Needle Coke Market Projections And Future Opportunities Recorded for the Period 2022-2030

Washington (Newswires)--27 Jul 2022 

The global Needle Coke market size reached USD 2,293.5 Billion in 2021 and is expected to register a revenue CAGR of 8.7% during the forecast period, according to latest analysis by Emergen Research. Increasing production of graphite electrodes for the steel industry, especially in emerging countries, growing usage of smart devices, and high demand for graphite batteries are some key factors driving market revenue growth. Needle coke is a premium grade, high value petroleum coke used in the manufacturing of graphite electrodes of very low Coefficient of Thermal Expansion (CTE). These graphite electrodes are used in Electric Arc Furnaces (EAFs) in the steel manufacturing industry for melting scrap metal and producing steel. High tensile strength, good chemical stability, and high thermal conductivity of needle coke enables manufacturing of ultra-high power graphite electrode and artificial graphite cathode materials.

Rising demand for semiconductors, and various metals and materials and components from aerospace & defense, building and construction, automotive, marine, and oil & gas, among various others is driving inclining demand for needle coke. Needle coke is highly preferred for its low thermal expansion coefficient, low porosity, and high conductivity and widely used in the manufacture of synthetic graphite and anode material for lithium-ion batteries, which are used in Electric Vehicles (EVs). Graphite is the largest raw material in lithium-ion batteries by size. Surge in demand for EVs owing to increasing environmental impact and rising carbon emissions and favorable initiatives by governments for green and low-carbon economy is boosting revenue growth of the needle coke market. For instance, Tesla Model S electric vehicle contains up to 85kg of graphite. Increasing penetration of electric vehicles and shifting consumer preference towards hybrid-electric cars are factors expected to continue to drive market revenue growth during the forecast period.

 

Link: https://www.einnews.com/pr_news/583230543/needle-coke-market-projections-and-future-opportunities-recorded-for-the-period-2022-2030