The latest addition to ResearchAndMarkets.com’s offerings is the “Global Needle Coke Market: Application, Type, Grade, End Use, and Country-Level Analysis – Forecast 2023-2033” report. This market, valued at $3.05 billion in 2023, is projected to grow at a CAGR of 7.99% to reach $6.58 billion by 2033. The growth drivers include infrastructural advancements, economic growth, urbanization, industrialization, and increased demand for steel and electric vehicles. However, challenges such as global uncertainties, regulatory discrepancies, economic instability, and infrastructural limitations may hinder growth.
The needle coke market has been steadily expanding due to rising demand for graphite electrodes in steelmaking. With the electric vehicle industry’s rapid growth, the market is seeing additional revenue streams. Needle coke’s unique properties make it highly desirable for graphite electrode production, crucial for electric arc furnaces used in steelmaking.
The Asia-Pacific (APAC) region has witnessed steady growth in needle coke demand, especially in countries like China, Japan, South Korea, and India, major steel producers using electric arc furnaces. The expansion of steel production capacity and the rise of electric vehicle production have fueled this demand further.
Despite its growth, environmental concerns related to needle coke production drive research into more sustainable alternatives. Graphite electrodes dominate needle coke usage, particularly in steel production. The steel and aluminum industries are major end-users, with super-premium grade needle coke being in high demand for ultra-high-power graphite electrodes.
The report covers various aspects of the needle coke market, including market dynamics, key attributes, market opportunities, supply chain overview, regulatory landscape, and recent developments by key players like Asbury Carbons, China Petroleum & Chemical Corporation, and Mitsubishi Chemical Corporation. For more detailed information, visit the provided link.
