Surging product demand from the steel industry and increased demand for lithium-ion batteries with a rising electric vehicles trend will stimulate market growth.
Coal-Based Needle Coke Market Size – USD 3.59 billion in 2019, Growth - CAGR of 6.4%, Trends – Escalating demand for lithium-ion batteries
The Coal-Based Needle Coke Market size is estimated to reach USD 5.85 billion in terms of annual valuation from 3.59 billion in 2019, delivering a CAGR of 6.4% through 2027. Growing product demand for the manufacturing of electrodes, silicon metal ferroalloys, rubber compounds, and others, will drive Coal-Based Needle Coke market growth through the forecast period. Coal-Based Needle Coke is a crucial raw material used in the steel aluminum industries and for the manufacturing of graphite electrodes. The rapid growth of the consumer electronics sector and increasing consumer preference for electric and hybrid vehicles is likely to fuel the demand for Coal-Based Needle Coke. The growing demand is attributed to the extensive usage of lithium-ion batteries in hybrid electric vehicles, battery electric vehicles, consumer electronics, and other applications.
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Top Leading Players: Phillips 66, Graftech International, Mitsubishi Chemical Corporation, Sumitomo Chemical Company, China National Petroleum Corporation, Indian Oil Corporation Limited, Asbury Carbon Inc., Sojitz Ject Corporation, Graphite India Limited, and Baosteel Group, among others.
Further Key Finding from the Report Suggestion:
- On the basis of product type, the coal-based product segment is likely to contribute significant revenue to the global Coal-Based Needle Coke market share, exhibiting a growth rate of 7.2% through 2027. The robust growth can be attributed to the remarkable properties of the product, such as a low coefficient of thermal expansion and low electric resistance as compared to petroleum Coal-Based Needle Coke
- The petroleum-based needle sub-segment accounted for the majority of the Coal-Based Needle Coke market share in 2019 and is forecast to register a CAGR of 6.1% through 2027 due to extensive product usage in steel production as it has the ability to withstand high-temperature conditions and is less harmful to the environment.
- In terms of grade, the premium-grade Coal-Based Needle Coke segment is expected to witness a substantial growth rate of 6.1% over the analysis period.
- On the basis of application, the electrodes sub-segment accounted for the largest market share in 2019 and is estimated to grow at 6.6% through 2027. Graphite electrodes are extensively used in ladle furnace (LF) and electric arc furnace (EAF) for the production of steel, ferroalloy production, smelting processes, and silicon metal production, among others.
- In the regional landscape, the Asia Pacific region accounted for the largest market share in 2019 and is forecast to grow at 7.4% over the projected timeframe n account of the rising growth of infrastructure and manufacturing industries across the region.
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Coal-Based Needle Coke market is segmented into:
Product Type Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
- Coal-Based Coal-Based Needle Coke
- Petroleum-Based Coal-Based Needle Coke
Grade Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
- Super-Premium Grade
- Premium Grade
- Intermediate-Premium Grade
Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
- Electrodes
- Silicon Metal Ferroalloys
- Carbon Black
- Rubber Compounds
- Others
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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