New York , Nov. 22, 2023 (GLOBE NEWSWIRE) -- The global needle coke market size is projected to grow at a CAGR of over 8% from 2023 to 2035. The market is expected to garner a revenue of USD 11 billion by the end of 2035, up from a revenue of USD 7 billion in the year 2022. The major element to influence the market growth is the growing demand for electric vehicles. 2022 commenced out strong, breaking previous records. Sales of EVs crossed over 9 million, accounting for approximately 13% of the total number of newly sold vehicles. This represents a significant increase from about 8% in 2021. These electric vehicles make use of lithium-ion batteries which is why the market demand for needle coke is growing.
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Furthermore, the governments are also encouraging the adoption of EV vehicles. For instance, as part of the administration's newest effort to combat climate change caused by humans, President Joe Biden issued an executive order on Wednesday that calls on the federal government to use its purchasing power to decrease its carbon emissions by about 64% by 2030 and achieve carbon neutrality by the middle of the century. The White House will spend billions of dollars in accordance with the directive to modernize government-owned or leased facilities, increase the amount of clean energy in the nation's grid, and increase the number of electric vehicles in the federal fleet. Hence, the market revenue is set to rise over the coming years.
Needle Coke Market: Key Takeaways
- Market in the Asia Pacific region to capture the highest market share.
- Petroleum-based segment to generate the largest share in the market.
- Market in the North America region to have significant growth in the market.
Rising Need to Recycle Steel to Boost the Growth of the Global Needle Coke Market
Cutting down on utilization, costs, energy, and time spent mining other precious resources is one advantage of recycling steel. Depending on the way the steel is made, it generates about 2 to 3 tons of CO2 emissions on average per ton of steel. Moreover, according to estimates, the production of one ton of recycled stainless-steel waste can prevent up to about 5 tons of carbon emissions. Hence, the use of needle coke is rising. Additionally, needle coke is one of the primary heating components in an electric arc furnace (EAF) for the manufacture of steel. Steel is created by melting scrap from old automobiles or appliances.
Needle Coke Industry: Regional Overview
The global needle coke market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Urban Population to Drive the Market Expansion in Asia Pacific
The Asia Pacific market for needle coke is projected to capture the highest market share of about ~54% over the forecast period. The major factor to influence the growth of the market is the growing urban population. Roughly 2.2 billion individuals; or 54% of the globe's metropolitan populace, reside in Asia. Asia's population living in cities is predicted to increase by 50% by 2050, adding 1.2 billion new residents. Hence, this has increased demand for electric vehicles further driving the market expansion.
Rising Disposable Income to Influence the Market Growth in North America
The North America market for needle coke is projected to have significant growth in the market over the forecast period. The growth of the market in this region is estimated to dominated by rising disposable income. In 2021, the total disposable personal income of Americans was about USD 14 trillion. That same year, there were over USD 45,342 in per capita personal disposable income. As a result, the production and purchase of EV is growing in this region.
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Needle Coke Segmentation by Type
- Petroleum-Based
- Coal-Based
The petroleum-based segment is set to generate the highest revenue by the end of 2036. This growth of the segment is poised to rise on account of growing production of automobile which is demanding more steel. Across the globe, about 84 million motor cars were manufactured in 2022—an approximately 4% increase over 2021.
Needle Coke Segmentation by Application
- Graphite Electrodes
- Lithium-Ion Battery
- Special Carbon Material
The graphite electrodes segment is projected to generate the highest market share of about 54.8% over the projected period. This could be owing to growing production of graphite electrodes. Between 2014 and 2019, the total quantity of graphite electrodes produced globally decreased from about 804,000 metric tons to close to 713,000 metric tons. However, it is anticipated that production of graphite electrode will grow globally in the upcoming years, with a predicted total of around 795,300 metric tons by 2024.
Needle Coke Segmentation by Grade
- Intermediate
- Premium
- Super Premium
Needle Coke Segmentation by End-User
- Automotive
- Semiconductor
- Aluminum & Steel
A few of the well-known market leaders in the global needle coke market that are profiled by Research Nester are C-Chem Co. Ltd, Phillips 66 Company, Chevron Lummus Global LLC, Aurubis AG, ENEOS Holdings, Inc, and others.
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Recent Development in the Market
- Phillips 66 intends to convert the San Francisco refinery located in Rodeo, California, into a facility that produces sustainable fuels. Instead of using crude oil to make petrol, the power plant will now use cooking oils, fats and greases as a fuel source.
- Ample Inc., a US startup that ENEOS owns 100%, and ENEOS Holdings, Inc. have reached a business agreement for the creation of an electric vehicle (EV) battery swapping service in Japan.
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