#Needle Coke Market Size

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Needle Coke Market - Forecast (2023 - 2028)

Needle Coke Market size was valued at $3.7 billion in 2019 is forecast to reach $5.3 billion by 2025, after growing at a CAGR of 6.1% during 2020-2025. Needle Coke is a premium grade high value petroleum coke utilized for the manufacturing of the graphite electrodes. The major factor driving the growth of the market studied is rapidly increasing demand from steel manufacturing industry. Emerging economies such as China, India and others, is estimated to fuel market demand. Additionally, growing Graphite electrodes demand from aerospace industry is assessed to create opportunities for the market in the coming years. However, frequent fluctuations in crude oil prices is estimated to negatively impact the market growth.

Report Coverage

The report: “Needle Coke Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Needle Coke Industry.

By Type: Petroleum Based and Coal Based.

By Grade: Intermediate, Premium and Super Premium.

By Application: Graphite Electrode, Special Carbon Material, Lithium Ion Battery and Others.

By Geography: North America, South America, Europe, Asia Pacific, and Rest of World.

Key Takeaways

Petroleum based needle coke held a larger market share in 2019, owing to its ability to withstand high-temperature conditions among other factors.

Among all the applications, electrodes accounted for the largest market share in 2019 and is projected to grow at a rate of XX% during the forecast period, 2020-2025.

The demand for lithium-ion batteries as well as growth of the steel industries are some of the key factors, fueling the growth of the needle coke market. 

Asia Pacific dominated the needle coke market with a share of more than XX% in 2019 due to rise in infrastructure and growth of the manufacturing sector.

The prevailing COVID-19 pandemic has severely affected businesses worldwide. As majority of automotive companies and manufacturers have shut down production, the industry operators are likely to witness decline in the demand for needle coke.

Needle Coke Market Segment Analysis - By Type

Petroleum based needle coke held a larger market share in 2019 and is projected to grow at a rate of XX% in the forecast period, 2020-2025. The ability to withstand high-temperature conditions, specifically in steel production, as well as less harmful effect on environment are some of the key properties of petroleum-based needle coke, fueling the market demand. The petroleum needle coke market is primarily driven by demand for graphite electrodes from the steel industry. High demand for steel from industries such as automotive, transport, building & construction, electrical engineering, consumer goods, foil & packaging, machinery & equipment, and others is propelling the steel industry. 

Needle Coke Market Segment Analysis - By Application

Among all the applications, electrodes contributed the largest market share in 2019 and is projected to grow at a rate of XX% during the forecast period, 2020-2025. Graphite electrodes find usage in electric arc furnace (EAF) and ladle furnace (LF) for production of steel, silicon metal production, ferroalloy production, and smelting processes, among others.

Needle Coke Market Segment Analysis - Geography

Asia Pacific dominated the needle coke market with a share of more than 38% in 2019. Development of infrastructural activities in this region, primarily in China, India, and Malaysia. The market dominance of the region is owing to the growing infrastructure and growth of the manufacturing sector. During the forecast period, 2020-2025, the new energy vehicle industry in China is projected to grow rapidly and China's favorable policy about the recycling of resources is estimated to accelerate the development of electric furnaces. China's output of needle coke is projected to be more than 1,300 kilo-ton in 2025, showing a CAGR of XX% between 2020 and 2025.

Needle Coke Market Drivers

Rising demand in steel recycling market

Surging demand in steel recycling is another factor propelling the growth of the global needle coke market in future. Since, needle coke is an important part in steel industry, is projected to witness a solid growth. Rising demand for petroleum-based coke in order to generate energy is projected to drive the market in future. Moreover, beneficial properties of this coke type, such as less breakage, low thermal expansion coefficient, and electric resistance are projected to boost the market growth during the forecast period, 2020-2025.

Surge in demand for of lithium-ion batteries

Increase in use of various automobiles such as electric & hybrid vehicles, rise in demand from electrical & electronics industry are some of the key reasons fueling the demand for lithium-ion batteries. As one of the key components used to manufacture lithium-ion batteries is needle coke, rise in the demand for lithium-ion battery is going to fuel the demand for needle coke.

The lithium-ion battery market was valued $XX billion in 2019, and is forecast to reach $XX billion by 2025, at a CAGR of XX% from 2020 to 2025. High price of lithium-ion batteries is limiting the growth of the market currently, however, multiple advantages associated with lithium-ion batteries are estimated to increase its adoption in the forecast period.

Needle Coke Market Challenges

Fluctuation in crude oil prices

Fluctuation in the entire natural gas and crude oil sector is estimate to negatively impact the growth of needle coke market caused primarily due to gap in demand and supply of needle coke. Moreover, even though the petroleum products are assessed to depict a substantial growth in future, the economic and political instability with respect to the sale of these products is estimated to hamper growth of needle coke market. 

