Report Code: CMI45088

Published Date: April 2024

Pages: 320+

Category: Chemicals And Materials

Report Snapshot

CAGR: 5.5%
2.5B
2023
2.8B
2024
6.2B
2033

Source: CMI

Study Period: 2024-2033
Fastest Growing Market: Asia-Pacific
Largest Market: Europe

Major Players

  • Phillips 66
  • Mitsubishi Chemical Corporation
  • PetroChina Company Limited
  • C-Chem Co. Ltd.
  • JXTG Holdings Inc.
  • Others

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Reports Description

Global Needle Coke Market 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 is a type of high-quality petroleum coke, which is derived from heavy residual oils during the refining process of crude oil. It is characterized by its unique structure composed of long, thin, needle-like crystalline structures. Due to its specialized properties, needle coke is relatively rare and expensive compared to other types of petroleum coke.

Needle Coke Market: Growth Factors

Increasing demand for steel recycling

The increasing demand for steel recycling is a significant driver for the needle coke market due to its pivotal role in the production of graphite electrodes essential for electric arc furnace (EAF) steelmaking. As the world focuses more on sustainability and reducing carbon emissions, steel recycling has gained prominence as a key component of the circular economy.

Electric arc furnaces, which use graphite electrodes made from needle coke, are integral to the recycling process, as they efficiently melt scrap steel to produce high-quality steel products. With the growing emphasis on reducing the environmental footprint of steel production, the demand for needle coke is expected to rise proportionally to support the expansion of EAF steelmaking capacity.

This trend underscores needle coke’s critical position in enabling sustainable steel production practices and meeting the increasing global demand for recycled steel products. For instance, Tata Steel has forecasted that within the next 20-30 years, the recycling sector will surpass the mining industry in size.

They underscored the transformative influence of technological advancements in the steel industry, highlighting its capacity to improve cost-effectiveness and elevate customer satisfaction.

Shift in consumer preference toward electric vehicles

The shift in consumer preference toward electric vehicles (EVs) is poised to significantly drive the needle coke market growth. Electric cars rely on lithium-ion batteries, which require needle coke-derived graphite electrodes for their manufacturing.

As demand for EVs continues to surge due to environmental concerns and government incentives, the need for high-quality needle coke to produce graphite electrodes escalates correspondingly. This uptrend in EV adoption directly stimulates the needle coke market, as graphite electrodes represent a critical component in the production of lithium-ion batteries.

Moreover, advancements in EV technology, coupled with increasing regulations favouring cleaner transportation, are expected to sustain the growth trajectory of the electric vehicle market, further bolstering the demand for needle coke in the foreseeable future. Thus, the burgeoning preference for electric cars acts as a significant catalyst propelling the needle coke market forward.

For instance, the Indian market for internal-combustion engine (ICE) vehicles has experienced growth in recent years, but none of the tier-one Indian car consumers expressed readiness to contemplate purchasing an electric car for their next vehicle.

This stands in stark contrast to the global average, which has reached a record high of 52%. Nevertheless, this disparity underscores a pivotal turning point for India, signalling a rapid shift towards electrification within the automotive industry.

Needle Coke Market: Restraints

Uncertainty in the global crude oil and natural gas

Uncertainty in the global crude oil and natural gas markets can significantly hinder the needle coke market in several ways. Needle coke is derived from certain fractions of crude oil, meaning fluctuations in crude oil prices directly impact needle coke production costs.

Volatility in oil prices can disrupt the cost structure of needle coke manufacturers, leading to uncertainty in pricing and supply. Additionally, natural gas is often used as a feedstock in the production of needle coke. Uncertainty in natural gas markets, including supply disruptions or price fluctuations, can further complicate production processes and impact needle coke availability.

Consequently, industries relying on needle coke, such as steel manufacturing and lithium-ion battery production, may face challenges in planning and sourcing this critical material, leading to potential supply chain disruptions and increased costs. In such a scenario, strategic planning and diversification of feedstock sources become essential for needle coke producers and end-users to mitigate risks and ensure stability in the market.

