Lowest Price Eelectrode New York, Aug. 18, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Needle Coke Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" - https://www.reportlinker.com/p06483776/?utm_source=GNW The Global Needle Coke Market size is expected to grow from 1.91 million metric tons in 2023 to 3.37 million metric tons by 2028, at a CAGR of 12.07% during the forecast period (2023-2028). The COVID-19 pandemic negatively impacted the needle coke market. Due to COVID-19, the manufacturing of graphite electrodes was heavily impacted due to less demand from the steel manufacturing plants, which reduced the consumption of needle coke. After 2020, the market expanded steadily because of the continuous manufacturing of graphite electrodes. Key Highlights Over the short term, the major factors driving the growth of the market studied are the growing demand for lithium-ion batteries? and the rising availability of steel scrap in China. On the flip side, fluctuating prices of crude oil are acting as a roadblock to the growth of the needled (petroleum-based) coke market. An increase in lithium-ion battery production in Europe is likely to act as an opportunity for the market studied over the forecast period. Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period. Needle Coke Market Trends Graphite Electrodes Segment to Dominate the Market Needle coke is a high-quality carbon raw material that is produced from coal tar and petroleum. It is a premium grade, high-value petroleum coke used in the manufacturing of graphite electrodes of very low coefficient of thermal expansion (CTE) for the electric arc furnaces in the steel industry. The graphite electrodes are primarily used in electric arc furnace steel manufacturing, alloy steel, various alloys, and nonmetals melting. Furthermore, graphite has high thermal conductivity and is very resistant to heat and impact. It also has low electrical resistance, which is needed to conduct the large electrical currents necessary to melt iron. Thus, it can sustain sustaining the extremely high levels of heat generated in EAF (Electric Arc Furnace). China is both the largest manufacturer and consumer of graphite electrodes in the world. Over the past few years, graphite electrodes witnessed a significant rise in prices. In July 2021, Iran’s Oil Ministry awarded a USD 344 million project for producing petroleum-based needle coke that is used for making graphite electrodes in the steel manufacturing process. United States Steel Corporation has started to explore new locations for electric arc furnaces (EAF) to produce advanced grades of steel, which will cost approximately USD 3 billion. This trend is expected to support the studied market. According to the Bureau of International Recycling, in China, approximately 226.2 million tons of steel scrap were used for recycling purposes for the steel manufacturing process. In addition, the rising availability of steel scrap in China shows the increasing consumption of needle coke used for graphite electrode manufacturing. The above-mentioned factors are likely to affect the demand for needle coke for graphite electrode application during the forecast period. Asia Pacific region to Dominate the Market Asia Pacific region is expected to dominate the needle coke market as the region has countries such as China (the biggest producer and consumer of needle coke) and Japan. China holds the largest share in terms of consumption and production capacity of graphite electrodes in the global scenario, thus, presenting the scope for steel production in the country. This further displays the growing demand in the needle coke market during the forecast period. In addition to it, the Government of China is also focusing on developing eco-friendly means of producing steel. Several hundred thousand metric tons of new capacity electric arc furnace is already in the pipeline. Japan is one of the leading producers as well as the exporter of petroleum and coal tar-based pitch needle coke. Japanese companies are one of the largest producers of graphite electrodes in the world. The market giants of graphite electrodes include Showa Denko, Nippon Carbon, SEC Carbon, and Tokai Carbon. Japan UPS demand is fueled by the rising demand for high–rated power supply from data centers, coupled with rising technological developments in the country. The increase in demand for heavy-energy storage batteries to store solar power is expected to drive the market for lithium-ion batteries in the country. In November 2022, HEG Ltd announced it to set up a new manufacturing facility for a graphite electrode for lithium-ion batteries in the next 3 years in India. According to the National Development and Reform Commission (China), China produced 1,337 million tons of steel in 2021, witnessing a growth rate of 0.9 percent when compared to the previous year. This trend shows the increasing consumption of needle coke in the production of graphite electrodes. Hence, the Asia Pacific region is expected to dominate the global market based on the above mentioned aspects. Needle Coke Industry Overview The needle coke market is consolidated in nature. Some of the major players in the market (not in any particular order) include Phillips 66 Company, GrafTech International, Mitsubishi Chemical Group Corporation, ENEOS Corporation, and NIPPON STEEL Chemical & Material Co., Ltd., among others. Additional Benefits: The market estimate (ME) sheet in Excel format 3 months of analyst support Read the full report: https://www.reportlinker.com/p06483776/?utm_source=GNW About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. __________________________