United States Petroleum-based Needle Coke Market was valued at USD 1.5 Billion in 2022 and is projected to reach USD 2.4 Billion by 2030, growing at a CAGR of 7.3% from 2024 to 2030.
The US petroleum-based needle coke market has witnessed significant growth over the past few years due to its rising demand in various industrial applications. Needle coke, a high-quality carbon material, is primarily used in the production of electrodes for electric arc furnaces, essential in steelmaking. The increasing demand for high-strength materials in industries such as steel production, battery manufacturing, and electronics has driven the need for petroleum-based needle coke, especially in the US.
Petroleum-based needle coke is derived from petroleum pitch, which undergoes a distillation process and subsequent calcination. This results in a material with high crystallinity, making it ideal for applications where conductivity and resistance to high temperatures are critical. As the need for advanced materials grows, industries are increasingly relying on this product to meet the specifications of high-performance applications.
One of the most significant industrial requirements driving the demand for petroleum-based needle coke is the rise in the steelmaking industry. Electric arc furnaces, which are used to produce steel, rely heavily on graphite electrodes made from needle coke. With the US steel industry's expansion, there is an increased need for high-quality electrodes, thus propelling the market for petroleum-based needle coke. Additionally, the growth of the lithium-ion battery sector has created another avenue for this specialized material, as needle coke is used in the production of anode materials for batteries.
Furthermore, advancements in renewable energy technologies and electronic devices have bolstered the demand for petroleum-based needle coke in the production of high-performance materials used in these fields. As technology continues to evolve, the requirement for more specialized materials like needle coke is expected to grow, influencing market trends.
Overall, the petroleum-based needle coke market in the US is poised for continued expansion, with industries across various sectors increasingly relying on this essential material to meet their production needs. The intersection of industrial demands with the ongoing development of high-tech materials underscores the growing importance of this market segment.
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ConocoPhillips
C-Chem
Seadrift Coke
JXTG Holdings
Sumitomo Corporation
Mitsubishi Chemical
Indian Oil Company
Shanxi Hongte Coal Chemical
Fangda Carbon
Shanxi Jinzhou Group
CNPC Jinzhou Petrochemical
Shandong Yida New Material
Sinosteel
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the US Petroleum-based Needle Coke Market
High-Quality Needle Coke
Intermediate-Quality Needle Coke
Low-Quality Needle Coke
Graphite Electrodes
Batteries
Specialty Carbon Products
Refractories
Delayed Coking Process
Fluid Coking Process
Steam Cracking Process
Direct Sales
Distributors
Online Sales Platforms
Energy & Power
Automotive
Aerospace
Electronics
Chemical Processing
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the US Petroleum-based Needle Coke Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. US Petroleum-based Needle Coke Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. US Petroleum-based Needle Coke Market, By Type
6. US Petroleum-based Needle Coke Market, By Application
7. US Petroleum-based Needle Coke Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. US Petroleum-based Needle Coke Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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