Needle Coke Market to Grow up to US.50 Billion by 2024
Posted by BIS RSRCH on April 14th, 2021
In the global needle coke market, APAC accounted for the most significant market share in 2018. In APAC, China was the leading country, driven by its vast production capacity, excessive industrial base, and financial support of government bodies. China has giant players of the needle coke market operating in the country. Some of the key players include PetroChina Company Limited, JXTG Nippon Oil & Energy Corporation, and Sinosteel Corporation. China produced XX kilotons of needle coke in 2018, fulfilling the demand generated from its application segment. The key application segments of the needle coke market are graphite electrodes, lithium-ion battery anodes, and special carbon products. China is one of the largest producers of graphite electrodes and lithium-ion batteries, thus propelling the growth and demand for needle coke in the country.
The global needle coke market is expected to grow at a significant rate during the forecast period (2019-2024). Needle coke finds its significant applications in the production of graphite electrodes and lithium-ion batteries. The needle coke market is expected to grow with the rise in end-use applications market.
Before venturing into a forthcoming market, a firm must consider certain factors that allow the company to establish itself as an active player in the market. Henceforth, this chapter of the report provides an in-depth understanding of the direction in which the market is heading and the impacts of various factors on it. This segment of the report lists and analyzes several factors, such as market drivers, market restraints, and market opportunities, and their effect on the market.
Needle coke is derived from the carbonization of coal in the manufacturing industry. The product is produced mainly by two types of raw materials, crude oil (petroleum-based) and coal. Both types of needle coke vary in terms of quality and cost. The steel industry is one of the largest industries across the globe, and it uses the UHP graphite electrode made from needle coke in case of electric arc furnace (EAF) steelmaking. With the shift in production techniques from basic oxygen furnace (BOF) to EAF steelmaking to curb pollution, the needle coke market has strengthened its pace with the growth of the steel industry.
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Needle coke is derived from the carbonization of coal in the manufacturing industry. The product is produced mainly by two types of raw materials, crude oil (petroleum-based) and coal. Both types of needle coke vary in terms of quality and cost. The steel industry is one of the largest industries across the globe, and it uses the UHP graphite electrode made from needle coke in case of electric arc furnace (EAF) steelmaking. With the shift in production techniques from basic oxygen furnace (BOF) to EAF steelmaking to curb pollution, the needle coke market has strengthened its pace with the growth of the steel industry.
