The global needle coke market is estimated to witness a healthy growth, at an estimated CAGR of over 5%, over the forecast period. The major factor driving the growth of the market studied is rapidly increasing demand from steel manufacturing industry.
New York, Feb. 26, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Needle Coke Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06028480/?utm_source=GNW
- Frequent fluctuations in crude oil prices are likely to hinder the markets growth.
- Growing graphite electrodes demand from aerospace industry is likely to create opportunities for the market in the coming years.
- Asia-Pacific region is expected to dominate the market and is also likely to witness highest CAGR during the forecast period.
Key Market Trends
Increasing Demand for Graphite Electrodes from the Aerospace Industry
- Graphite electrode is used in Electrical Discharging Machines (EDM’s) in the aerospace sector, owing to their costs, material variety, performance, and surface finish. Fine grain graphite electrodes deliver similar surface finishes to that of copper, while offering much faster speeds and vastly reduced electrode wear.
- Also, graphite EDM’s are able to achieve electrode wear of less than 1%, in relation to the depth of cut. Therefore, with the increasing investments in the aerospace industry, the demand for graphite electrodes are expected to rise.
- With the increasing security concerns and increasing commercial use of aircraft as a medium of conveyance, the demand for aircraft has been increasing across the world. With this, various aircraft production orders have been lined up for delivery in the coming years.
- For instance, according to Boeing, by 2038, the deliverables of commercial aircraft are expected to reach about 17,390 units in the Asia Pacific, 9,130 units in North America and about 8,990 units in Europe.
- Hence, with the production of aircraft to deliver the aircraft orders from the defense as well as the aviation industry, the demand for needle coke is projected to increase worldwide, during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market. In the region, China is the largest economy, in terms of GDP. China is one of the fastest emerging economies and has become one of the biggest production houses in the world, today. The country’s manufacturing sector is one of the major contributors to the country’s economy.
- The Chinese aircraft industry depicted significant growth over the years. According to Boeing, China is estimated to require around 7,600 new commercial aircraft, valued at USD 1.2 trillion, over the next two decades.
- Foreign investment in China has also been extended into the aviation sector, which is projected to register a CAGR of 6%, owing to China’s geographical location, which provides easy access to the industrial goods markets in the neighboring countries, as well as, other countries globally, making it a major access point for manufacturers and suppliers.
- Due to all such factors, the market for needle coke in the region is expected to have a steady growth during the forecast period.
The needle coke market is partially consolidated in nature. Some of the major players in the market include GrafTech International, Indian Oil Corporation Ltd, Asbury Carbons, Mitsubishi Chemical Corporation, and Reliance Industries Limited, among others.
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