Needle Coke Market Projected to Reach $7.81 billion by 2030 - Exclusive Report by 360iResearch
PUNE, India, March 20, 2024 /PRNewswire/ -- The report titled "Needle Coke Market by Type (Coal-Tar Pitch Derived, Petroleum Derived), Grade (Intermittent Grade, Premium Grade, Super-Premium Grade), Application, End-Use - Global Forecast 2024-2030" is now available on 360iResearch.com's offering, presents an analysis indicating that the market projected to grow from a size of $4.32 billion in 2023 to reach $7.81 billion by 2030, at a CAGR of 8.82% over the forecast period.
"Global Needle Coke Market Expansion: Driving Forces in the Steel and EV Industries"
The global needle coke market is witnessing significant growth, owing to its crucial role in manufacturing graphite electrodes for electric arc furnaces (EAF) used in steelmaking and its essential contribution to the lithium-ion batteries powering the electric vehicle (EV) industry. This specialized carbon material, known for its unique needle-like crystalline structure, is necessary for advancements in recycling steel scrap, meeting sustainability goals, and powering the next generation of EVs. The market is navigating the challenges of adapting to renewable energy sources and stringent environmental standards. This demand is particularly pronounced in the Americas, the United States, and the Asia-Pacific region, where China's vast steel production and growing EV market position it as a major consumer. Europe's mature market emphasizes sustainable manufacturing, and emerging regions such as the Middle East and Africa have untapped potential. As the needle coke market continues to evolve, it is poised at the intersection of technological innovation, environmental considerations, and the global shift toward alternative energy, highlighting its pivotal role in shaping a sustainable future across industries.
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"Graphite Electrodes Demand Skyrockets Amid Aerospace and Automotive Industry Growth"
A significant increase in the demand for superior-quality components owing to the burgeoning expansion within the aerospace and automotive industries, driven by a significant uptick in electric vehicle adoption, new aircraft initiatives, and heightened defense budgets. This surge necessitates materials capable of withstanding extreme conditions such as high temperatures and corrosive environments, thus catapulting graphite electrodes to the forefront. Essential for producing specialty steels and alloys that meet stringent industry standards, graphite electrodes, manufactured from needle coke due to their exceptional electrical and thermal properties, are pivotal. The aerospace and automobile sectors' shift toward utilizing lightweight and robust components for better fuel efficiency and performance has notably spurred the reliance on graphite electrodes. These electrodes play a critical role in crafting carbon fiber-reinforced plastic components, combining strength with lightness, thus meeting the industries' evolving needs while aligning with sustainability goals.
"Rising Demand for Coal-Tar Pitch-Derived Needle Coke in Steel Manufacturing: A Comparative Analysis with Petroleum-Based Alternatives"
In steel manufacturing, the preference for coal-tar pitch-derived needle coke is steadily increasing owing to its high purity and exceptional properties tailor-made for producing ultra-high power (UHP) graphite electrodes. Originating from coal tar, a byproduct in the production of metallurgical coke, this variant of needle coke is preferred for having minimal impurities compared to its petroleum-based counterpart. Regardless the petroleum-derived needle coke being recognized for its scalability and cost advantages, primarily due to its production from heavy aromatic hydrocarbon oil, coal-tar pitch-derived needle coke is becoming the material of choice for high-grade applications, including the manufacture of graphite electrodes for arc furnaces and, progressively, battery anodes for electric vehicles (EVs). The controlled coking process enabled by the indirect heating in a rotary kiln is key to the superior quality of coal-tar pitch needle coke, making it highly sought after in the steel industry for its enhanced performance and efficiency in high-end applications.
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"Phillips 66 Company at the Forefront of Needle Coke Market with a Strong 15.11% Market Share"
The key players in the Needle Coke Market include Phillips 66 Company, BP PLC, China Baowu Steel Group Corp., Ltd., China Petroleum & Chemical Corporation, NIPPON STEEL Chemical & Material CO., LTD., and others. These prominent players focus on strategies such as expansions, acquisitions, joint ventures, and developing new products to strengthen their market positions.
"Introducing ThinkMi: Revolutionizing Market Intelligence with AI-Powered Insights for the Needle Coke Market"
We proudly unveil ThinkMi, a cutting-edge AI product designed to transform how businesses interact with the Needle Coke Market. ThinkMi stands out as your premier market intelligence partner, delivering unparalleled insights with the power of artificial intelligence. Whether deciphering market trends or offering actionable intelligence, ThinkMi is engineered to provide precise, relevant answers to your most critical business questions. This revolutionary tool is more than just an information source; it's a strategic asset that empowers your decision-making with up-to-the-minute data, ensuring you stay ahead in the fiercely competitive Needle Coke Market. Embrace the future of market analysis with ThinkMi, where informed decisions lead to remarkable growth.
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"Dive into the Needle Coke Market Landscape: Explore 186 Pages of Insights, 462 Tables, and 24 Figures"
- Preface
- Research Methodology
- Executive Summary
- Market Overview
- Market Insights
- Needle Coke Market, by Type
- Needle Coke Market, by Grade
- Needle Coke Market, by Application
- Needle Coke Market, by End-Use
- Americas Needle Coke Market
- Asia-Pacific Needle Coke Market
- Europe, Middle East & Africa Needle Coke Market
- Competitive Landscape
- Competitive Portfolio
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Related Reports:
- Graphite Electrode Market - Global Forecast 2024-2030
- Battery Anode Materials Market - Global Forecast 2024-2030
- Petroleum Coke Market - Global Forecast 2024-2030
About 360iResearch
Founded in 2017, 360iResearch is a market research and business consulting company headquartered in India, with clients and focus markets spanning the globe.
We are a dynamic, nimble company that believes in carving ambitious, purposeful goals and achieving them with the backing of our greatest asset — our people.
Quick on our feet, we have our ear to the ground when it comes to market intelligence and volatility. Our market intelligence is diligent, real-time and tailored to your needs, and arms you with all the insight that empowers strategic decision-making.
Our clientele encompasses about 80% of the Fortune Global 500, and leading consulting and research companies and academic institutions that rely on our expertise in compiling data in niche markets. Our meta-insights are intelligent, impactful and infinite, and translate into actionable data that support your quest for enhanced profitability, tapping into niche markets, and exploring new revenue opportunities.
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