to speedily and cost-effectively product needle coke in desired quantities.
- Growing Demand for Li-ion Batteries: While graphite electrodes segment leads the global Needle Coke Market in terms of application, the lithium-ion battery segment is estimated to dominate the global Needle Coke Market in coming years. Lithium-ion batteries are used in a wide range of electric products, including many consumer electronic goods, such as laptops, mobile phones, and tablets, as well as in new age electric vehicles. Owing to this trend, manufacturers are focusing on boosting their production of calcinated needle coke that is used to manufacture carbon anodes in lithium -ion batteries.
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Needle Coke Market – Growth Drivers
- Increasing demand from various end-use industries bolsters expansion of the global Needle Coke Market
- Growing use of Lithium-ion batteries in electric vehicles and consumer electronics propel demand within the market
- Growing demand for graphite electrodes bolsters market growth
Needle Coke Market – Key Players
- Some of the leading companies functional in the global Needle Coke Market include Indian Oil Corporation, JXTG Holdings, Inc., C-Chem Co., Ltd., Baotailong New Material Co., Ltd., Sinosteel Anshan Research Institute of Thermo Energy Co., Shijiazhuang Deli Chemical CO., Mitsubishi Chemical Holding Corporation, Philips 66, Seadrift Coke L.P., Petroleum Coke Industries Company K.S.C., Bao-Steel Group, Shanxi Hongte Coal Chemical Co. Ltd., Petrochina International Jinzhou Petrochemical Co. Ltd., and Petrocokes Japan Ltd. Key players in the global Needle Coke Market are focused on expanding their manufacturing plants to produce more quantities of needle coke. This trend can be ascribed to the rising demand for needle coke products from a wide range of end-use industry verticals. Furthermore, they are also engaged in offering new services and products to attain a larger consumer base. Moreover, certain manufacturers in the global Needle Coke Market are also adopting plug-and-play methods for producing needle coke according to the consumers’ demand.
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Needle Coke Market: Regional Growth Assessment
- Asia Pacific region leads the global Needle Coke Market in terms of both – volume, as well as value. Various regional players in Asia Pacific are focusing on boosting their research and development initiatives in a bid to reduce their dependence on supplies of needle coke and relevant raw materials from other nations. In various developing nations of the Asia Pacific, needle coke products are largely used to manufacture batteries and graphite electrodes. This, along with rising number of government initiatives in developing economies, such as India, is anticipated to boost growth within the Asia Pacific Needle Coke Market in coming years.
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Needle Coke Market: Segmentation
Needle Coke Market, by Type
- Petroleum Derived
- Coal Tar Pitch Derived
Needle Coke Market, by Grade
- Intermediate
- Premium
- Super Premium
Needle Coke Market, by Application
- Graphite Electrodes
- Lithium-ion Batteries (Anode)
- Others (including Specialty Carbon and Nuclear Furnace)
Needle Coke Market, by Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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