Needle Coke Market - Trends, Drivers, Strategies, Segmentation ApplicationPosted by Aparna P on September 6th, 2022  The global needle coke market is projected to witness a high growth trajectory, owing to a robust CAGR (Compound Annual Growth Rate), between 2018 and 2028. A number of factors will drive this growth into the global needle coke market. Some of these include a shift in preference towards electric vehicles, which is creating lucrative growth opportunities in the market for players to dabble with.
Growth of a number of end use industries in the North American region along with improvement in the economies is improving the growth stats of steel production. Electric arc furnace (EAF) and other such technologies are also contributing to the growth of the global needle coke market by setting off the growth of mini mills which are significant in economies like that of the United States, where it accounts for 60% of domestic production.
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Demand for hybrid electric vehicles, or HEV, and Battery Electric Vehicles, or BEV, is rising for multiple reasons. One, as global warming is rising, governments are promoting use of these. Besides, as use of non-renewables sees a declining acceptance rate and reserves, the move to these electric vehicles is only natural and logical. It will help reduce carbon footprint as well as increase demand in the global needle coke market, as it is a primary raw material in manufacturing of graphite electrode, propelling it onto a high growth trajectory over the forecast period.
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