Pune, India, July 19, 2022 (GLOBE NEWSWIRE) -- The global needle coke market is likely to gain momentum from the ongoing industrial development in energy, construction, transportation, and aviation industry. According to an upcoming report by Fortune Business Insights, titled, “Needle Coke Market Size, Share and Global Trend by Type (Petroleum Derived, Coal Tar Pitch), by Grade (Intermediate, Premium, Super Premium), by Application (Graphite Electrode, Lithium-Ion Battery, Special Carbon Material), and Geography Forecast till 2026,” needle coke is being utilized the most in battery, aluminum, and steel manufacturing units. This is likely to impact the global market positively. Additionally, it plays a very important role in the steel recycling process
Market Drivers-
Fortune Business Insights predicts that Asia Pacific has a huge growth potential. This is because of the existence of several prominent graphite electrode manufacturers in the region. This is coupled with the rising adoption of lithium batteries in China. India, one of the fastest developing countries in Asia Pacific, is slowly opening its door to immense development opportunities. The Middle East and Africa is growing day by day due to its advanced production and exploration activities for gas and oil. This region is also exporting petroleum products and are involved in hydrocarbon business. These factors are likely to drive the needle coke market in this region.
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Highlights of the Report-
The report sheds light on current market trends and recent developments in the industry that affect the market growth. Also, the impact of COVID-19 pandemic on market development and expansion is highlighted further in this report. Furthermore, drivers and restraints affecting the market growth are discussed in this report to elaborate on the possible lucrative opportunities for the key market players. The regional information regarding market share and development is provided further. The report focuses on providing factual information and statistical data regarding the current market state and future development during the forecast period.
COVID-19 Impact:
Restricted Import/Export Activities Amid Pandemic to Hamper Market Growth
The outbreak of COVID-19 pandemic has affected various industries, including the energy and power sectors. The product demand declined during the lockdown due to several restrictions imposed by governments. Transportation and manufacturing operations were halted to restrict the virus spread, which affected the productivity and profitability of key market players. Stringent restrictions were applied on import/export activities to curb the virus spread, which, in turn, affected the Needle Coke Market growth.
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Regional Segmentation-
Immense Growth Opportunities in Wind and Solar Power to Favor Growth in Europe
The global needle coke market is geographically divided into Latin America, Asia Pacific, the Middle East and Africa, Europe, and North America. Amongst these regions, North America is projected to witness notable growth in the market because of the persistent development in the production and exploration activities of hydrocarbon. Also, the ongoing strategic development in transportation, industrial products, electronics & telecommunication, and infrastructure will contribute to the overall needle coke market growth in this region. Europe, on the other hand, is witnessing a rise in the rate of steel utilization which is anticipated to propel the market. This is mainly because of the increasing focus on energy security which has further led to numerous growth opportunities in wind and solar power industries. Technological advancement is also aiding in the needle coke market growth in this region.
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Competitive Landscape-
Key Market Players Aim to Focus on Strategic Joint Ventures to Gain Competitive Edge
Two Chinese companies, namely, Shanghai Baosteel Chemical Co. Ltd, a manufacturer of premium steel products and Fangda Carbon, a manufacturer and seller of carbon products announced that they have jointly set up Ultra-High Power (UHP) grade graphite electrode plant in August 2018. The plant is named Boafang Carbon Material Technology Co. Ltd. The companies also revealed that the unit capacity is anticipated to be approximately 100,000 tons per year. The operation will commence from 2020.
Shanghai Baosteel Chemicals possesses 51% share in this new company and the registered amount of this joint venture is USD 190 million. Reliance Industries Ltd., a multinational conglomerate company, headquartered in Mumbai, announced that it has approached three leading oil marketing companies to purchase petroleum coke, also known as petcoke from them in August 2018. It was done for firing its $5 billion petcoke gasifiers.
Key Industry Development:
In August 2018, The two Chinese companies Shanghai Baosteel Chemical Co. Ltd and Fangda Carbon are jointly setting up UHP (Ultra-High Power) grade graphite electrode plant under the subsidiary of ‘Boafang Carbon Material Technology Co. Ltd., The plant capacity is expected to be around 100,000 tonnes per year and planned to put it in operations by 2020.
In August 2018, Reliance Industries Ltd. has approached leading oil companies to buy petroleum coke from them to fire its $5 billion petcoke gasifiers.
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List of Key Players Profiled in the Report:
- Graphite India Ltd.,
- Posco Chemical Company
- Sinopec Shanghai Petrochemical Company Limited
- GrafTech International Ltd.
- Bao-steel Group
- Mitsubishi Chemical Corporation
- China National Petroleum Corporation
- Sumitomo Corporation
- Seadrift Coke LP
- Shaanxi Coal and Chemical Industry Group
- Petrocokes Japan Ltd.
- Indian Oil Corporation
- Phillips 66
- JXTG Holdings
- Baotailong New Material Co., Ltd.
- Sojitz Ject Corporation
- C-Chem Co., Ltd
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