Needle Coke Market: Current Analysis and Forecast (2024-2032)
Emphasis on Product Type (Petroleum-Based, Coal Tar Pitch Based); Application (Graphite Electrodes, Lithium-Ion Batteries, Others); and Region/Country
Needle Coke Market Size & Forecast 2024-2032F
The Needle Coke market was valued at approximately USD 3.2 Billion in 2023 and is expected to grow at a robust CAGR of around 5.6% during the forecast period (2024-2032) owing to the increasing demand for high-quality steel.
Needle Coke Market Analysis
Needle coke is a premium type of petroleum coke with a carbon content of more than 97 percent. It gets its name from the needle-like formation. It is applied in industry predominantly as a main constituent for preparing graphite electrodes for electric arc furnaces that are used to manufacture steel. Needle coke, which is characterized by high quality, is derived from the feedstock of a particular specification and requires a multiple-step conversion process, such as delayed coking, calcining, and graphitization. It is known for its high conductivity of heat, low coefficient of expansion of heat, and good conductivity of electricity, which tempts it to be suitable for high-temperature applications with high conductivity, such as producing lithium-ion batteries for aerospace and nuclear industries. Some factors impacting needle coke demand include the steel industry’s requirement of graphite electrodes for electrode making, active enhancement in battery technology, and environmental policies governing petroleum processing.
The needle coke market is experiencing substantial growth due to its crucial role in various industries. One of the primary drivers is the increasing demand for graphite electrodes in the steel industry, particularly in electric arc furnaces (EAFs). Needle coke is the preferred raw material for producing high-quality graphite electrodes, which are essential for efficient steel production. For instance, according to data from Sanergy Group Limited, the production volume of graphite electrodes worldwide was 8785 thousand metric tons in 2023 and is projected to reach 795.4 thousand metric tons in 2024. Additionally, the expanding electric vehicle (EV) market is driving the demand for lithium-ion batteries, another key application of needle coke. The high thermal conductivity and low coefficient of thermal expansion of needle coke make it an ideal material for the anodes of lithium-ion batteries, which are essential for powering EVs and other electronic devices.
Needle Coke Market Trends
This section discusses the key market trends influencing the needle coke market segments as identified by our research experts.
Product Type Transforming Industry
The petroleum-based is expected to grow with a significant CAGR in the forecast period (2024-2032) due to its high quality. Steel industries that use needle coke as a raw material in manufacturing graphite electrodes have seen a rising demand. Using petroleum-based needle coke instead of synthetic needle coke has improved its quality and performance indices, such as high thermal conductivity and low coefficient of thermal expansion, as well as EAFs for steel manufacturing. Also, petroleum-based needle coke is required to produce battery anodes, mainly for lithium-ion batteries used in the electric vehicle industry, which is on the rise at the current time. The growing EV market and consistent progress in batteries will help augment the demand for petroleum-based needle coke and indirectly help the market increase in size.
Asia-Pacific is Expected to Grow with Significant CAGR During Forecast Period
Asia-Pacific region holds the most significant market share, which is followed by countries such as China, which is the largest producer as well as consumer of needle coke. Currently, China dominates the graphite electrode market in both supply and demand scales internationally. Currently, more than 40 manufacturers are recognized as graphite electrode producers in China. The Chinese market has reignited the demand for needle coke consumed by graphite electrodes, and its further applications are expanding to lithium-ion battery anodes, owing to the EV industry. The significant thing is that for the near future, this demand is projected to remain steady and supported by the necessary and corresponding prices.
Needle Coke Industry Overview
The needle coke market is competitive, with several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Phillips 66, Mitsubishi Chemical Group Corporation, NIPPON STEEL Chemical & Material Co., Ltd, ENEOS Holdings, Inc., China BaoWu Steel Group Corporation Limited, Chu Kong Petroleum and Natural, Indian Oil Corporation Limited, Sojitz JECT Corporation, Petrochina, and RefComm Inc.
