New York, April 26, 2022 (GLOBE NEWSWIRE) — Vehicle emissions are known to be one of the main contributors to global CO2 emissions. According to statistics from the US Environmental Protection Agency (EPA), a typical passenger vehicle emits approximately 4.6 metric tons of CO2/year. Additionally, CO2 emissions from a gallon of gasoline were recorded at 8887 grams of CO2/gallon, while those of diesel were recorded at 10180 grams of CO2/gallon. Due to these growing concerns about vehicle emissions, the demand for electric vehicles has seen a massive increase over the past few years. According to statistics from the International Energy Agency (IEA), in 2019, sales of electric cars recorded 2.1 million units, representing a growth of 6% compared to the year 2018. , the global electric car fleet for battery electric vehicles (BEVs) grew from 0.02 million in 2010 to 4.79 million in 2019.
Kenneth Research recently published a report on “Global Needle Coke Marketwhich includes a brief analysis of the major players operating in the market along with their product portfolios. The market research report is studied using primary and secondary research processes and also covers the impact of COVID-19 on market growth. Moreover, the report is studied for the forecast period i.e., 2021-2030 and it includes the analysis of regulatory and normative landscape along with risks associated with the industry.
Attention to electric mobility has increased significantly in recent years. By 2030, in the sustainable development scenario, the share of electric vehicles in all modes except two-wheelers is projected to collectively reach 30%, according to IEA statistics. Moreover, statistics also indicate that the electric vehicle (EV) fleet (excluding two and three wheelers) has increased by 36% per year and is expected to reach 245 million vehicles by the end of 2030, more than 30 times above the 2020 level. With the projected size of electric vehicles, the manufacturing capacity of batteries for these vehicles is also expected to increase massively. Lithium-ion batteries used in electric vehicles use graphite electrodes as the anode material. These graphite electrodes are made using a special type of coke, called needle coke or needle coke, which is a type of petroleum coke. Highly crystalline petroleum coke is produced exclusively from coal tar pitch or fluid catalytic cracking (FCC) slop oil. With the surge in the adoption of electric vehicles and, consequently, the increase in demand for electric vehicle batteries, the demand for needle coke is expected to increase significantly. Such a factor is therefore expected to boost the growth of the global needle coke market.
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The global Needle Coke Market generated revenue of USD 2168.7 million in 2020 and is further expected to touch USD 4085.6 million by the end of 2030, growing with a CAGR of 6.73% during the forecast period. The market is also expected to grow owing to growing demand for graphite electrodes and increasing trade for the product followed by growing demand for needle coke among steel and iron manufacturing industries. aluminium, supported by the strong increase in demand for steel and aluminium. . According to statistics from the World Steel Association, crude steel production worldwide has increased from 189 million tons in 1950 to 1878 million tons in 2020. In addition, the growing emphasis on sustainable production The surge in the demand for recycled steel scrap is also expected to create lots of market growth opportunities in the coming years. According to statistics from the Bureau of International Recycling (BIR), every year 630 million tons of scrap steel are recycled every year. In addition, in 2019, the use of steel scrap by major countries and regions around the world increased to about 491 million tons.
The global needle coke market is segmented by region into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Among the market in these regions, Asia-Pacific market generated the largest revenue of USD 937.1 million in 2020 and is further expected to touch revenue of USD 1809.1 million from by the end of 2030. The growth of the market in the region can be mainly attributed to the presence of nations such as China which is also known to be the largest steel producer in the world. In other statistics from the World Steel Association, China ranked first in terms of global crude steel production in 2019 and 2020. Additionally, crude steel production in the country increased from 995, 4 million tons in 2019 to 1064.8 million. Tons in 2020. Moreover, in terms of crude steel production share, China recorded 44.5%, while Japan, India and other parts of Asia recorded 7, 6%, 4.8% and 7.2%. The market in the region is segmented by country into Australia, Japan, South Korea, India, China and Rest of Asia Pacific. Among the market of these countries, the Chinese market is expected to show the largest market revenue of USD 811.9 million by the end of 2030, up from a revenue of USD 415.3 million in 2020. Additionally, the East Indian market is expected to reach the second largest revenue of USD 547.4 million by the end of 2030 from a revenue of USD 266.0 million in 2020.
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On the other hand, North America needle coke market generated the second largest revenue of USD 681.2 million in 2020 and further is expected to reach USD 1359.7 million revenue from by the end of 2030. The market in the region is further segmented by country into United States and Canada. Apart from these countries market, the US market is expected to reach the highest market share by the end of 2030, while the Canadian market is expected to grow with the highest CAGR of 8.61% during the forecast period.
The study further incorporates YOY growth, demand and supply and forecasts future opportunities in North America (US, Canada), Europe (UK, Germany, France, Italy, Spain, Hungary, Belgium, Netherlands and Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark]Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman]North Africa, South Africa, Rest of the Middle East and Africa).
The global needle coke market is segmented by application into graphite electrodes, lithium-ion batteries, specialty carbon materials and others. Among these segments, the graphite electrode segment generated the largest revenue of $1421.2 million in 2020 and is further expected to reach $2650.4 million by the end of 2030. In Asia- Pacific, the segment generated the largest revenue of $1179.0 million. by the end of 2030, compared to revenue of $617.6 million in 2020. Additionally, in North America, the segment generated revenue of $883.0 million at the end of 2020. end of 2030, against a turnover of 445.8 million dollars in 2020.
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The global needle coke market is also segmented on the basis of end-user industry into automotive, semiconductor, aluminum and steel, etc. Among these segments, the aluminum and steel segment generated the largest revenue of USD 1417.6 million in 2020 and is further expected to touch USD 2622.9 million by the end of 2030. In Asia-Pacific, the segment is expected to achieve the highest turnover. of $1153.5 million by the end of 2030, compared to revenue of $610.3 million in 2020. Additionally, in Europe, the segment generated the largest revenue of 191, 6 million USD in 2020 and is further expected to reach 323.7 USD. million by the end of 2030.
The global needle coke market is also segmented on the basis of type and quality.
Global Needle Coke Market Segmentation by Type
Global Needle Coke Market, Segmentation by Grade
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Some of the key industry leaders in the global needle coke market that are included in our report are Asbury Carbons Inc., NIPPON STEEL CORPORATION, ENEOS Holdings Co., Ltd., GrafTech International Ltd., Graphite India Limited, HEG Limited, Mitsubishi Chemical. Holdings Corporation, Phillips 66 Company, Sojitz Corporation, Sumitomo Corporation, Tokai Carbon Co., Ltd. and others.
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