Needle Coke Market:
Growth opportunities in the needle coke market look promising over the next six years. This is mainly due to the rising penetration of electric vehicles and alteration in the consumer’s preference towards electric cars, rising application of lithium-ion batteries across sectors like Battery Electric Vehicle (BEV) and Hybrid Electric Vehicles (HEV).
Needle Coke Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The prominent driver stimulating the growth of the global needle coke market includes the remarkable change in consumer’s preferences towards electric cars, which is augmenting the usage of lithium-ion batteries in the Hybrid Electric Vehicles and Battery Electric Vehicles (BEV) sector. Also, the needle coke is used as an anode in the lithium-ion secondary battery. In accordance with IEA, the comprehensive sale of electric cars was estimated to be 21 million for the year 2019, primarily owing to the technological advancements in the electrification of buses, two-three-wheelers, and trucks. Therefore, the accelerating penetration of electric vehicles is strengthening the market growth. As per the needle coke market report, the initiation of several initiatives to reduce carbon emission will further propel the market growth.
Sectors such as oil & gas and construction have witnessed vigorous growth in the demand for needle coke. Moreover, it is exerted as a raw material in steel recycling and several other applications, which include automobile, engineering, and aerospace. However, the outbreak of widespread COVID-19 has affected the steel business across the globe. The stringent lockdown coupled with never-ending uncertainty has adversely influenced the production of needle coke, thereby hampering the market growth.
Type Segment Drivers
Based on the type, coal-based needle coke is expected to increase at a faster CAGR during the forecast period. This is because it is manufactured from the coal tar produced at the time of the production process of needle coke. The other factors contributing to market growth are the advantages of the coal-based needle coke, like low electric resistance and coefficient of thermal expansion than the petroleum needle coke, which further drives market growth.
Regional Drivers
Based on the regional coverage, Asia-Pacific is projected to expand at a faster CAGR during the forecast period. According to the Worldsteel Association, in 2018 and 2019, China was one of the leading steel-producing countries, amounting to 920 tonnages and 996.3 tonnages in 2018 and 2019, respectively, because of the prevalence of some top leading companies such as China Steel Corporation and China Baowu Group. Additionally, China is engaged in the large-scale manufacturing of lithium-ion batteries. The high demand for graphite electrodes and lithium-ion batteries will contribute to the market growth.
Needle Coke Market’s leading Manufacturers:
- Graphite India Limited
- C-Chem Co., Ltd.
- Sojitz JECT Corporation
- Asbury Carbons
- Phillips 66 Company
- Baosteel Group Hu
- Sumitomo Corporation
- Graftech International
- Mitsubishi Chemical Corporation
- Indian Oil Corporation Ltd.
Needle Coke Market Segmentation:
Segmentation by Type:
- Coal based
- Oil based
Segmentation by Application:
- Lithium Ion Anode
- Graphite Electrodes
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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