Needle Coke Market Size To Reach $8,911.75 Million By 2030

Needle Coke Market Growth & Trends

The global needle coke market size is valued at USD 8,911.75 million in 2030 and is projected to grow at a CAGR of 10.4% from 2024 to 2030. Surging demand for needle coke in the manufacturing of lithium-ion battery is a key factor driving the industry growth.

Needle coke is a primary element used in the manufacturing of graphite electrodes. The utilization of graphite in batteries has expanded at a robust pace over the past few years. It is the second heaviest component in lithium-ion batteries. These batteries require up to 10 to 20 times more graphite than lithium. Growth of steel industry along with increasing demand from lithium-ion batteries in electric vehicles is likely to remain a key driving factor for market growth in this region.

Rapid increase in demand for lithium-ion batteries from the automotive industry is expected to fuel the growth of needle coke industry. In addition, rising focus on the reduction of automobile weight to improve fuel efficiency and reduce carbon emissions is anticipated to drive the industry growth further. Graphite helps in providing substantial weight reduction and enhances the efficiency of batteries.

ConocoPhillips, Asbury, Sumitomo Chemical Company, and Seadrift Coke are the major players in the market for needle coke. These companies have a strong customer base, differential product offerings, and a robust distribution network across the globe. The threat of new entrants in the market is low due to high initial investments required for setting up manufacturing units and stringent government regulations.

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Needle Coke Market Report Highlights

• Premium-grade segment is expected to grow at a CAGR of 6.9%, in terms of revenue, from 2019 to 2025 owing to the rising installation of ultra-high power electrical arc furnaces (EAF) and growing requirement for graphite electrodes in steel industry

• Electrode was the dominant application segment in 2018 with over 64.0% of the volume share

• Asia Pacific was the major market for needle coke and accounted for 63.7% of the overall volume in 2018

• Asbury Carbons Inc.; JXTG Nippon Oil & Energy Corp.; China National Petroleum Corp.; Baosteel Group; Indian Oil Corporation Limited; Hongte Chemical Industry (Group) Co. Ltd.; Sojitz JECT Corp.; and Seadrift Coke L.P. are some of the key companies in the needle coke market

• In December 2018, Mitsubishi Chemical Corporation announced plans to increase the production capacity at its Yokkaichi Plant. The plant produces electrodes that are used in lithium-ion batteries.

Needle Coke Market Segmentation

Grand View Research has segmented the global needle coke market report based on grade, application, and region

Needle Coke Grade Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Super-Premium

• Premium-Grade

• Intermediate Grade

Needle Coke Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Electrode

• Silicon Metals & Ferroalloys

• Carbon Black

• Rubber Compounds

• Others

Needle Coke Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • Germany

  • UK

  • Italy

• Asia Pacific

  • China

  • India

  • Japan

• Latin America

  • Brazil

  • Mexico

• Middle East and Africa

List of Key Players in Needle Coke Market

• 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

• Sojitz Ject Corp.

• C-Chem Co., Ltd.

• Baosteel Group