Needle Coke Market Research Details, Revenue and Statistics Projections for 2030

Allied Market Research has released an in-depth report titled, "Needle Coke Market by Type (Petroleum-Based, Coal-Based), by Application (Graphite Electrodes, Lithium-ion Batteries, Special Carbon Materials, Rubber Compounds, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." The report highlights that the global needle coke market, valued at $2.3 billion in 2021, is projected to reach $5.7 billion by 2031, growing at a robust CAGR of 9.8% from 2022 to 2031.

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Key Growth Drivers

The expansion of the needle coke market is driven by the rising demand for super-premium grade needle coke, valued for its superior properties and chemical stability. This demand stems primarily from industries requiring high-performance materials. However, the high production costs of needle coke could potentially hinder market growth. Conversely, advancements in production technology are expected to unlock significant investment opportunities in the sector.

Segment Insights:

Petroleum-Based Needle Coke: The petroleum-based segment led the market in 2021, capturing about two-thirds of the total revenue share. This segment is also forecasted to exhibit the fastest growth, with a projected CAGR of 10.2% over the forecast period. Its expanding use in the cement and power generation industries supports this growth.

Graphite Electrodes: On the application front, the graphite electrodes segment dominated in 2021, comprising nearly 80% of the market revenue. The extensive use of graphite electrodes in steel production and other non-ferrous metals is a key factor contributing to this segment's prominence. The lithium-ion battery segment, meanwhile, is expected to witness the fastest growth with a CAGR of 11.1% due to increasing demand for lithium-ion batteries in consumer electronics.

Regional Outlook:

Asia-Pacific emerged as the leading region in 2021, holding about 60% of the total market share. This region is anticipated to grow at a CAGR of 10.7% from 2022 to 2031, driven by the rising demand for graphite electrodes fueled by the expanding electric vehicle market.

Leading Market Players

Key players shaping the needle coke market include:

- Essar Oil Ltd
- Nippon Steel Corporation
- Reliance Industries
- HEG Limited
- Indian Oil Corporation
- Shell Global
- Sumitomo Corporation
- Tokai Carbon Co., Ltd.
- GrafTech International Ltd
- Baosteel Group
- Phillips 66
- Mitsubishi Chemical Corporation

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