Global Needle Coke Market size was valued at USD 2.8 Billion in 2024 and is expected to reach USD 6.2 Billion by 2034, at a CAGR of 5.5% during the forecast period 2024 – 2033.
Needle Coke Market: Overview
Needle coke is a specialized type of petroleum coke, which is a carbonaceous solid derived from oil refining. It is distinguished by its unique structure composed of long, thin, needle-like crystalline structures. This structure gives needle coke exceptional mechanical strength, thermal conductivity, and resistance to thermal expansion.
The global needle coke market is witnessing several notable trends. Firstly, there’s a growing demand for needle coke in the production of lithium-ion batteries and fuel cells, driven by the increasing adoption of electric vehicles and renewable energy technologies worldwide.
Additionally, the steel industry’s continued reliance on electric arc furnaces for steelmaking is fueling demand for needle coke as a crucial material for graphite electrodes. Moreover, advancements in technology and manufacturing processes are improving the quality and efficiency of needle coke production, leading to enhanced product performance and cost-effectiveness.
Furthermore, there’s a rising emphasis on sustainability and environmental regulations, encouraging manufacturers to explore greener production methods and alternative feedstocks for needle coke. Overall, these trends indicate a dynamic and evolving market landscape characterized by increasing demand, technological innovation, and sustainability considerations.
By type, the petroleum-based segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period 2024-2032. The petroleum-based needle coke market is experiencing increasing demand driven by the growth of electric vehicles, renewable energy technologies, and steel production. Additionally, technological advancements and investments in sustainable energy solutions are shaping the market toward higher-quality and more efficient needle coke production processes.
By application, the graphite electrode segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period 2024-2032. Recent trends in the graphite electrode needle coke market include increasing demand driven by the growth of electric vehicles and renewable energy technologies, tightening supply due to limited production capacity expansion, and rising prices attributed to higher raw material costs and market consolidation among key producers.
In the Asia-Pacific coke market, key trends include growing demand for steel production, driven by infrastructure and construction projects, along with the rise in electric vehicle adoption, leading to increased demand for needle coke in lithium-ion batteries. Additionally, environmental regulations are pushing for cleaner coke production methods.
Report Scope
| Feature of the Report | Details |
| Market Size in 2024 | USD 2.8 Billion |
| Projected Market Size in 2033 | USD 6.2 Billion |
| Market Size in 2023 | USD 2.5 Billion |
| CAGR Growth Rate | 5.5% CAGR |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Key Segment | By Type, Application and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Phillips 66, a significant provider of the exclusive graphite needle coke used in producing lithium-ion batteries for electric vehicles worldwide, has revealed a new partnership with Faradion. This collaboration aims to advance anode materials for sodium-ion batteries, an emerging energy storage technology.
CMI has comprehensively analyzed needle coke market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict an in-depth scenario of the market. Segment wise market size and market share during the forecast period are duly addressed to portray the probable picture of this needle coke industry.
The competitive landscape includes key innovators, after market service providers, market giants as well as niche players are studied and analyzed extensively concerning their strengths, weaknesses as well as value addition prospects. In addition, this report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships.
List of the prominent players in the Needle Coke Market:
- Phillips 66
- Mitsubishi Chemical Corporation
- PetroChina Company Limited
- C-Chem Co. Ltd.
- JXTG Holdings Inc.
- Baowu Steel Group Corporation Limited
- Indian Oil Corporation Limited
- Shanxi Hongte Coal Chemical Industry Co. Ltd.
- Shandong Yida New Material Co. Ltd.
- Asbury Carbons
- Baosteel Group Corporation
- Sumitomo Chemical Co. Ltd.
- Seadrift Coke LP
- Sinopec Shanghai Petrochemical Company Limited
- PCK Petroleum Development Limited
- ConocoPhillips Company
- Mitsubishi Chemical Holdings Corporation
- Indian Oil Corporation
- Sinopec Shanghai Petrochemical Co. Ltd.
- Sojitz JECT Corporation
- Others
The Needle Coke Market is segmented as follows:
By Type
- Petroleum Based
- Coal Based
By Application
- Graphite Electrodes
- Lithium-ion Battery
- Special Carbon Material
- Rubber Compounds
- Others
By Grade
- Intermediate
- Premium
- Super Premium
Regional Coverage:
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Russia
- Italy
- Spain
- Netherlands
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Taiwan
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America