Global Needle Coke Market: Overview
The global needle coke market is projected to witness a high growth trajectory, owing to a robust CAGR (Compound Annual Growth Rate), between 2018 and 2028. A number of factors will drive this growth into the global needle coke market. Some of these include a shift in preference towards electric vehicles, which is creating lucrative growth opportunities in the market for players to dabble with.
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Another growth factor would be rise in demand for steel, the production of which requires needle coke when produced via electric furnace.
Global Needle Coke Market: Competitive Landscape
The global needle coke market is seeing developments happening that are shaping the competitive landscape. Some of the most prominent developments are outlined below. More detailed glimpse can be had in the upcoming report by Transparency Market Research (TMR) on the global motion sickness drugs market.
The global needle coke market is fragmented owing to a large number of players flanking the market landscape. Key names in the global needle coke market are Phillips 66; Asbury Carbon Inc.; Seadrift Coke L.P.; Sumitomo Chemical Company; Mitsubishi Chemical Corp.; JXTG Nippon Oil & Energy Corp.; and Indian Oil Corporation., among others. Most players, in their endeavour to stay ahead of their competition, invest heavily in research and development (R&D), The focus right now for most is to develop the product using streams of low-value hydrocarbon that are heavier.
Global Needle Coke Market: Key trends and driver
The global needle coke market is on an upward growth curve owing to various trends and drivers, prominent among which are spelled out below.
- Demand for hybrid electric vehicles, or HEV, and Battery Electric Vehicles, or BEV, is rising for multiple reasons. One, as global warming is rising, governments are promoting use of these. Besides, as use of non-renewables sees a declining acceptance rate and reserves, the move to these electric vehicles is only natural and logical. It will help reduce carbon footprint as well as increase demand in the global needle coke market, as it is a primary raw material in manufacturing of graphite electrode, propelling it onto a high growth trajectory over the forecast period.
- Expansion in production of steel, particularly in developed nations is also contributing to growth in the global needle coke market. This is particularly the case of North America and Europe.
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Global Needle Coke Market: Regional Analysis
Growth of a number of end use industries in the North American region along with improvement in the economies is improving the growth stats of steel production. Electric arc furnace (EAF) and other such technologies are also contributing to the growth of the global needle coke market by setting off the growth of mini mills which are significant in economies like that of the United States, where it accounts for 60% of domestic production.
However, it may be worth noting here that one of the most lucrative regions, growth wise, will be the Asia Pacific (APAC) and it will create opportunities that are worth the last buck, ready to be tapped into. The growth in the region will be attributable to government support towards reviving and promoting manufacturing.
Middle-east will also contribute significantly.
The report is segmented as presented below:
- Silicon metals & ferroalloys
- Carbon black
- Rubber compounds
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