Needle Coke Market News
- In January 2024, CNPC hoisted and docked the top tower of the 400,000 tons/year of needle coke at the construction site in Jinzhou, China. The project is likely to be completed in the coming years
- In December 2022, Gazprom Neft announced its plans to launch a project to produce needle coke in its Omsk refinery. This coke will be used to manufacture Li-ion batteries and graphite electrodes. The project is expected to be completed by 2024.
- In November 2023, HEG Limited successfully expanded its graphite electrode capacity in Madhya Pradesh, India, from 80 kilotons to 100 kilotons per annum. The company made a substantial investment of INR 1,200 crore (USD 143.741 million) for this capacity expansion.
Needle Coke Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global needle coke market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs; hence, feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
1. 1 Market Introduction
- Market Definitions
- Main Objective
- Stakeholders
- Limitation
2. Research Methodology Or Assumption
- Research Process of the Needle Coke Market
- Research Methodology of the Needle Coke Market
- Respondent Profile
3. Executive Summary
- Industry Synopsis
- Segmental Outlook
- Market Growth Intensity
- Regional Outlook
4. Market Dynamics
- Drivers
- Opportunity
- Restraints
- Trends
- PESTEL Analysis
- Demand Side Analysis
- Supply Side Analysis
- Merger & Acquisition
- Investment Scenario
- Industry Insights: Leading Startups and Their Unique Strategies
5. Pricing Analysis
- Regional Pricing Analysis
- Price Influencing Factors
6. Global Needle Coke Market Revenue (usd Bn), 2022-2032f
- GLOBAL NEEDLE COKE MARKET REVENUE (USD BN), 2022-2032F
7. Market Insights By Product Type
- Petroleum Based
- Coal-Tar Pitch Based
8. Market Insights By Application
- Graphite Electrodes
- Lithium-Ion Batteries
- Other Applications
9. 9 Market Insights By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
- Rest of World
- North America
10. Value Chain Analysis
- Marginal Analysis
- List of Market Participants
11. Competitive Landscape
- Competition Dashboard
- Competitor Market Positioning Analysis
- Porter Five Forces Analysis
12. Company Profiled
- Phillips 66
- Company Overview
- Key Financials
- SWOT Analysis
- Product Portfolio
- Recent Developments
- Mitsubishi Chemical Group Corporation
- NIPPON STEEL Chemical & Material Co., Ltd
- ENEOS Holdings, Inc
- China BaoWu Steel Group Corporation Limited
- Chu Kong Petroleum and Natural
- Indian Oil Corporation Limited
- Sojitz JECT Corporation
- PetroChina
- RefComm Inc
- Phillips 66
13. Acronyms & Assumption
- ACRONYMS & ASSUMPTION
14. Annexure
- ANNEXURE
Research Methodology for the Needle Coke Market Analysis (2024-2032)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Needle Coke market were the three major steps undertaken to create and analyze the adoption of Needle Coke in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, numerous findings and assumptions were taken into consideration to validate these insights. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Needle Coke market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the Needle Coke market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the needle coke market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product type, application, and regions. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Needle Coke market. Further, we conducted factor analysis using dependent and independent variables such as product type, application, and needle coke market regions. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Needle Coke market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above three steps, we arrived at the current market size, key players in the global Needle Coke market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the needle coke market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global needle coke market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs), including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global needle coke market. Data was split into several segments and sub-segments after studying various parameters and trends in the product type, application, and regions of the global Needle Coke market.
The main objective of the Global Needle Coke Market Study
The current & future market trends of the global needle coke market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Needle Coke market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of product type, application, and regions.
- Define and analyze the regulatory framework for the Needle Coke
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the Needle Coke market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the Needle Coke market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry
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Frequently Asked Questions FAQs
Q1: What is the global needle coke market's current market size and growth potential?
Q2: What are the driving factors for the growth of the global needle coke market?
Q3: Which segment has the largest share of the global needle coke market by Product type?
Q4: What are the emerging technologies and trends in the global needle coke market?
Q5: Which region will dominate the global needle coke market?
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