The Global Needle Coke Market Size and Share of Top Companies 2023: Future Growth and Forecast 2030

Market Overview:
Needle coke is a special grade of petroleum coke, which is valued because of its crystal structure, which makes it a good material for making electrodes. Needle coke is usually produced by a dedicated coker that uses low-sulfur FCC slurry as a raw material. The high aromatic content of the FCC slurry results in the desired needle coke characteristics. Needle coke is the main raw material for electric steel furnaces. In the steel market, every manufacturer expects a crisis in the global steel market due to the COVID-19 pandemic, but COVID-19 has a complicated model for needle coke manufacturers in developing countries. The demand for needle coke has declined due to wider impacts on manufacturing in many regions. The impact of COVID-19 on needle coke manufacturers can be seen in the product portfolio provided by the manufacturers in the global steel market. As there are more graphite electrode producers in China and India, major producers are facing several problems due to the decline in demand for graphite electrodes in developing countries. Although the drop in the price of needle coke has led to a decline in demand, the flow of goods has become very difficult in the context of a pandemic of imports and exports. Developing countries are also facing the problem of storing graphite electrodes. Lower demand has led to an increase in the demand for storage space, which has increased production costs and led to a decline in the global steel industry. COVID-19 had the greatest impact on the supply chain as it became difficult to import and export from different countries due to the lockdown in several countries and also lower the demand which has affected the market demand for needle coke products. Many plant implementation has gone on hold as the market in developing countries has a much lower demand for graphite electrodes. Transporting of steel from one industry to another is very difficult because the demand for needle coke used in several processes for the production of steel goods has decreased and has affected the polyurethane industry worldwide. Raw materials such as coal tar pitch often require raw material pretreatment, and the pretreatment process is very complicated and costly, which is not conducive to industrial production. Therefore, looking for raw materials that do not require or only need simple pretreatment will greatly help the next step in the expansion of needle coke production. At the same time, exploring low-cost, simple process raw material pretreatment methods is also an effective solution to this problem. Existing physical disturbance process research is still relatively macro, with few exploration factors, and it is difficult to carry out quantitative control and expand production. Increasing physical disturbance will inevitably require designing and updating equipment, as well as increasing operating costs. Therefore, the quantitative analysis of physical disturbances and the expansion and energy-saving design of reaction equipment should also be the next research direction. The high temperature in the calcination process, excessive energy consumption, and high requirements for equipment and materials directly lead to an increase in preparation costs. Finding new inhibitors or catalysts, reducing energy consumption and calcination equipment requirements are important directions that researchers need to explore. With the progress in science and technology, investment of companies, there will be more opportunities in needle coke, companies may pay attention to their production technology, keep on innovation and offer more cost effective, high performance and environment friendly products in the future. There will be more both production capability and consumption in emerging markets. For example, China, India are developing their industries, with the progress of economy and technology, development of downstream demand, there will be more local players entering this market; considering to the strong downstream demand, there will also be a big market potential in the future. In global comparison, a significant portion of the revenue was generated in North America (39.68% in 2021). Phillips 66 is one of the major players operating in the Needle Coke market, holding a share of 25.14% in 2022.

Needle Coke market reached a value of USD 3059.3 million in 2022. It's expected that the market will achieve USD 4111.48 million by 2028, exhibiting a CAGR of 5.05% during the forecast period.

A thorough understanding of the Chemicals sector and its commercial potential is the aim of the market study. The Needle Coke Market Report has 105 pages and has a detailed table of contents, a list of data, tables, and charts, along with an in-depth analysis.

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Market Segmentation:
Leading Players in the Needle Coke Industry:
Phillips 66
Baowu Steel Group
POSCO CHEMTECH
GrafTech International
ENEOS Holdings Inc.
Sinosteel Anshan
C-Chem CO.Ltd.
CNPC Jinzhou Petrochemical
Fangda Carbon
Mitsubishi Chemical Corporatio

To preserve their position, these big corporations relied on primary growth tactics such as product portfolio expansion, current trends, financing, mergers and acquisitions, partnerships, new product invention, and geographical development.

Based on Type:
Coal-based Needle Coke
Petroleum-based Needle Cok

Based on Application:
Special Carbon Material
Graphite Electrode
Others

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Key Factors Considered:
COVID-19 - Amid the COVID-19 crisis, the Needle Coke market has definitely taken a hit. The report describes the market scenario during and post the pandemic in the vision of upstream raw materials, major market participants, downstream major customers, etc. Other aspects, such as changes in consumer behavior, demand, transport capacity, trade flow under COVID-19, have also been taken into consideration during the process of the research. The epidemic is still causing tremendous disruption in industries throughout the world. We've been tracking the direct and indirect consequences of the COVID-19 outbreak on the Needle Coke market. To Know How Covid-19 Pandemic will Impact this Industry - https://www.precisionreports.co/enquiry/request-covid19/23298775

Regional Conflict / Russia-Ukraine War - The report also presents the impact of regional conflict on this market in an effort to aid the readers to understand how the market has been adversely influenced and how it's going to evolve in the years to come.

Challenges & Opportunities - Factors that may help create opportunities and boost profits for market players, as well as challenges that may restrain or even pose a threat to the development of the players, are revealed in the report, which can shed a light on strategic decisions and implementation.

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Market is changing rapidly with the ongoing expansion of the industry. Advancement in the technology has provided today's businesses with multifaceted advantages resulting in daily economic shifts. Thus, it is very important for a company to comprehend the patterns of the market movements in order to strategize better. An efficient strategy offers the companies with a head start in planning and an edge over the competitors. Precision Reports is the credible source for gaining the market reports that will provide you with the lead your business needs.

This release was published on openPR.