Global Needle Coke Market to Grow with a CAGR of 6.73% During 2021-2030; Market to Grow on Account of Increasing Adoption of EVs Worldwide
Kenneth Research published a report titled “Needle Coke Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global needle coke market in terms of market segmentation by type, grade, application, end-user industry, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global needle coke market is anticipated to grow with a CAGR of 6.73% over the forecast period, i.e., 2021 – 2030. The market is segmented by grade into intermediate, premium, and super-premium, out of which, the super-premium segment is projected to display the largest revenue of USD 2217.7 Million by the end of 2030. Additionally, in the year 2020, the segment generated a revenue of USD 1072.8 Million.
The global needle coke market is estimated to garner a revenue of USD 4085.6 Million by the end of 2030, up from a revenue of USD 2168.7 Million in the year 2020. Growing advancement in modernizing coking units worldwide, followed by the increasing investments for research and development of production technologies of steel are some of the factors anticipated to drive the growth of the market in the coming years.
Geographically, the global needle coke market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in the Asia Pacific is expected to garner the largest revenue of USD 1809.1 Million by the end of 2030. Additionally, in the year 2020, the market in the region generated a revenue of USD 937.1 Million.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Growing Demand for Electric Vehicles Globally to Drive the Market Growth
The global electric car stock of battery electric vehicles (BEVs) touched 4.79 Million in the year 2019, up from 0.72 Million in the year 2015, according to the statistics by the International Energy Agency (IEA).
The demand for electric vehicles (EVs) around the globe is increasing significantly, which is driving the need amongst these vehicle manufacturers to increase the adoption of different vehicle components that are used in these vehicles. The batteries, which forms an important component of EVs, are available in varied forms and are manufactured using different chemical compounds. The lithium-ion batteries, also known as Li-ion batteries, which are deployed in majority of the EVs, require needle coke as one its major components. This can be attributed to the unique crystalline structure of needle coke that makes it a good material for making electrodes, which are used in these batteries. Such a factor is therefore anticipated to drive the growth of the global needle coke market in the coming years.
However, the fluctuating prices of graphite electrodes is expected to operate as key restraint to the growth of global needle coke market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global needle coke market which includes company profiling of Asbury Carbons Inc., NIPPON STEEL CORPORATION, ENEOS Holdings Co., Ltd., GrafTech International Ltd., Graphite India Limited, HEG Limited, Mitsubishi Chemical Holdings Corporation, Phillips 66 Company, Sojitz Corporation, Sumitomo Corporation, Tokai Carbon Co., Ltd., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global needle coke market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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