The global Needle Coke market size accrued earnings worth approximately USD 3.71 Billion in 2023 and is predicted to gain revenue of about USD 5.15 Billion by 2032, is set to record a CAGR of nearly 3.7% over the period from 2024 to 2032.
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Overview of the Needle Coke Market
The primary basic material for the development of graphite electrodes in various electric furnaces is needle coke. Petroleum or coal tar are the sources of needle coke. Coal tar is utilized in the production of needle coke, which is derived from coal. Coal-based needle coke possesses exceptional physical properties, such as a low coefficient of thermal expansion and low electric resistance, as well as reduced spalling and fracturing.
Dynamics of the Needle Coke Market Growth
The global needle coke market is experiencing development due to the growing demand for steel and steel products. The needle coke market is anticipated to be driven by the cost-effectiveness and increasing technological advancements of needle coke products during the forecast period. Nevertheless, the needle coke market may be constrained by the political and economic instability that exists worldwide in relation to petroleum products.
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The Global Needle Coke Market is segmented based on product, application and region
Global Needle Coke Market: Product Segment Analysis
● Petroleum Derived
● Coal Tar Pitch Derived
Global Needle Coke Market: Application Segment Analysis
● Graphite Electrode
● Lithium Ion Batteries
● Others
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The Global Needle Coke market profiles key players such as:
● Mitsubishi Chemical Corporation
● Baotailong New Material Co. Ltd.
● Bao-steel Group
● Seadrift Coke LP
● Shanxi Hongte Coal Chemical Co. Ltd.
● Petrochina International Jinzhou Petrochemical Co. Ltd.
● Petroleum Coke Industries co. (K.S.C)
● Fangda Carbon
● Phillips 66
● JXTG Holdings Inc.
● Indian Oil Corporation Ltd.
● C-Chem Co. Ltd.
● Sinopec Shanghai Petrochemical Company Limited
The Global Needle Coke market Analysis of the Region
In 2023, the demand for needle coke was primarily driven by the Asia Pacific region. The demand for needle coke in Asia Pacific is anticipated to increase due to the region’s expanding manufacturing industry and increasing infrastructural development. North America and Europe are the next two regions in terms of needle coke demand, following Asia Pacific.
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