Dublin, Dec. 06, 2024 (GLOBE NEWSWIRE) -- The "Needle Coke Global Market Insights 2024, Analysis and Forecast to 2029, by Manufacturers, Regions, Technology, Application, Product Type" report has been added to ResearchAndMarkets.com's offering.
The needle coke market has garnered significant attention due to its crucial role in the production of anodes for electric arc furnaces (EAFs) and lithium-ion batteries. Needle coke, a premium quality petroleum coke, is characterized by its high carbon content and low ash levels, making it an essential material for the manufacturing of high-performance graphite electrodes. As the demand for steel and aluminum rises, along with the growing electric vehicle market, needle coke is poised for growth.
As of 2023, the needle coke market is valued at approximately $4.5 billion. It is expected to grow at a compound annual growth rate (CAGR) of 7.5% from 2024 to 2029, reaching an estimated value of $6.6 billion by the end of the forecast period. This growth can be attributed to the increasing demand for high-quality electrodes in the steel industry and the rising production of lithium-ion batteries for electric vehicles.
Market Share & Trends Analysis Report
By Product Type
Petroleum needle coke holds the largest market share, accounting for around 80% of the total market, while coal needle coke is gaining traction due to its cost-effectiveness and suitability for certain applications.
By Key Players
Key players in the needle coke market include:
- BP PLC
- ConocoPhillips
- GrafTech International
- Hitachi Chemical Co., Ltd.
- Seadrift Coke L.P.
These companies are heavily investing in research and development to enhance production technologies and expand their product offerings.
By Process
Delayed coking is the dominant process, holding over 70% of the market share due to its effectiveness in producing high-quality needle coke.
By Application
The graphite electrodes application accounts for the bulk of demand, contributing nearly 90% of the total consumption, driven by the steel industry.
By End-Use
The steel manufacturing sector is the largest consumer, representing over 65% of the market share, propelled by the increasing use of EAFs.
By Region
The Asia-Pacific region dominates the market, accounting for around 50% of the market share, primarily due to the rapid industrialization in countries like China and India.
Market News on Policy and Companies
- Government policies promoting the use of electric vehicles and renewable energy are propelling the needle coke market. For instance, the Chinese government's New Energy Vehicle policy has led to increased investments in battery production, consequently boosting demand for needle coke.
- Furthermore, companies like GrafTech International have recently announced expansions to their production capacities to meet the growing demand in the market, especially focusing on graphite electrodes and battery applications.
- In North America, regulatory frameworks around emissions and sustainability have spurred innovation for high-performance and environmentally friendly needle coke production methods.
Segment Forecasts 2024 - 2029
- Forecasts for the needle coke market indicate robust growth across all segments. The petroleum needle coke segment is expected to maintain its dominance, projected to grow at a CAGR of 7% through 2029.
- Coal needle coke, while smaller in market share, is anticipated to grow significantly, particularly in regions focusing on cost-effective production methods.
- The graphite electrodes application will continue to lead with a projected market growth rate of 6.5%, while the battery manufacturing segment will experience dynamic expansion, projected to grow at a CAGR of 10% as electric vehicle manufacturing intensifies.
- Regionally, the Asia-Pacific market is anticipated to sustain its leadership, with a CAGR of 8% during the forecast period, driven by continued urbanization and industrial demand.
Key Topics Covered:
Chapter 1 Executive Summary
Chapter 2 Abbreviation and Acronyms
Chapter 3 Preface
Chapter 4 Market Landscape
4.1 Market Overview
4.2 Classification/Types
4.3 Application/End Users
Chapter 5 Market Trend Analysis
Chapter 6 Industry Chain Analysis
6.1 Upstream/Suppliers Analysis
6.2 Needle Coke Analysis
6.3 Downstream Buyers/End Users
Chapter 7 Latest Market Dynamics
7.1 Latest News
7.2 Merger and Acquisition
7.3 Planned/Future Project
7.4 Policy Dynamics
Chapter 8 Trading Analysis
8.1 Export of Needle Coke by Region
8.2 Import of Needle Coke by Region
8.3 Balance of Trade
Chapter 9 Historical and Forecast Needle Coke Market in North America (2019-2029)
Chapter 10 Historical and Forecast Needle Coke Market in South America (2019-2029)
Chapter 11 Historical and Forecast Needle Coke Market in Asia & Pacific (2019-2029)
Chapter 12 Historical and Forecast Needle Coke Market in Europe (2019-2029)
Chapter 13 Historical and Forecast Needle Coke Market in MEA (2019-2029)
Chapter 14 Summary For Global Needle Coke Market (2019-2024)
14.1 Needle Coke Market Size
14.2 Needle Coke Demand by End Use
14.3 Competition by Players/Suppliers
14.4 Type Segmentation and Price
Chapter 15 Global Needle Coke Market Forecast (2024-2029)
15.1 Needle Coke Market Size Forecast
15.2 Needle Coke Demand Forecast
15.3 Competition by Players/Suppliers
15.4 Type Segmentation and Price Forecast
Chapter 16 Analysis of Global Key Vendors
- Phillips 66
- Seadrift (GrafTech)
- ENEOS
- Mitsubishi Chemical
- Petrocokes Japan Limited
- JX Nippon Oil & Energy
- Petrochina International Jinzhou
- C-Chem
- Indian Oil Company Limited
- Anshan Kaitan Thermo-Energy New Materials Co. Ltd
- Liaoning Bora Biological Energy
- Shandong Jingyang
- Weifang Fumei New Energy
- Baotailong
- Fangda Xikemo (Jiangsu) Pinker Technology
For more information about this report visit https://www.researchandmarkets.com/r/9n86it
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