Promptly evolving electric vehicles have led to a significant surge in the demand for oil needle coke. A shift in consumer preference from conventional vehicles toward electric automobiles is expected to develop immense opportunities for the oil needle coke market players, as they can find application scope of lithium-ion batteries in Battery Electric Vehicle and Hybrid Electric Vehicles sector. The Hybrid Electric Vehicles industry has seen an abrupt growth in recent years owing to supportive regulations and policies by the government organizations, volatile gas tariffs, and surging awareness among consumers regarding the reduction of carbon emission. All the above-mentioned factors have considerably increased the demand for oil needle coke in the international market.
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The penetration of electric automobiles is limited; however, the modern trend of purchasing a hybrid-electric automobile is expected to attain significance over the next decade owing to the implementation of various favourable measures to decrease carbon and other toxic emissions. This switch in consumer preference from conventional vehicles toward hybrid electric automobiles is expected to be a critical factor that can drive the demand for oil needle coke, thereby supporting the growth of oil needle coke market. Oil needle coke is the important raw material that is essentially required in the production of graphite electrodes from arc furnace in the aluminium and steel industry verticals.
Oil needle coke is an incredibly special form of coke that exhibits several superior properties and characteristics, such as robust structural factors, high-temperature resistance property, high oxidizability, high electrical resistance, and critical coefficient of thermal expansion. Market players operating in the oil needle coke industry are focusing on enhancing their invests and efforts in R&D and product innovation activities to develop high-quality needle coke from short value heavier hydrocarbon streams. Oil needle coke produced from heavier hydrocarbon streams can resist the high temperature of about 2800°C. Also, the oil needle coke manufacturing and retailing organizations are attempting to improve their refinery margins owing to increased production rates.
The global oil needle coke market can be analyzed on the basis of product types, applications, and regional markets. Based on the product types, the global oil needle coke market can be segmented into-
- High Sulfur Coke
- Low Sulfur Coke
Based on applications, the global oil needle coke market can be segmented into-
- Aluminum Industry
- Steel Industry
- Titanium Industry
Based on the product grade, oil needle coke can be classified into Super-premium, Premium-grade, and Intermediate-grade oil needle coke. Oil needle coke is critically required in the production of Electrode, Silicon metals & ferroalloys, Carbon black, and Rubber compounds. The use of oil needle coke in the production of lithium-ion batteries is anticipated to witness considerable growth owing to shifting consumer preference for natural and optimum-quality graphite electrode over the other synthetic products in Li-ion batteries.
Based on geography, the global oil needle coke market can be segmented into North America, Europe, Asia Pacific, and Southeast Asia. Factors, such as recovery in the North American economy and the development of different critical end-user industry verticals are anticipated to continue to be a macro-driving factor for driving the demand for oil needle coke in the North American region. Furthermore, the advent of novel technologies, including electric-arc furnace is another crucial factor triggering the development of mini-mills for steel production. This factor can further augment the demand for high-quality oil needle coke in North America. In emerging countries like India, government investments and initiatives to support domestic manufacturing are expected to reduce dependence on international imports and increase regional production levels. This factor is further expected to boost the demand for oil needle coke in the Asia Pacific.
Mitsubishi Chemical Holding Groups, a leading manufacturer and supplier of performance products, industrial materials and chemicals, has started manufacturing, supplying, and retailing optimum-quality oil needle coke. The brand claims that its needle coke serves as a primary material for the production of graphite electrodes in an electric furnace. Mitsubishi Chemicals also deal with needle coke that is produced from coal tar. Mitsubishi’s coal-based needle coke has incredible physical properties, including low electric resistance and low coefficient of thermal expansion.
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