In 2024, the global needle coke market was estimated to be worth USD 2.9 billion. Over the course of the forecast period, a compound annual growth rate (CAGR) of 15.1% is anticipated. It is employed in the electrode manufacturing process. High-grade petroleum coke is becoming more and more in demand since it is mostly utilized to make graphite electrodes, which are extensively employed in the electrolysis of different salt solutions. Lithium-ion batteries frequently employ graphite electrodes.

The market for needle coke is being driven mostly by the growing demand for steel and electric vehicles. Urbanization and expanding infrastructure development are the main drivers of the market's notable expansion. High-performance and more effective graphite electrodes are being developed as a result of ongoing research and development.

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Growth Drivers

The market for needle coke is being driven mostly by the growing requirement for the commodity in the steel industry. To make graphite, needle coke is utilized. The market is expanding as a result of the global shift to electric vehicles in an effort to lower greenhouse gas emissions. It is essential to the manufacturing of lithium-ion batteries, which power electric cars.

More effective and high-performing graphite electrodes were created as a result of ongoing advancements in manufacturing techniques and materials. It is utilized in energy storage systems in addition to electric automobiles. The demand for needle coke is rising sharply as the globe shifts to renewable energy sources. Additionally, it is employed in the production of synthetic graphite, which is widely utilized in the creation of consumer electronics and smartphones.

Segmentation

Component

·         Petroleum Derived

·         Coal-Tar Pitch Derived

Grade

·         Intermediate

·         Premium

·         Super-Premium

Application

·         Graphite Electrode

·         Special Carbon Material

·         Lithium Ion Battery

Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Europe

·         Middle East and Africa

Key Players

·         BAOSTEEL GROUP

·         PETROLEUM COKE INDUSTRY

·         ESSAR OIL LIMITED

·         Graftech International Ltd.

·         Phillips 66

·         Mott Corporation

·         Reliance Industries Limited

·         Mitsubishi Chemical Corporation

·         Indian Oil Corporation Ltd

·         Nippon Steel Corporation

·         ASBURY CARBONS INC

·         Other Players

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