Global Needle Coke Market 2024–2033 (By Type)

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Needle Coke Market: Opportunities

Increasing demand for needle coke in energy storage technologies

The demand for needle coke in energy storage technologies, particularly in the production of lithium-ion batteries, has been a significant driver of the needle coke market. Needle coke is a crucial component in the manufacturing of synthetic graphite anodes used in these batteries.

As the demand for electric vehicles (EVs) and grid-scale energy storage systems continues to rise globally, the need for high-performance lithium-ion batteries grows exponentially. Needle coke’s unique properties, including high thermal conductivity and mechanical strength, make it indispensable for producing graphite anodes with superior performance and durability.

Consequently, the needle coke market is propelled by the expanding energy storage sector, with manufacturers investing in increasing needle coke production capacity to meet the escalating demand from the burgeoning EV and renewable energy industries. This trend underscores the pivotal role of needle coke in advancing energy storage technologies and facilitating the transition towards a more sustainable energy landscape.

For instance, The Office of Electricity (OE) within the U.S. Department of Energy (DOE) has unveiled over USD 30 million in awards and funding opportunities during the Energy Storage Grand Challenge (ESGC) Summit held in Atlanta.

Among these opportunities are two distinct USD 15 million funding opportunity announcements (FOAs) aimed at fostering innovation in energy storage. One FOA focuses on enhancing the reliability of long-duration energy storage technologies, while the other targets the identification and resolution of pre-competitive research and development barriers in the energy storage field.

Global Needle Coke Market 2024–2033 (By Grade)

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Needle Coke Market: Segmentation Analysis

The needle Coke market is segmented by type, application, and region.  Based on type, the market is classified petroleum based and coal based. Petroleum dominated the market in 2022 with a market share of 70% and is expected to keep its dominance during the forecast period 2024-2032.

The petroleum industry plays a pivotal role in driving the needle coke market due to its production process. Needle coke is derived from heavy residual oils during the refining of crude oil, specifically from feedstocks with high aromatic content. As such, fluctuations in crude oil prices and availability directly impact needle coke production and pricing.

Additionally, advancements in petroleum refining technologies can affect the yield and quality of needle coke. The demand for needle coke is primarily fuelled by the steel industry for the production of graphite electrodes used in electric arc furnaces.

Furthermore, emerging applications such as lithium-ion batteries and fuel cells are expanding the demand for needle coke. Consequently, the petroleum industry’s ability to supply suitable feedstocks and efficiently refine them influences the growth and stability of the needle coke market.

Based on application, the market is classified into graphite electrodes, lithium-ion batteries, special carbon materials, rubber compounds and others. The graphite electrodes segment dominated the market in 2022 with a market share of 45% and is expected to keep its dominance during the forecast period 2024-2032.

Graphite electrodes are crucial components in electric arc furnaces used for steelmaking, where they conduct electricity and generate the intense heat necessary to melt scrap steel and other raw materials.

Needle coke is the primary material used in manufacturing high-quality graphite electrodes due to its exceptional properties such as high thermal conductivity and mechanical strength. As steel demand continues to rise globally, particularly in emerging economies, the demand for graphite electrodes also increases, thereby driving the needle coke market.

Additionally, advancements in technologies like electric vehicles and renewable energy storage systems further bolster the demand for needle coke for use in lithium-ion batteries and fuel cells, adding another dimension to its market growth. Overall, the graphite electrode industry’s dependence on needle coke underscores its pivotal role in driving the needle coke market forward.

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
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Needle Coke Market: Regional Analysis

By region, Needle Coke market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. The Asia-Pacific dominated the global needle coke market in 2022 with a market share of 45% in 2022 and is expected to keep its dominance during the forecast period 2024-2032.

The Asia-Pacific region is a major driver of the needle coke market due to several factors. Rapid industrialization and urbanization in countries like China and India have led to increased demand for steel and other carbon-based products, which in turn drives the need for needle coke in the production of graphite electrodes used in steelmaking.

Additionally, the growing adoption of electric vehicles (EVs) and renewable energy technologies in the region has increased the demand for lithium-ion batteries and fuel cells, both of which require needle coke as a key component.

