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Needle Coke Market Size and Forecast, by Type (Petroleum-Based, Coal-Based); Grade; Application; End user - Growth Trends, Key Players, Regional Analysis 2026-2035

  • Report ID: 3390
  • Published Date: Sep 08, 2025
  • Report Format: PDF, PPT

Needle Coke Market Outlook:

Needle Coke Market size was valued at USD 4.84 billion in 2025 and is expected to reach USD 11.99 billion by 2035, expanding at around 9.5% CAGR during the forecast period i.e., between 2026-2035. In the year 2026, the industry size of needle coke is assessed at USD 5.25 billion.

Needle Coke Market Size
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The market is growing due to rising demand in a variety of industries, including aerospace and defense, steelmaking, and semiconductors. Its numerous characteristics and benefits such as low porosity and heat gain coefficient make it suitable for various industrial uses. Both petroleum-based needle coke and coal-based needle coke can be used to produce graphite electrodes. The advent of the fourth Industrial Revolution is also fueling the demand for the needle coke in the coming years.

Furthermore, rising production of electric vehicles globally will drive the needle coke market revenue. According to data published by the International Energy Agency, 1 in 5 cars sold in 2023 was electric and the number of cars sold reached 14 million. Needle coke, an up-scale carbonaceous material, is utilized in manufacturing electrodes for EDLC (Electric Double-Layer Capacitors) as an auxiliary source of power in electric vehicles. Lithium-ion batteries get higher energy density and charge faster with the use of needle coke.

Key Needle Coke Market Insights Summary:

  • Regional Highlights:

    • Asia Pacific leads with a 54% share in the needle coke market by 2035, driven by rising steel demand from rail and road projects and growing lithium-ion battery production.
    • North America market will exhibit lucrative growth during the forecast timeline, driven by increasing electric vehicle production and development in hydrocarbon output.

  • Segment Insights:

    • The graphite electrodes segment in the needle coke market is expected to secure a 55% share by 2035, fueled by its use in electric arc furnaces and ceramic manufacturing.
    • The petroleum-based segment in the needle coke market is anticipated to hold the largest share by 2035, driven by its high heating value and zero ash generation, making it environmentally preferable.

  • Key Growth Trends:

    • Rising demand for lithium-ion batteries
    • Growing steel recycling demand

  • Major Challenges:

    • Increasing prices of raw material
    • Stringent environmental regulations

  • Key Players: C-Chem Co. Ltd, Phillips 66 Company, Chevron Lummus Global LLC, Aurubis AG, ENEOS Holdings, Inc, Shijiazhuang Deli Chemical Co, Petrocokes Japan Ltd, Bao-Steel Group, Sinopec Shanghai Petrochemical Company Limited, Shanxi Hongte Coal Chemical Co Ltd.

Global Needle Coke Market Forecast and Regional Outlook:

  • Market Size & Growth Projections:

    • 2025 Market Size: USD 4.84 billion
    • 2026 Market Size: USD 5.25 billion
    • Projected Market Size: USD 11.99 billion by 2035
    • Growth Forecasts: 9.5% CAGR (2026-2035)

  • Key Regional Dynamics:

    • Largest Region: Asia Pacific (54% Share by 2035)
    • Fastest Growing Region: Asia Pacific
    • Dominating Countries: China, United States, Japan, South Korea, Germany
    • Emerging Countries: China, India, Japan, South Korea, Taiwan

    • Last updated on : 8 September, 2025

Growth Drivers

  • Rising demand for lithium-ion batteries: Li-ion batteries are utilized in numerous products such as wireless headphones, electrical energy storage systems, and small and large appliances. Also, these batteries are the predominant commercial form of rechargeable battery and are used in portable electronics.
  • Growing steel recycling demand: There has been increased use of super premium needle coke in the process of steel recycling due to its low sulfur content. According to World Auto Steel, the average recycling rate for iron and steel in cars is 90%. Also, steel cans are the most recycled beverage containers in the world. Additionally, according to the Bureau of International Recycling global crude steel production was 1.8 billion tons in 2023. These procedures of steel production and recycling require needle coke in huge amounts.
  • Surge in research and development activities: The surge in research and development in production technologies is gaining significance in the needle coke market. Latest procedures such as fluidized bed coking and delayed coking are some of the advanced needle coke production processes. With the help of these methods, market players are trying to reduce their environmental footprints and increase production efficiency.

Challenges:

  • Increasing prices of raw material: Due to the volatility in crude oil prices, there is a very strong impact of price fluctuation on the material necessary for the production of needle coke. The market growth is therefore expected to be hindered by fluctuations in the price of materials and products.
  • Stringent environmental regulations: Governments all across the world are making stringent rules for using coal to curb carbon emissions, hampering the expansion of the needle coke market.

Needle Coke Market Size and Forecast:

Report Attribute Details

Base Year

2025

Forecast Period

2026-2035

CAGR

9.5%

Base Year Market Size (2025)

USD 4.84 billion

Forecast Year Market Size (2035)

USD 11.99 billion

Regional Scope

  • North America (U.S. and Canada)
  • Asia Pacific (Japan, China, India, Indonesia, South Korea, Malaysia, Australia, Rest of Asia Pacific)
  • Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Brazil, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Needle Coke Market Segmentation:

Type Segment Analysis       

The needle coke market from the petroleum-based is anticipated to hold the largest share during the forecast period. The heating value of fuel-grade petroleum is high, which does not generate any ash while burning. This makes petroleum-based needle coke favorable for the environment, making it preferable over coal-based needle coke. Also, the demand for the petroleum-based segment is expected to increase due to a rise in steel production for the development of railways, road construction, and automobiles.