Market Landscape

Increased production of coke to improve the refinery margins, rise in investment are some of the key strategies adopted by players in the needle coke market. The market appears to be fragmented owing to the emergence of several players all over the world. Major players in the needle coke market are Phillips 66, Asbury Carbon Inc., Seadrift Coke L.P., Sumitomo Chemical Company, Mitsubishi Chemical Corp., JXTG Nippon Oil & Energy Corp., Indian Oil Corporation Limited, GrafTech International, Essar, Baosteel Group and Others. 

Acquisitions/Technology Launches

In August 2019, Indian Oil Corporation Limited (IOCL) invested $1.3 billion in expanding its Paradip refinery capacity from 15 million tons per annum (mtpa) to 25 mtpa. 

In April 2019, Sumitomo Chemical Company invested $150 million into a new project at the Changzhou National Hi-Tech District (CND) facility of Sumika Electronic Materials (Changzhou) Co., Ltd.

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Needle Coke Market Outlook On The Basis Of Grade, Application, Region And Forecast From 2018 to 2025: Grand View Research Inc.

San Francisco, 13 April 2023: The Report Needle Coke Market Size, Share & Trends Analysis Report By Grade (Super-Premium, Premium, Intermediate), By Application (Electrode, Silicon Metals, Carbon Black), By Region, And Segment Forecasts, 2019 – 2025 The global needle coke market size is projected to reach USD 5.4 billion by 2025, accelerating at a CAGR of 6.9% over the forecast period, according…

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Global Needle Coke Market, Market Size, Market Share, Key Players | BIS Research

The Global Needle Coke Market refers to the industry segment focused on the development, production, and distribution of building materials that have a reduced carbon footprint compared to traditional materials. These materials are designed to minimize greenhouse gas emissions throughout their lifecycle—from extraction, manufacturing, and transportation to use and disposal. 

The global needle coke market was valued at $3.05 billion in 2023, and is expected to grow at a CAGR of 7.99% and reach $6.58 billion by 2023 

Market Overview

Needle coke is a high-quality carbon material primarily used in the production of graphite electrodes, which are essential for electric arc furnaces in the steelmaking industry. Needle coke has a unique needle-like structure, high thermal conductivity, and low coefficient of thermal expansion, making it a crucial material for industries requiring strong, heat-resistant carbon.

Types of Needle Coke 

Petroleum based needle coke - Derived from petroleum refining byproducts, particularly decant oil or slurry oil.

Coal based needle coke- Produced from coal tar, a byproduct of the coke-making process in steel production.

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Key Applications 

Graphite Electrodes for steelmaking - The primary application of needle coke is in the production of graphite electrodes, which are essential in electric arc furnaces (EAF) used for steel production. 

Lithium Ion Batteries - Needle coke is used to produce synthetic graphite anodes for lithium-ion batteries, a critical component in electric vehicles (EVs) and energy storage systems.

Major Key Players  

Asbury Carbons

Gazpromneft

China Petroleum & Chemical Corporation

Shandong Jingyang Technology Co. Ltd

GrafTech International

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Market Demand Driver: Carbon Reduction Mandates and Environmental Standards

The needle coke market is poised for significant growth, propelled by the increasing adoption of the electric arc furnace (EAF) steelmaking process and the mounting pressure to achieve carbon neutrality targets. Sustainability considerations are reshaping the steel industry; the EAF process offers a more environmentally conscious approach compared to the traditional basic oxygen furnace (BOF) method. This shift favors needle coke, a critical material for EAF graphite electrode production

Future Outlook

The needle coke market is expected to witness sustained growth due to rising steel production through electric arc furnaces and increasing lithium-ion battery demand for electric vehicles and energy storage systems. However, environmental regulations, supply chain constraints, and price volatility will continue to shape the industry.

The market outlook is shaped by several key trends:

Rising Demand in Steelmaking

Expansion of Electric Vehicle (EV) Market

Supply Constraints 

Technological Advancements 

Conclusion 

The global needle coke market is positioned for substantial growth, driven by increasing demand from the steel industry and the expanding electric vehicle (EV) market. As electric arc furnaces (EAF) gain traction in steel production and lithium-ion battery usage surges, the need for high-quality needle coke will rise. However, supply constraints, environmental concerns, and production challenges may create volatility in the market.

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Needle Coke Market Insights, 2031will See Strong Expansion through 2031

Needle coke, derived from heavy aromatic feedstock, is a high-quality carbon material primarily used in the manufacturing of graphite electrodes for electric arc furnace steelmaking. It possesses excellent thermal conductivity, low coefficient of thermal expansion, and high mechanical strength, making it indispensable in critical applications such as lithium-ion batteries, aerospace, and semiconductor manufacturing.

