Needle Coke Market To Reach USD 5.85 Billion By 2027

Growth of the iron & steel industry, especially in the APAC region is one of the significant factors influencing the Needle Coke market growth.

New York, April 20, 2020 (GLOBE NEWSWIRE) -- The global needle coke market is expected to reach USD 5.85 Billion by 2027, according to a new report by Reports and Data. Needle coke is a high technology-intensive product and is primarily used in the production of graphite electrodes. The demand for lithium-ion batteries, mainly driven by the growing popularity of hybrid electric vehicles (HEV), battery electric vehicles (BEV), laptops, and smart devices, as well as growth of the steel industries (requiring graphite electrodes for arc furnaces), especially in the Asia Pacific region, among other factors, are causative for the growth of the market.

The new IMO 2020 regulations that came into effect from 1st January 2020 are likely to have a considerable impact on needle coke prices and supplies. The International Maritime Organization (IMO) requires ships to decrease their emissions similar to the consumption of marine fuels with a maximum sulfur content of 0.5%, well below the sulfur content of 3.5% till the last year. According to the new IMO rules, the price of low-sulfur crude oil needed for producing needle coke is anticipated to rise as a major portion of it will be consumed in marine fuels. Needle coke manufacturers would be compelled to face the increased competition for feedstock or invest in equipment to enable the use of high-sulfur oil, thereby exerting pressure on the consumers of the product.

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In the current situation, steel companies have shown strong determination and carry on to uphold production amid the prevailing COVID-19 pandemic, which has severely affected businesses worldwide. Although steel production and related activities are covered under the Essential Commodities Act, it is a matter of concern as how long steel companies can go on producing as steel companies had bookings till March 2020 and would start facing issues to sell products from April as the majority of automotive companies and white goods producers shut down production, and hence impacting the demand for needle coke. Also, the fears of extension to the lockdown period would further rupture the production activity in many sectors comprising the electric vehicles segment.

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For the purpose of this report, Reports and Data have segmented the global needle coke market on the basis of product type, grade, application, and region:

To identify the key trends in the industry, click on the link below:   https://www.reportsanddata.com/report-detail/needle-coke-market

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Traders fled from the expiring May U.S. oil futures contract in a frenzy on Monday, sending the contract into negative territory for the first time in history, as barely any buyers are willing to take delivery of oil barrels because there is no place to put the crude. The May contract for U.S. West Texas intermediate crude oil plunged to below zero for the first time in history, settling on the day at minus $37.63 a barrel, a decline of some 305%, or $55.90 a barrel. Brent crude oil, the international standard price most often cited as the going price of a barrel of oil, also fell, down 5.27% to $26.60 per barrel.

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