Global Needle Coke Market to Grow at a CAGR of 6% During 2024-2032, Aided by the Increasing Demand for Electric Vehicles

The market is being driven by the wide variety of uses that needle coke finds in numerous industries. For instance, it is extensively used in ferroalloy furnaces as an electrode. Moreover, needle coke is widely utilised in graphite electrodes, which are used in high-capacity submerged arc furnaces. Furthermore, the demand for needle coke for its ferroalloys and silicon metals related applications has been speculated to increase over the forecast period owing to the falling prices of crude oil. Additionally, the growing preference of consumers for natural graphite electrode in lithium-ion batteries is expected to propel the growth of the market. Also, the rapidly increasing demand for smartphones is likely to have a positive impact on the market growth, as these smartphones involve the use of Li-ion batteries. Another major factor enhancing the demand for needle coke is its use as a processing aid in rubber compounding applications.

Some of the major players in the industry include Mitsubishi Chemical (OTCMKTS: MTLHF) and GrafTech International Holdings Inc. Mitsubishi Chemical was the world’s first company to produce needle coke based on coal, after nearly 10 years of research. The company produces coal-based needle coke from coal tar that appears during the production of coke. Coal-based needle coke possesses excellent physical properties and ensures less spalling and less breakage due to its properties like low co-efficient of thermal expansion and low electric resistance as compared to petroleum-based needle coke. Thus, its increasing demand is expected to enhance the market growth over the forecast period.

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Market Analysis by Type, Grade, Application, and Region:

• The market on the basis of type can be divided into coal-based needle coke and petroleum-based needle coke.
• Based on grade, the industry can be divided into premium grade, intermediate grade, and super premium grade.
• By application, the market is segmented into lithium-ion battery, electrode, special carbon material, rubber compounds, and others.
• The regional markets for needle coke include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The increasing demand for needle cokes in electric steel furnaces as a primary material for electrode is driving the growth of the market.
• The increasing demand for super premium grade needle coke is expected to be a key driver for the market.
• The growing demand for electric vehicles is likely to propel the market growth.
• The rapid urbanisation and industrialisation in emerging economies are anticipated to have a positive impact on the industry’s progress.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for needle coke  for the periods (2018-2023) and (2024-2032).
• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the types, grades, applications, and regions of needle coke. 
• It assesses the regional price trends for the (2018-2023) and (2024-2032) periods.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global needle coke market are Mitsubishi Chemical Corporation, GrafTech International Holdings Inc., C-Chem Co. Ltd., Phillips 66 Company, and Asbury Carbons Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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