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Market Size and Growth: The needle coke market has been experiencing robust growth, fueled by increasing demand from end-use industries and technological advancements in manufacturing processes. The market size is anticipated to witness substantial expansion from 2021 to 2031, driven by rising investments in infrastructure development, growing steel production, and the burgeoning electric vehicle market.

Market Segmentation:By Service Type: Raw Needle Coke, Intermediate Needle Coke, and Finished Needle Coke.By Sourcing Type: Coal-Based Needle Coke and Petroleum-Based Needle Coke.By Application: Graphite Electrodes, Lithium-Ion Batteries, Special Carbon Material, and Others.By Industry Vertical: Steel, Automotive, Electronics, Aerospace, and Others.By Region: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Market Trends:Shift towards petroleum-based needle coke due to superior quality and cost-effectiveness.Increasing focus on recycling and sustainable production practices.Adoption of advanced technologies such as hydrogenation and delayed coking for needle coke production.

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Future Outlook: The needle coke market is poised for continued growth over the forecast period, driven by the expansion of key end-use industries and ongoing research and development activities aimed at enhancing product performance and sustainability.

Competitive Landscape: The needle coke market is characterized by intense competition, with key players focusing on product innovation, strategic partnerships, and geographical expansion to gain a competitive edge. Major companies operating in the market include Phillips 66, Mitsubishi Chemical Corporation, C-Chem Co., Ltd., JXTG Holdings, Inc., and PetroChina Company Limited.

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Petroleum Needle Coke Market ,Size, Market Segmentation and Future Forecasts to 2029

Overview

The  Petroleum Needle Coke Market report, at first, has given a brief understanding of the industry  through  basic overview. This overview includes the market definition, key applications of the product, and the recent manufacturing technology employed for such production. The global Petroleum needle coke  market has been analyzed in detail to gain an understanding of the competitive landscape, key regional status, and recent trends noted in the relevant industry. This analysis also contains the product price margins , along with risk factors that are associated with manufacturers.

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Market Drivers and Restraints

The report has explored several key dynamics that have a solid influence over the Petroleum needle coke  market. This report studied the pricing history, volume trends, and value trends the of the market for the forecast period.Also, the report mentions various market drivers, restraints, as well as opportunities to gain an insightful understanding of the market.

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Detailed Regional Analysis

The global Petroleum needle coke  market has been analyzed in detail on a global as well as a regional level. The report comprises a regional analysis for North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. For each of these regions, the report contains a study of the market extensively, taking the outlook, opportunities, and the recent  trends into consideration.

Research Methodology

To understand the potential of market in a precise manner, the global market has been analyzed according to the  Porter’s Five Force Model structure. Also, the Petroleum needle coke  market has been studied using SWOT analysis, and it highlights various strengths and opportunities, threats, and weaknesses that are associated with the industry.

Key Players

The report has included a profiling of various prominent  players in the market and various trends in the manufacturing landscape and  also identifies some of the new market entrants that are shaping the Petroleum needle coke  market landscape.

About Us

Absolute Market Research, headquartered in Los Angeles, California, United States, is one of the leading market research and intelligence solutions provider companies. Our research reports span across different industries namely automotive, aerospace & defense, chemicals & materials, construction & building materials, energy & power, healthcare, consumer goods, electronics, semiconductors, ICT & media, travel, and more.

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Needle Coke Market Size and Share: An In-depth Examination of Market Metrics

The Needle Coke market is estimated to be valued at US$ 2.99 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview:

Needle coke is a specialty type of petroleum coke used in the production of ultra-high power graphite electrodes, which are primarily used in electric arc furnaces for steel production. It has high mechanical strength and electrical conductivity properties essential for graphite electrode production. Needle coke is produced by thermal cracking and isles heating of coal tar pitch or petroleum pitch residue under oxygen-free conditions. Market Dynamics:

The rising demand for needle coke market from the graphite electrode industry is the major factor driving the growth of the market. Graphite electrodes are used for melting scrap steel in electric arc furnaces. With the increasing steel production globally, particularly in developing economies such as China and India, the demand for graphite electrodes has increased substantially over the years. According to World Steel Association, crude steel production increased from 1,808 million tons in 2018 to 1,895 million tons in 2019. This rising steel production is augmenting the demand for needle coke from the graphite electrode industry. Additionally, limited availability of substitutes for needle coke in ultra-high power graphite electrode manufacturing is another factor fueling the needle coke market growth. SWOT Analysis

Strength: Needle coke has high electrical conductivity and chemical resistance which makes it ideal for graphite electrodes used in electric arc furnaces for steelmaking. It has low coefficient of thermal expansion and high dimensional stability at high temperatures. It is available in large piece size suitable for graphite electrodes upto 4.5m in length.

