Global Needle Coke Market
As per the research conducted by the GMI Research, the Needle Coke Market will expand over the forecast period. The augmenting demand for lithium-ion batteries and the surging accessibility of steel have fuelled the Global Needle Coke Market Share.
Needle Coke Market Dynamics
The remarkable change in the preference of consumers towards electric cars has stimulated the usage of lithium-ion batteries in hybrid and battery electric vehicles is one of the pre-eminent factor responsible for the growth of the global needle coke market. The needle cock is implemented as an anode for lithium-ion batteries. In accordance with the IEA, the comprehensive sales of automotive are projected to reach 2.1 million by the end of 2019. The expansion in the overall sales is mainly because of the ongoing technological modernisation in the mechanization of buses, trucks, and two/three-wheelers. Thus, the accelerating seepage of electric vehicles will contribute to the market growth. Further, the initiation of several initiatives to reduce carbon discharge has further encouraged the endorsement of electric vehicles.
Moreover, the Needle Coke Market Analysis states that the robust demand for needle cocks across various industrial sectors such as oil & gas and construction. Also, the needle cock is used as a raw material for the recycling of steel and other applications, such as, aerospace, engineering, and automotive. The widespread outburst of the coronavirus crisis has influenced the steel industry. The rigorous lockdown imposed across different nations have hindered the production of needle cock.
Type Segment Drivers
The coal based needle coke is projected to expand at a higher rate over the forecast period. The coal based needle coke is produced from the coal tar fabricated during the production process of needle coke. Less electric resilience and low thermal extension of coefficient are some advantages proffered by petroleum needle coke which will drive the Global Needle Coke Market Size.
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