Needle Coke Market Expected To Reach A CAGR Of 3.7% Between 2024-2032

The global Needle Coke market size accrued earnings worth approximately USD 3.71 Billion in 2023 and is predicted to gain revenue of about USD 5.15 Billion by 2032, is set to record a CAGR of nearly 3.7% over the period from 2024 to 2032.

The needle coke is a type of petroleum coke that has a needle-shaped crystalline structure. This feature, along with its high degree of carbon alignment, provides needle coke the ability to exhibit low electrical resistivity and high thermal conductivity. Needle coke is ideal for manufacturing graphite electrodes used in electric arc furnaces (EAFs) for steel production. Needle coke is made from two principal sources: petroleum source needle coke and coal tar pitch source needle coke.

Browse the full “Needle Coke Market Size - By Type (Petroleum Derived And Coal Tar Pitch Derived), By End-User (Graphite Electrode , Lithium Ion Batteries, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2024 – 2032” Report at https://www.zionmarketresearch.com/report/needle-coke-market

The global needle coke market is forecasted to grow significantly due to the increase in demand from the steel, energy, and transportation industries. A few other factors contributing to the growth of the needle coke market are:

• Industrial Development: Increased opportunities for needle coke are emerging in industries such as electronics, automotive, renewable energy, transportation, etc.
• Rising Demand for Lithium Batteries The need for graphite electrodes in electric vehicles and renewable sources has increased the need for needle coke.
• Needle Coke Special Features: High thermal conductivity and low coefficient of thermal expansion make needle coke ideal for extreme situations.

Restraints:

• Volatility of Crude Oil Prices: The worldwide markets for crude oils are unpredictable, which has an impact on supply chain operations and cost economics of the needle coke product.
• Environmental Regulations: There are various regulations on carbon emissions and petroleum by-products, which can act as a limiting factor for the needle coke industry growth.

Needle Coke Market Report Scope

Market Segmentation

The needle coke market is segmented based on type, application, and regional analysis.

On the basis of type, the needle coke market is classified into petroleum-derived and coal tar pitch derived. The petroleum-derived needle coke is expected to lead the market during the forecast period as the growing demand for steel and quality derived from petroleum needle coke is driving its increased uses.

Based on end-user, the needle coke industry is segmented into graphite electrode, lithium-ion battery, and special carbon material. The graphite electrode have the highest market share since they used in making steel. Graphite electrodes are also critical for the growing electric arc furnace (EAF) steelmaking process, which offers a more sustainable and energy-efficient alternative to traditional blast furnace methods, further driving their market dominance.

The global needle coke market is projected to be dominated by North America. North America's market share is growing due to advances in hydrocarbon exploration, along with the expansion of transportation, infrastructure, and industrial sectors. The push from renewable energy boosts demand for graphite electrodes.

Furthermore, integrating advanced drilling techniques and unconventional resource extraction in North America is fueling the demand for high-quality needle coke. The increasing reliance on electric arc furnaces (EAF) for steel production is expected to further elevate the need for high-performance graphite electrodes in the region.

Key Market Players

Prominent players driving the needle coke market include:

• Sinopec Shanghai Petrochemical Company Limited
• Mitsubishi Chemical Corporation
• Bao-steel Group
• Seadrift Coke LP
• Shanxi Hongte Coal Chemical Co. Ltd.
• Petrochina International Jinzhou Petrochemical Co. Ltd.
• Petroleum Coke Industries Co. (K.S.C)
• Fangda Carbon
• Indian Oil Corporation Ltd.
• C-Chem Co. Ltd.
• Sinosteel Anshan Research Institute of Thermo-Energy Co. Ltd.
• Shijiazhuang Deli Chemical Co.
• Petrocokes Japan Ltd.

Recent Developments and Acquisitions:

• In 2024, Baotailong New Material Co., Ltd increased its production capacity by 20% to meet the demand for ultra-high-power (UHP) graphite electrodes.
• 2024 - Phillips 66, a U.S.-based company, declared a $2 billion investment to improve its advanced refining technologies for battery applications.

This report segments the global needle coke market as follows:

Global Needle coke Market: Type 

• Petroleum Derived
• Coal Tar Pitch Derived

Global Needle coke Market: End-User

• Graphite Electrode
• Lithium Ion Batteries
• Others

Global Needle coke Market: Regional Analysis 

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

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