Weakness: Needle coke manufacturing process requires petroleum pitch as raw material. Fluctuations in crude oil prices directly impact the production cost. High capital investment is required to set up needle coke production facilities.

Opportunity: Increasing steel production driven by growth in construction and automotive industries worldwide presents growth opportunity for needle coke. Expanding graphite electrodes manufacturing capacity, especially in Asian countries will drive the demand for needle coke.

Threats: Strict environmental regulations limiting coke oven operations could impact the supply of needle coke. Alternative materials like scrap-based electric arc furnace production may reduce the demand for graphite electrodes.

Key Takeaways

The global Needle Coke market is expected to witness high growth, exhibiting CAGR of 10.% over the forecast period, due to increasing steel production worldwide driven by growth in construction and automotive industries. Regional analysis: Asia Pacific dominates the global needle coke market, accounting for over 50% share of the total market in 2023. China, Japan and India are major consumers as well as producers in the region. Growing steel industry especially in China and India is driving the growth of needle coke market in Asia Pacific. North America is the second largest market for needle coke led by the US. Presence of large automotive industry and shale gas production is fueling the market growth in this region. Key players operating in the Needle Coke market are Baosteel Group, C-Chem Co. Ltd, China National Petroleum Corporation, ENEOS Corporation, Kaifeng Pingmei New Carbon Material Technology Co. Ltd (KFCC), Mitsubishi Chemical Corporation, Phillips 66 Company, PMS Tech (a joint venture of POSCO Chemtech and Mitsubishi Chemical), Seadrift Coke L.P. (GrafTech International), Shandong Jing Yang Technology Co. Ltd, Shandong Yida Rongtong Trading Co. Ltd, Shanxi Hongte Coal Chemical Co. Ltd, and Sinosteel Corporation. The market is highly consolidated with top five players accounting for over 50% of the total production capacity. Key players are focused on capacity expansion plans and long term supply agreements with graphite electrode manufacturers.

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The global needle coke market size reached US$ 4.0 Billion in 2022. IMARC Group expects the market to reach US$ 5.6 Billion by 2028, exhibiting a growth rate (CAGR) of 5.8% during 2023-2028. Needle coke refers to a specialty grade carbon raw material derived from coal tar pitch, ethylene tar pitch, solvent-refined coal, low-sulfur vacuum residues, petroleum fluidized catalytic cracking (FCC) decant oil, etc.

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Needle Coke Market 2022 | Business Opportunity, Growth Strategies & Forecast Report By 2028

The Needle Coke Market Report, in its latest update, highlights the significant impacts and the recent strategical changes under the present socio-economic scenario. The Needle Coke industry growth avenues are deeply supported by exhaustive research by the top analysts of the industry. The report starts with the executive summary, followed by a value chain and marketing channels study. The report then estimates the CAGR and market revenue of the Global and regional segments.

Base Year: 2021

Estimated Year: 2022

Forecast Till: 2023 to 2028

The report classifies the market into different segments based on type and product. These segments are studied in detail, incorporating the market estimates and forecasts at regional and country levels. The segment analysis is helpful in understanding the growth areas and potential opportunities of the market.

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A special section is dedicated to the analysis of the impact of the COVID-19 pandemic on the growth of the Needle Coke market.  The impact is closely studied in terms of production, import, export, and supply.

The report covers the complete competitive landscape of the Worldwide Needle Coke market with company profiles of key players such as:

Essar Oil Ltd.

Indian Oil Corporation Ltd.

Reliance Industries Ltd.

Royal Dutch Shell Plc.

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Needle Coke Market Analysis by Product:

Intermediate

Premium

Super premium grades

Needle Coke Market Analysis by Geography:

North America (USA, Canada, and Mexico)

Europe (Germany, UK, France, Italy, Russia, Spain, Rest of Europe)

Asia Pacific (China, India, Japan, South Korea, Australia, South-East Asia, Rest of Asia-Pacific)

Latin America (Brazil, Argentina, Peru, Chile, Rest of Latin America)

The Middle East and Africa (Saudi Arabia, UAE, Israel, South Africa, Rest of the Middle East and Africa)

Key questions answered in the report:

 What is the expected growth of the Needle Coke market between 2023 to 2028?

Which application and type segment holds the maximum share in the Global Needle Coke market?

Which regional Needle Coke market shows the highest growth CAGR between 2023 to 2028?

What are the opportunities and challenges currently faced by the Needle Coke market?

Who are the leading market players and what are their Strengths, Weakness, Opportunities, and Threats (SWOT)?

What business strategies are the competitors considering to stay in the Needle Coke market?

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