[FURL=https://www.industryarc.com/Report/16173/needle-coke-market.html]Needle Coke Market[/FURL] size was valued at $3.7 billion in 2019 is forecast to reach $5.3 billion by 2025, after growing at a CAGR of 6.1% during 2020-2025. Needle Coke is a premium grade high-value petroleum coke utilized for the manufacturing of the graphite electrodes. The major factor driving the growth of the market studied is rapidly increasing demand from steel manufacturing industry. Emerging economies such as China, India and others, is estimated to fuel market demand. Key Takeaways
Petroleum based needle coke held a larger market share in 2019, owing to its ability to withstand high-temperature conditions among other factors.
Among all the applications, electrodes accounted for the largest market share in 2019 and is projected to grow at a rate of XX% during the forecast period, 2020-2025.
The demand for lithium-ion batteries as well as growth of the steel industries are some of the key factors, fueling the growth of the needle coke market.
Asia Pacific dominated the needle coke market with a share of more than XX% in 2019 due to rise in infrastructure and growth of the manufacturing sector.
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Needle Coke Market Segment Analysis - Geography
Asia Pacific dominated the needle coke market with a share of more than 38% in 2019. Development of infrastructural activities in this region, primarily in China, India, and Malaysia. The market dominance of the region is owing to the growing infrastructure and growth of the manufacturing sector. During the forecast period, 2020-2025, the new energy vehicle industry in China is projected to grow rapidly and China's favorable policy about the recycling of resources is estimated to accelerate the development of electric furnaces. China's output of needle coke is projected to be more than 1,300 kilo-ton in 2025, showing a CAGR of XX% between 2020 and 2025.
Needle Coke Market Drivers
Rising demand in steel recycling market
Surge in demand for of lithium-ion batteries
Market Landscape
Increased production of coke to improve the refinery margins, rise in investment are some of the key strategies adopted by players in the needle coke market. The market appears to be fragmented owing to the emergence of several players all over the world. Major players in the needle coke market are Phillips 66, Asbury Carbon Inc., Seadrift Coke L.P., Sumitomo Chemical Company, Mitsubishi Chemical Corp., JXTG Nippon Oil & Energy Corp., Indian Oil Corporation Limited, GrafTech International, Essar, Baosteel Group and Others.
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