Emphasis on Product Type (Petroleum-Based, Coal Tar Pitch Based); Application (Graphite Electrodes, Lithium-Ion Batteries, Others); and Region/Country
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 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.
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.
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.
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1. 1 Market Introduction
2. Research Methodology Or Assumption
3. Executive Summary
4. Market Dynamics
5. Pricing Analysis
6. Global Needle Coke Market Revenue (usd Bn), 2022-2032f
7. Market Insights By Product Type
8. Market Insights By Application
9. 9 Market Insights By Region
10. Value Chain Analysis
11. Competitive Landscape
12. Company Profiled
13. Acronyms & Assumption
14. Annexure
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:
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 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:
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.
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 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:
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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February 11, 2025
