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Needle Coke Market Size (2024 - 2029)

The Needle Coke Market is projected to experience significant growth over the forecast period, driven by increasing investments in electric arc furnace steel manufacturing and supportive government policies aimed at boosting scrap steel consumption. Despite the initial negative impact of the COVID-19 pandemic on the market due to reduced demand from steel manufacturing, the market has rebounded with the rising demand for lithium-ion batteries and graphite electrodes. Health hazards associated with petroleum coke pose challenges to market expansion. The Asia-Pacific region leads the market, with countries like India, China, and Japan contributing to its robust growth trajectory.

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Market Size of Needle Coke Industry

Needle Coke Market - Market Summary
Study Period 2019 - 2029
Market Volume (2024) 1.93 Million metric tons
Market Volume (2029) 3.91 Million metric tons
CAGR (2024 - 2029) 15.11 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Medium

Major Players

Needle Coke Market Major Players

*Disclaimer: Major Players sorted in no particular order

Needle Coke Market Analysis

The Needle Coke Market size is estimated at 1.93 Million metric tons in 2024, and is expected to reach 3.91 Million metric tons by 2029, growing at a CAGR of 15.11% during the forecast period (2024-2029).

The COVID-19 pandemic negatively impacted the needle coke market. During the pandemic, the manufacturing of graphite electrodes was heavily affected due to less demand from the steel manufacturing plants, which reduced the consumption of needle coke. However, the market registered a significant growth rate after the restrictions were lifted due to the recovering demand for lithium-ion batteries and graphite electrodes.

• Over the medium term, increasing investments in EAF steel manufacturing and favorable government policies to increase scrap steel consumption are significant factors driving the growth of the studied market.

• However, health hazards associated with petroleum coke are likely to hinder the growth of the studied market.

• The increase in lithium-ion battery production globally is likely to act as an opportunity for the market studied during the forecast period.

• Asia-Pacific emerged as the dominant market. It is also expected to register the highest CAGR from 2024 to 2029 due to the high demand from countries such as India, China, Japan, and others.

Needle Coke Industry Segmentation

Needle coke is a high-quality carbon raw material produced from coal tar and petroleum. It is generally formed as highly crystalline graphene-like carbons exhibiting long-range microstructural order with few impurities and a low coefficient of thermal expansion. It is primarily used for the manufacturing of graphite electrodes and lithium-ion batteries.

The needle coke market is segmented by product type, application, and geography. By type, it is divided into petroleum-based and coal-tar pitch-based. By application, it is divided into graphite electrodes, lithium-ion batteries, and other applications. The report also covers the market sizes and forecasts for the needle coke market in 15 countries across major regions. For each segment, the market sizing and forecasts were made on the basis of volume (kilotons).

Product Type
Petroleum Based
Coal-tar Pitch Based
Application
Graphite Electrodes
Lithium-ion Batteries
Other Applications
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
Saudi Arabia
South Africa
Rest of Middle East and Africa
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Needle Coke Market Size Summary

The needle coke market is poised for significant growth over the forecast period, driven by its critical role as a primary raw material for graphite electrodes used in electric arc furnaces (EAFs). These electrodes are essential in the steel and metal industries due to their high thermal conductivity, heat resistance, and ability to conduct large electrical currents. The market's expansion is supported by increasing investments in EAF steel manufacturing and favorable government policies promoting scrap steel consumption. Despite the challenges posed by health hazards associated with petroleum coke, the rising global demand for lithium-ion batteries presents a substantial opportunity for market growth. The Asia-Pacific region, particularly countries like China, Japan, and India, is expected to dominate the market, fueled by robust demand for graphite electrodes and the adoption of EAF technology to reduce carbon emissions.

The market landscape is partially consolidated, with key players such as Phillips 66 Company, China National Petroleum Corporation, and Mitsubishi Chemical Corporation leading the charge. Recent developments, including significant investments and strategic partnerships, underscore the industry's commitment to expanding production capacities and diversifying into advanced battery and energy storage technologies. The Chinese market, in particular, is witnessing a resurgence in needle coke demand, driven by the country's focus on eco-friendly steel production methods and the burgeoning electric vehicle industry. Similarly, Japan and India are making strides in adopting sustainable practices, further bolstering the demand for needle coke. As the market continues to evolve, these trends are expected to shape the future dynamics of the needle coke industry.

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Needle Coke Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Investments in EAF Steel Manufacturing

      2. 1.1.2 Government Policies to Increase Scrap Steel Consumption

    2. 1.2 Restraints

      1. 1.2.1 Health Hazards Associated with Petroleum Coke

    3. 1.3 Industry Value-Chain Analysis

    4. 1.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

    5. 1.5 Price Overview

  2. 2. MARKET SEGMENTATION (Market Size in Volume)

    1. 2.1 Product Type

      1. 2.1.1 Petroleum Based

      2. 2.1.2 Coal-tar Pitch Based

    2. 2.2 Application

      1. 2.2.1 Graphite Electrodes

      2. 2.2.2 Lithium-ion Batteries

      3. 2.2.3 Other Applications

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 Italy

        4. 2.3.3.4 France

        5. 2.3.3.5 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Rest of Middle East and Africa

Needle Coke Market Size FAQs

The Needle Coke Market size is expected to reach 1.93 million metric tons in 2024 and grow at a CAGR of 15.11% to reach 3.91 million metric tons by 2029.

In 2024, the Needle Coke Market size is expected to reach 1.93 million metric tons.

Needle Coke Market Report Snapshots

Needle Coke Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)