Needle Coke Market Trend, Share, Growth, Size and Forecast 2032

Needle Coke Market Size & Industry Overview

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.

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Needle Coke Market Overview

Needle coke is mostly utilized as principal raw material for the development of graphite electrodes in different electric furnaces. Needle coke is derived either from petroleum or coal tar. Needle coke based on coal is produced from coal tar during coke production. Coal-based needle coke has exceptional physical properties including low electric resistance and low co-efficient of thermal expansion, coupled with less breakage and less spalling.

Needle Coke Market Growth Dynamics

Increasing demand for steel and steel products is driving the growth of global needle coke market. Rising technological developments and cost-effectiveness provided by needle coke products are also expected to drive the needle coke market during the forecast period. However, political and economic instability towards petroleum products across the globe may act as a restraint for needle coke market growth.

Needle Coke Market Report Scope

Needle Coke Market Segmentation Analysis

Based on type, the global needle coke market is bifurcated into petroleum-derived and coal tar pitch derived needle coke. Petroleum-derived needle coke dominated the global needle coke market in 2023. The increasing demand for steel as well as qualities such as large particle size, low coefficient of thermal expansion, and puffing rate are driving the demand for petroleum-based needle coke.

Based on application, the needle coke market is segmented into graphite electrode, lithium-ion batteries, and others. Needle coke is anticipated to generate the largest demand from graphite electrode application. The lithium-ion batteries application is expected to witness strong growth owing to increasing demand for smartphones and electronic wearables.

Regional Analysis

Asia Pacific dominated the demand for needle coke across the globe, in 2023. Rising infrastructural development and growing manufacturing industry in this region is expected to boost the demand for needle coke in Asia Pacific. Asia Pacific is followed by Europe and North America in terms of demand for needle coke.

Some of the key players operating in the global needle coke market are

• Mitsubishi Chemical Corporation
• Baotailong New Material Co. Ltd.
• 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
• Phillips 66
• JXTG Holdings Inc.
• Indian Oil Corporation Ltd.
• C-Chem Co. Ltd.
• Sinopec Shanghai Petrochemical Company Limited
• Sinosteel Anshan Research Institute of Thermo-Energy Co. Ltd.
• Shijiazhuang Deli Chemical Co.
• and Petrocokes Japan Ltd.
• among others.

Global Needle coke Market: Type Segment Analysis

• Petroleum Derived
• Coal Tar Pitch Derived

Global Needle coke Market: End-User Segment Analysis

• Graphite Electrode
• Lithium Ion Batteries
• Others

Global Needle coke Market: Regional Segment Analysis 

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