According to a new report by UnivDatos Market Insights, the Needle Coke Market is expected to reach USD ~4.8 billion by 2032 by growing at a CAGR of ~5.6%. Needle coke is produced and used to a lesser extent than other types of coke; it is mostly used to make graphite electrodes which are used in electric arc furnaces in steel industries. Its qualities and the fact that it has the status of a metalloid make it an indispensable material in such fields as electronics, energy storage, aviation, and nuclear. The growth in the global needle coke market is referred to by several reasons, such as the availability of steel, the utilization of electric cars, and the increased utilization of renewables.
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Demand:
This is mainly due to needle coke being primarily used in steel manufacturing, and therefore, its demand depends mostly on the buoyancy of this sector. Further, global economy expands and undergoes urbanization, there shall be increased demand for steel, which is a key raw material for manufacturing, amongst other necessities; this, in turn, will lead to increased demand for needle coke. However, the conversion towards the use of eco-friendly vehicles and friendly sources of energy like electric vehicles and wind electricity is also driving the need for needle coke in the manufacture of lithium-ion batteries and wind electricity blades.
Applications:
This type of coke is commercially used since it is applicable in several industries. It is used in the production of steel industry works in the graphite electrode used in electric arc furnace production of steel. In the lithium-ion battery industry, needle coke is utilized to manufacture anode materials, which is one of the essential constituents of lithium-ion batteries found in electric cars and electronics. Aerospace is the industry where Needle Coke manufactures the carbon fiber composite that is used in creating body parts of aircraft and spacecraft.
Cost:
Cost is a critical feature of needle coke, and it is determined by factors such as the price of crude oil, availability of raw materials, and production capacity. The price of the needle coke, the key raw material used in its production has been fluctuating in the recent past because of the instability in the prices of the crude oil and disruptions in the supply chain. However, many players are optimistic, pointing to the effect of growth in production technology and the increase in economies of scale that is likely to pull down the cost of needle coke in the future years.
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Conclusion:
In conclusion, the global needle coke market is experiencing significant growth due to the increasing demand for steel, the rise of electric vehicles, and the expanding renewable energy sector. As industries continue to innovate and demand for high-quality materials grows, the needle coke market is expected to expand further. However, challenges such as volatile raw material prices and environmental concerns remain. As such, companies in the needle coke market must continue to invest in research and development to stay competitive and meet the evolving needs of the market.
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