Global Needle Coke Market Size To Exceed USD 13.43 Billion By 2033: Market Study Report

Global Needle Coke Market Size To Exceed USD 13.43 Billion By 2033                  

According to a research report published by Spherical Insights & Consulting, The Global Needle Coke Market Size is Expected to Grow from USD 4.88 Billion in 2023 to USD 13.43 Billion by 2033, at a CAGR of 10.65% during the forecast period 2023-2033. 

Browse 210 Market Data Tables and 45 Figures Spread Through 190 Pages and In-Depth TOC On the Global Needle Coke Market Size, Share, and COVID-19 Impact Analysis, By Grade (Super-Premium, Premium-Grade, and Intermediate-Grade), By Application (Electrode, Silicon Metals & Ferroalloys), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033.

The needle coke market is a term used to denote an international business of high-quality petroleum coke utilized mainly in the manufacturing of electric arc furnace graphite electrodes and more recently in the anodes of lithium-ion batteries. There is a growing need for needle coke in the manufacture of graphite electrodes, which are vital in electric arc furnaces during steelmaking. Besides, the growing demand for lithium-ion batteries in electric vehicles and energy storage systems drives the market growth. In addition, technological innovations, strategic partnerships, and new markets also enhance market opportunities. This demand is being driven by the growth of the steel and aluminum industries, led mainly by infrastructural development, automotive production, and growing consumer goods demand. Furthermore, the market is favorably influenced by the growth in strategic partnerships and new emerging markets, which serve as market drivers and also increase favorable opportunities for market growth. However, negative market sentiment has reduced demand for goods and services, which has caused steel plants to halt their manufacturing operations and reduce the use of needle coke.

The super-premium segment dominated the largest share in 2023 and is anticipated to grow at a CAGR of 42.84% during the forecast period.

Based on the grade, the global needle coke market is divided into super-premium, premium-grade, and intermediate-grade. Among these, the super-premium segment dominated the largest share in 2023 and is anticipated to grow at a CAGR of 42.84% during the forecast period. This is driven mainly by its highest purity levels, superior crystalline structure, and best physical properties, including a low coefficient of thermal expansion (CTE). These characteristics make it best suited for high-performance applications like graphite electrodes for electric arc furnaces in steel manufacturing and lithium-ion battery anodes.

The electrode segment held the largest share in 2023 and is anticipated to grow at a CAGR of 61.84% during the forecast period.

Based on the application, the global needle coke market is divided into electrode, silicon metals & ferroalloys. Among these, the electrode segment held the largest share in 2023 and is anticipated to grow at a CAGR of 61.84% during the forecast period. This is largely stimulated by the expanding application of electric arc furnaces (EAF) in steelmaking and the growing demand for energy-efficient steel production. Moreover, graphite electrodes, which are indispensable for EAFs, are dependent on needle coke because of their superior thermal and electrical conductivity and low impurities.

Asia Pacific is anticipated to hold the highest share of the global needle coke market over the projected period.

Asia Pacific is anticipated to hold the highest share of the global needle coke market over the projected period. The Asia-Pacific region, which includes China, Japan, South Korea, and India, is a key steel production hub and electric arc furnace (EAF) steelmaking. Needle coke is an essential raw material for the manufacture of graphite electrodes used in EAFs. In addition, the demand for high-quality coke to manufacture electrodes for electric arc furnaces and lithium-ion batteries probably further drives the market.

North America is estimated to grow at the fastest CAGR of the global needle coke market during the forecast period. This is fueled by technological advancements, strategic alliances, and new marketplaces.

Company Profiling

Major vendors in the global needle coke market are JXTG Nippon Oil & Energy Corp., Asbury Carbon Inc., C-Chem Co., Ltd., Seadrift Coke L.P., Sumitomo Chemical Company, Phillips 66, Mitsubishi Chemical Corp., Baosteel Group, Indian Oil Corporation Limited, Graftech International, Sojitz Ject Corp., and Others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs) 

Recent Development

• In May 2023, Chevron Lummus Global LLC (CLG) declared a recent contract award from TAQAT Development Company for a new 75,000 TPA needle coke/synthetic graphite complex at Rabigh, Saudi Arabia. Chevron Lummus Global, as per the agreement, will deliver pilot plant testing, licensing, basic design, and further engineering and operations support. Rabigh Refining & Petrochemical Company (Petro Rabigh) will supply the feedstock.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global needle coke market based on the below-mentioned segments: 

Global Needle Coke Market, By Grade

• Super-Premium
• Premium-Grade
• Intermediate-Grade

Global Needle Coke Market, By Application

• Electrode
• Silicon Metals & Ferroalloys 

Global Needle Coke Market, By Regional 

• North America 
  • US
  • Canada
  • Mexico
• Europe 
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific 
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America 
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa 
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa