What is the Global Needle Coke Market Size?
The global needle coke market is predicted to cross USD XXX Bn by 2022 at a growing compound annual growth rate of approximately XXX% during the forecast period. Needle coke is the important component used in the electric arc furnace in the preparation of steel and is derived from crude oil or coal tar. The main purpose of the needle coke is the preparation of graphite electrodes for the electric arc furnaces, which account for almost 35% of the total steel production of the world.
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Factors Driving the Growth of Global Needle Coke Market:
The large particle size, puffing rate and low thermal expansion co-efficiency are the main features that are increasing the demand for needle coke. The growing demand for petroleum-based coke in the steel manufacturing and recycling is intended to expand the market size for needle coke in the future. The super-premium grade of the needle coke is generally preferred in the electric furnace production of steel and aluminium due to its intrinsic features like low ash and sulphur content, and less coefficient of thermal expansion.
The increasing demand for steel across different industries like construction, automotive, machinery, and equipment is the primary factor promoting the growth of the global needle coke market. Furthermore, its requirement in the lithium-ion batteries, the growing demand for graphite electrodes in the aerospace sector for the electrical discharging machines, increasing investments in the industry, and favourable government regulation are fuelling the growth of the market. On the flip side, the negative aspects like increasing prices of needle coke, alternatives like lithium-ion batteries, concerns related to the environment, volatility in oil and gas industry and limitations in the technology are impeding the expansion of the market.
Based on the regional analysis, Asia Pacific holds the lion’s share of the market that accounted for almost 60% of the total market revenue. China is the largest consumer of the needle coke market in the Asia Pacific and is expected to improve its leadership in the forecast period due to the large steel and aluminium industry in the country. North America and Europe are also predicted to register steady growth in the needle coke market owing to the advances int he technology and growth in the construction industry.
Some of the Leading Companies in the Global Needle Coke Market:
The key players of the global needle coke market are ConocoPhillips, GrafTech, Nippon Steel & Sumikin Chemical, JX Group, Sumitomo Corporation, Mitsubishi Chemical, Indian Oil, and Fangda Carbon.
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