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Needle Coke Market Size & Share, By Type, Grade, Application, Regional Forecast, Industry Players, Growth Statistics Report 2024-2032

Report ID: FBI 3309


Published Date: May-2024


Format : PDF, Excel

Market Outlook:

Needle Coke Market size exceeded USD 3.49 Billion in 2023 and is poised to cross USD 4.76 Billion by end of the year 2032, witnessing more than 3.5% CAGR between 2024 and 2032.

Base Year Value (2023)

USD 3.49 Billion

19-23 x.x %
24-32 x.x %

CAGR (2024-2032)


19-23 x.x %
24-32 x.x %

Forecast Year Value (2032)

USD 4.76 Billion

19-23 x.x %
24-32 x.x %
Needle Coke Market

Historical Data Period


Needle Coke Market

Largest Region

Asia Pacific

Needle Coke Market

Forecast Period


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Market Dynamics:

Growth Drivers & Opportunity:

1. Increasing Demand from the Steel Industry: Needle coke is a key raw material used in the manufacturing of graphite electrodes, which are used in the steel industry. The growing demand for steel, especially in developing countries, is driving the need for needle coke to produce high-quality graphite electrodes.

2. Growing Demand for Lithium-Ion Batteries: With the rise of electric vehicles and the increasing demand for energy storage solutions, the demand for lithium-ion batteries has been growing rapidly. Needle coke is also used in the production of anodes for lithium-ion batteries, and as the market for electric vehicles and energy storage systems expands, the demand for needle coke is expected to grow as well.

3. Expansion of Refineries and Petrochemical Industries: Needle coke is derived from the heavy residues of petroleum refining, and as the global demand for fuel and petrochemical products continues to rise, the expansion of refineries and petrochemical industries is expected to drive the growth of the needle coke market.

4. Technological Advancements in Needle Coke Production: The development of advanced technologies for the production of needle coke, such as the use of solvent deasphalting and delayed coking processes, has improved the quality and efficiency of needle coke production. These technological advancements are expected to drive the growth of the needle coke market by enabling manufacturers to produce high-quality needle coke more efficiently.

Report Scope

Report CoverageDetails
Segments CoveredType, Grade, Application
Regions Covered• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company ProfiledNippon Steel, Petroleum Coke Industries Co., Phillips 66, Reliance Industries, Sumitomo, Tokai Carbon Co.,, Asbury Carbons, Essar Oil Limited, & Others

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Industry Restraints:

1. Environmental and Regulatory Challenges: The production of needle coke involves the use of heavy residues from petroleum refining, which can have environmental impacts. Stringent environmental regulations and concerns about carbon emissions could pose challenges for the needle coke industry, potentially leading to increased production costs and regulatory compliance issues.

2. Fluctuating Crude Oil Prices: Needle coke is derived from the residues of petroleum refining, and its production is closely tied to the availability and pricing of crude oil. Fluctuations in crude oil prices can impact the cost of needle coke production, and uncertain oil market conditions can create instability in the needle coke market.

3. Competition from Alternative Materials: The needle coke market faces competition from alternative materials, such as synthetic graphite and other carbon materials. The development of alternative materials with similar properties and performance characteristics could pose a threat to the needle coke market, especially if these alternatives become more cost-effective or environmentally sustainable.

Regional Forecast:

Needle Coke Market

Largest Region

Asia Pacific

XX% CAGR through 2032

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North America (U.S., Canada)

- The North American needle coke market is primarily driven by the increasing demand for graphite electrodes in the region's steel and aluminum industries. The U.S. is the largest consumer of needle coke in North America, owing to its significant steel production capacity and the presence of major graphite electrode manufacturers.

Asia Pacific (China, Japan, South Korea)

- Asia Pacific is the largest market for needle coke, with China leading the way as the world's largest producer and consumer of steel. The rapid industrialization and urbanization in China and the presence of major needle coke manufacturers in Japan and South Korea are driving the growth of the market in this region.

Europe (United Kingdom, Germany, France)

- In Europe, the needle coke market is driven by the growing demand for graphite electrodes in the region's automotive and aerospace industries. Germany, in particular, is a key market for needle coke due to its strong manufacturing base and significant investments in electric vehicles and renewable energy technologies.

Report Coverage & Deliverables

Historical Statistics Growth Forecasts Latest Trends & Innovations Market Segmentation Regional Opportunities Competitive Landscape
Needle Coke Market
Needle Coke Market

Segmentation Analysis:


In terms of segmentation, the global needle coke market is analyzed on the basis of Type, Grade, Application.

Needle Coke Market


The type segment of the needle coke market refers to the different grades of needle coke based on their physical and chemical properties. The type of needle coke is categorized based on the raw materials used in its production and the process employed during its manufacturing. Understanding the different types of needle coke is crucial in determining the suitability of the material for specific applications, as each type possesses unique characteristics that make it suitable for different purposes.


The grade segment of the needle coke market pertains to the quality and performance of the needle coke, which is determined by factors such as its sulfur content, ash content, and other impurities. The grade of needle coke plays a critical role in determining its suitability for various applications, such as in the production of graphite electrodes for the steel industry or in the manufacturing of lithium-ion batteries for the automotive sector. Different grades of needle coke offer varying levels of performance, durability, and conductivity, making it essential to select the appropriate grade for specific applications.


The application segment of the needle coke market refers to the different industries and uses for which needle coke is utilized. Needle coke finds applications in various sectors, including steel manufacturing, lithium-ion battery production, and aerospace. It is a critical raw material for the production of graphite electrodes used in electric arc furnaces for steelmaking and plays an essential role in the production of anodes for lithium-ion batteries. Understanding the diverse applications of needle coke is essential for market players to identify new opportunities and strategize their business plans effectively.

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Competitive Landscape:

The needle coke market is highly competitive, with several key players competing to gain a larger share of the market. The competitive landscape is characterized by various strategic initiatives such as mergers and acquisitions, product launches, partnerships, and collaborations. The market is also witnessing constant innovations and technological advancements to cater to the growing demand for needle coke. Companies are aiming to expand their production capacities and develop high-quality products to gain a competitive edge in the market.

Top Market Players:

1. C-Chem Co., Ltd.

2. Phillips 66

3. Mitsubishi Chemical Corporation

4. JXTG Holdings, Inc.

5. Indian Oil Corporation Ltd.

6. Baotailong New Materials Co., Ltd.

7. Seadrift Coke LP

8. Petrocokes Japan Ltd.

9. Shanxi Hongte Coal Chemical New Material Co., Ltd.

10. Bao-steel Group

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Needle Coke Market Size & Share, By Type, Grade, A...

RD Code : 24