Needle Coke Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)


Needle Coke Market Analysis:

1. The Global Needle Coke Market is projected to experience a significant increase in size from 1.91 million metric tons in 2023 to 3.37 million metric tons by 2028. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of 12.07% during the forecast period of 2023–2028. However, the COVID-19 pandemic had a negative impact on the needle coke market, as the manufacturing of graphite electrodes was heavily impacted due to less demand from steel manufacturing plants, which reduced the consumption of needle coke.

2. Despite the negative impact of the pandemic, the market is expected to grow due to the continuous manufacturing of graphite electrodes after 2020. The major factors driving the growth of the market in the short term are the increasing demand for lithium-ion batteries and the rising availability of steel scrap in China. However, the fluctuating prices of crude oil are acting as a roadblock to the growth of the needled (petroleum-based) coke market.

3. An opportunity for the market studied over the forecast period is the increase in lithium-ion battery production in Europe. The Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period. Despite the challenges posed by the COVID-19 pandemic and the fluctuating prices of crude oil, the Global Needle Coke Market is expected to experience significant growth in the coming years, driven by the increasing demand for lithium-ion batteries and the rising availability of steel scrap in China.

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