Furthermore, the presence of major needle coke producers and manufacturers in countries like Japan and South Korea further fuels the market growth in the Asia-Pacific region. Overall, the region’s expanding industrial base, coupled with its focus on technological advancements and sustainable energy solutions, continues to drive the demand for needle coke.

Global Needle Coke Market 2024–2033 (By Billion)

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Needle Coke Market: Recent Developments

  • In May 2023, Chevron Lummus Global LLC (CLG) secured a contract from TAQAT Development Company for the construction of a new needle coke/synthetic graphite complex in Rabigh, Saudi Arabia, with a capacity of 75,000 metric tons per annum.
  • In October 2022, Mitsubishi Chemical boosted production capacity at its Sakaide facility to 3.9 million tons per year and exported approximately 70% of the company’s needle coke output to international markets.
  • In April 2023, GrafTech International Ltd., a prominent producer of top-notch graphite electrode products vital for electric arc furnace steel production, opened a new sales office in Dubai, United Arab Emirates.

 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

These key players are adopting various growth strategies such as mergers & acquisitions, joint ventures, expansion, strategic alliances, new product launches, etc. to enhance their business operations and revenues.

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

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market Research Methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Needle Coke Market, (2024 – 2033) (USD Billion)
    • 2.2 Global Needle Coke Market: snapshot
  • Chapter 3. Global Needle Coke Market – Industry Analysis
    • 3.1 Needle Coke Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Increasing demand for steel recycling
      • 3.2.2 Shift in consumer preference toward electric vehicles
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market Attractiveness Analysis By Type
      • 3.7.2 Market Attractiveness Analysis By Application
  • Chapter 4. Global Needle Coke Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Needle Coke Market: Company Market Share, 2023
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Needle Coke Market – Type Analysis
    • 5.1 Global Needle Coke Market Overview: By Type
      • 5.1.1 Global Needle Coke Market Share, By Type, 2023 and 2033
    • 5.2 Petroleum Based
      • 5.2.1 Global Needle Coke Market by Petroleum Based, 2024 – 2033 (USD Billion)
    • 5.3 Coal Based
      • 5.3.1 Global Needle Coke Market by Coal Based, 2024 – 2033 (USD Billion)
  • Chapter 6. Global Needle Coke Market – Application Analysis
    • 6.1 Global Needle Coke Market Overview: By Application
      • 6.1.1 Global Needle Coke Market Share, By Application, 2023 and 2033
    • 6.2 Graphite Electrodes
      • 6.2.1 Global Needle Coke Market by Graphite Electrodes, 2024 – 2033 (USD Billion)
    • 6.3 Lithium-ion Battery
      • 6.3.1 Global Needle Coke Market by Lithium-ion Battery, 2024 – 2033 (USD Billion)
    • 6.4 Special Carbon Material
      • 6.4.1 Global Needle Coke Market by Special Carbon Material, 2024 – 2033 (USD Billion)
    • 6.5 Rubber Compounds
      • 6.5.1 Global Needle Coke Market by Rubber Compounds, 2024 – 2033 (USD Billion)
    • 6.6 Others
      • 6.6.1 Global Needle Coke Market by Others, 2024 – 2033 (USD Billion)
  • Chapter 7. Needle Coke Market – Regional Analysis
    • 7.1 Global Needle Coke Market Regional Overview
    • 7.2 Global Needle Coke Market Share, by Region, 2023 & 2033 (USD Billion)
    • 7.3. North America
      • 7.3.1 North America Needle Coke Market, 2024 – 2033 (USD Billion)
        • 7.3.1.1 North America Needle Coke Market, by Country, 2024 – 2033 (USD Billion)
    • 7.4 North America Needle Coke Market, by Type, 2024 – 2033
      • 7.4.1 North America Needle Coke Market, by Type, 2024 – 2033 (USD Billion)
    • 7.5 North America Needle Coke Market, by Application, 2024 – 2033
      • 7.5.1 North America Needle Coke Market, by Application, 2024 – 2033 (USD Billion)
    • 7.6. Europe
      • 7.6.1 Europe Needle Coke Market, 2024 – 2033 (USD Billion)
        • 7.6.1.1 Europe Needle Coke Market, by Country, 2024 – 2033 (USD Billion)
    • 7.7 Europe Needle Coke Market, by Type, 2024 – 2033
      • 7.7.1 Europe Needle Coke Market, by Type, 2024 – 2033 (USD Billion)
    • 7.8 Europe Needle Coke Market, by Application, 2024 – 2033
      • 7.8.1 Europe Needle Coke Market, by Application, 2024 – 2033 (USD Billion)
    • 7.9. Asia Pacific
      • 7.9.1 Asia Pacific Needle Coke Market, 2024 – 2033 (USD Billion)
        • 7.9.1.1 Asia Pacific Needle Coke Market, by Country, 2024 – 2033 (USD Billion)
    • 7.10 Asia Pacific Needle Coke Market, by Type, 2024 – 2033
      • 7.10.1 Asia Pacific Needle Coke Market, by Type, 2024 – 2033 (USD Billion)
    • 7.11 Asia Pacific Needle Coke Market, by Application, 2024 – 2033
      • 7.11.1 Asia Pacific Needle Coke Market, by Application, 2024 – 2033 (USD Billion)
    • 7.12. Latin America
      • 7.12.1 Latin America Needle Coke Market, 2024 – 2033 (USD Billion)
        • 7.12.1.1 Latin America Needle Coke Market, by Country, 2024 – 2033 (USD Billion)
    • 7.13 Latin America Needle Coke Market, by Type, 2024 – 2033
      • 7.13.1 Latin America Needle Coke Market, by Type, 2024 – 2033 (USD Billion)
    • 7.14 Latin America Needle Coke Market, by Application, 2024 – 2033
      • 7.14.1 Latin America Needle Coke Market, by Application, 2024 – 2033 (USD Billion)
    • 7.15. The Middle-East and Africa
      • 7.15.1 The Middle-East and Africa Needle Coke Market, 2024 – 2033 (USD Billion)
        • 7.15.1.1 The Middle-East and Africa Needle Coke Market, by Country, 2024 – 2033 (USD Billion)
    • 7.16 The Middle-East and Africa Needle Coke Market, by Type, 2024 – 2033
      • 7.16.1 The Middle-East and Africa Needle Coke Market, by Type, 2024 – 2033 (USD Billion)
    • 7.17 The Middle-East and Africa Needle Coke Market, by Application, 2024 – 2033
      • 7.17.1 The Middle-East and Africa Needle Coke Market, by Application, 2024 – 2033 (USD Billion)
  • Chapter 8. Company Profiles
    • 8.1 Phillips 66
      • 8.1.1 Overview
      • 8.1.2 Financials
      • 8.1.3 Product Portfolio
      • 8.1.4 Business Strategy
      • 8.1.5 Recent Developments
    • 8.2 Mitsubishi Chemical Corporation
      • 8.2.1 Overview
      • 8.2.2 Financials
      • 8.2.3 Product Portfolio
      • 8.2.4 Business Strategy
      • 8.2.5 Recent Developments
    • 8.3 PetroChina Company Limited
      • 8.3.1 Overview
      • 8.3.2 Financials
      • 8.3.3 Product Portfolio
      • 8.3.4 Business Strategy
      • 8.3.5 Recent Developments
    • 8.4 C-Chem Co. Ltd.
      • 8.4.1 Overview
      • 8.4.2 Financials
      • 8.4.3 Product Portfolio
      • 8.4.4 Business Strategy
      • 8.4.5 Recent Developments
    • 8.5 JXTG Holdings Inc.
      • 8.5.1 Overview
      • 8.5.2 Financials
      • 8.5.3 Product Portfolio
      • 8.5.4 Business Strategy
      • 8.5.5 Recent Developments
    • 8.6 Baowu Steel Group Corporation Limited
      • 8.6.1 Overview
      • 8.6.2 Financials
      • 8.6.3 Product Portfolio
      • 8.6.4 Business Strategy
      • 8.6.5 Recent Developments
    • 8.8 Shanxi Hongte Coal Chemical Industry Co. Ltd.
      • 8.8.1 Overview
      • 8.8.2 Financials
      • 8.8.3 Product Portfolio
      • 8.8.4 Business Strategy
      • 8.8.5 Recent Developments
    • 8.9 Shandong Yida New Material Co. Ltd.
      • 8.9.1 Overview
      • 8.9.2 Financials
      • 8.9.3 Product Portfolio
      • 8.9.4 Business Strategy
      • 8.9.5 Recent Developments
    • 8.10 Asbury Carbons
      • 8.10.1 Overview
      • 8.10.2 Financials
      • 8.10.3 Product Portfolio
      • 8.10.4 Business Strategy
      • 8.10.5 Recent Developments
    • 8.11 Baosteel Group Corporation
      • 8.11.1 Overview
      • 8.11.2 Financials
      • 8.11.3 Product Portfolio
      • 8.11.4 Business Strategy
      • 8.11.5 Recent Developments
    • 8.12 Sumitomo Chemical Co. Ltd.
      • 8.12.1 Overview
      • 8.12.2 Financials
      • 8.12.3 Product Portfolio
      • 8.12.4 Business Strategy
      • 8.12.5 Recent Developments
    • 8.13 Seadrift Coke LP
      • 8.13.1 Overview
      • 8.13.2 Financials
      • 8.13.3 Product Portfolio
      • 8.13.4 Business Strategy
      • 8.13.5 Recent Developments
    • 8.14 Sinopec Shanghai Petrochemical Company Limited
      • 8.14.1 Overview
      • 8.14.2 Financials
      • 8.14.3 Product Portfolio
      • 8.14.4 Business Strategy
      • 8.14.5 Recent Developments
    • 8.15 PCK Petroleum Development Limited
      • 8.15.1 Overview
      • 8.15.2 Financials
      • 8.15.3 Product Portfolio
      • 8.15.4 Business Strategy
      • 8.15.5 Recent Developments
    • 8.16 ConocoPhillips Company
      • 8.16.1 Overview
      • 8.16.2 Financials
      • 8.16.3 Product Portfolio
      • 8.16.4 Business Strategy
      • 8.16.5 Recent Developments
    • 8.17 Mitsubishi Chemical Holdings Corporation
      • 8.17.1 Overview
      • 8.17.2 Financials
      • 8.17.3 Product Portfolio
      • 8.17.4 Business Strategy
      • 8.17.5 Recent Developments
    • 8.18 Indian Oil Corporation
      • 8.18.1 Overview
      • 8.18.2 Financials
      • 8.18.3 Product Portfolio
      • 8.18.4 Business Strategy
      • 8.18.5 Recent Developments
    • 8.19 Sinopec Shanghai Petrochemical Co. Ltd.
      • 8.19.1 Overview
      • 8.19.2 Financials
      • 8.19.3 Product Portfolio
      • 8.19.4 Business Strategy
      • 8.19.5 Recent Developments
    • 8.20 Sojitz JECT Corporation
      • 8.20.1 Overview
      • 8.20.2 Financials
      • 8.20.3 Product Portfolio
      • 8.20.4 Business Strategy
      • 8.20.5 Recent Developments
    • 8.21 Others.
      • 8.21.1 Overview
      • 8.21.2 Financials
      • 8.21.3 Product Portfolio
      • 8.21.4 Business Strategy
      • 8.21.5 Recent Developments
List Of Figures

Figures No 1 to 21

List Of Tables

Tables No 1 to 52

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2032

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2032
  • Market revenue estimates and forecasts up to 2032, by technology
  • Market revenue estimates and forecasts up to 2032, by application
  • Market revenue estimates and forecasts up to 2032, by type
  • Market revenue estimates and forecasts up to 2032, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Prominent Player

  • 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

FAQs

The restraints of the Needle Coke market is uncertainty in the global crude oil and natural gas.

The major driver for the Needle Coke market is increasing demand for steel recycling and shift in consumer preference toward electric vehicles.

The “Petroleum Based” category dominated the market in 2023.

The key players in the market are 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.

“Asia-Pacific” had the largest share in the Needle Coke Market.

The global market is projected to grow at a CAGR of 5.5% during the forecast period, 2024-2033.

The Needle Coke Market size was valued at USD 2.8 Billion in 2024.

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