Application Segment Analysis       

The graphite electrodes segment is estimated to dominate more than 55% needle coke market share by 2035. Graphite electrodes are used in manufacturing steel in electric arc furnaces. For instance, graphite electrodes are the primary raw material for the production of molten glass as they facilitate high-temperature generation. In 2023, the European Union’s glass value chain confirmed collection that the glass collection rate was 80.1% and they are aiming to collect 90% by 2030 for recycling. Also, graphite electrodes hold applications in ceramic manufacturing.

Our in-depth analysis of the global needle coke market includes the following segments:

Segment

Subsegment

Type
  • Petroleum-Based
  • Coal-Based

Grade
  • Intermediate
  • Premium
  • Super Premium

Application
  • Graphite Electrodes
  • Lithium-Ion Battery
  • Special Carbon Material

End-User
  • Automotive,
  • Semiconductor
  • Aluminum & Steel
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Vishnu Nair
Head - Global Business Development

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Needle Coke Market Regional Analysis:

Asia Pacific Market  Insights

The needle coke market in the Asia Pacific to hold a share of 54% by 2035. The growth of the market in the region can be attributed to the rising demand for steel from railways and road development. According to the Economic and Social Commission for Asia and the Pacific, the Asian Highway Network consists of over 145,000 kilometers of roads covering 32 countries. The region is developing at a higher rate and a significant amount of needle coke is employed in making lithium-ion batteries for various industrial purposes.

The China needle coke market is expected to flourish significantly due to the rising production of steel in the country. According to the World Steel Association, China is the top steel-producing country in the world and produced 67.4 Mt of steel in 2023. The country is demanding a lot of needle coke as the primary material for electrodes in electric steel furnace that refines and melts the steel scrap.

Additionally, in India, the needle coke market is witnessing substantial growth on the back of rising production of lithium-ion batteries. According to the India Brand Equity Foundation, the lithium-ion battery market in India is projected to thrive at a CAGR of 50% from 20 GWh in 2022 to 220 GWh by 2030. Needle coke is proven to be a valuable commodity to reduce the environmental impact by providing needle coke as raw material.

Japan is also projected to garner remarkable growth in the market due to major advancements in battery technology and growth in the steel sector. According to World Integrated Trade Solution, in 2022, 47,188 kilograms of graphite electrodes were exported by Korea to Japan.

North American Market Statistics Insights

North America needle coke market is estimated to grow at a lucrative CAGR through 2035, owing to the rising production of electric vehicles. Also, the region is witnessing development in production of hydrocarbon. In U.S. there is rising demand for the electric vehicles due to their environment friendliness. For instance, according to Argonne National Laboratory, in 2024, over 6.1 million plug-ins in electric vehicles sold in the country. On the back of this, the market in the region is expected to garner remarkable share.

Needle Coke Market Share
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Needle Coke Market Players:

    The competitive landscape of the needle coke market is rapidly evolving as established key players, automotive giants and new entrants are investing in steel production and battery technology. Key players in the market are focused on developing new technologies and products catering to the stringent regulatory norms and consumer demand.  These key players are adopting several strategies such as mergers and acquisitions, joint ventures, partnerships, and novel product launches to enhance their product base and strengthen their market position. Here are some key players operating in the global market:

    • C-Chem Co. Ltd 
      • Company Overview Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis 
    • Phillips 66 Company
    • Chevron Lummus Global LLC
    • Aurubis AG
    • ENEOS Holdings, Inc
    • Shijiazhuang Deli Chemical Co
    • Petrocokes Japan Ltd
    • Bao-Steel Group
    • Sinopec Shanghai Petrochemical Company Limited
    • Shanxi Hongte Coal Chemical Co Ltd

Recent Developments

  • In June 2021, a business collaboration for the establishment of an EV battery swapping service in Japan has been concluded between ENEOS Holdings, Inc. and Ample Inc., a US startup that is wholly owned by ENEOS.
  • In May 2022, Phillips 66 plans to reconfigure the San Francisco refinery at Rodeo, California into a producer of renewable fuels. The power plant will no longer produce gasoline from crude oil, but the fuel shall instead be derived from cooking oils, fats, and greases.
  • Report ID: 3390
  • Published Date: Sep 08, 2025
  • Report Format: PDF, PPT
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Frequently Asked Questions (FAQ)

In the year 2026, the industry size of needle coke is assessed at USD 5.25 billion.

The global needle coke market size was valued at over USD 4.84 billion in 2025 and is expected to expand at a CAGR of around 9.5%, surpassing USD 11.99 billion revenue by 2035.

Asia Pacific leads with a 54% share in the needle coke market by 2035, driven by rising steel demand from rail and road projects and growing lithium-ion battery production.

Key players in the market include C-Chem Co. Ltd, Phillips 66 Company, Chevron Lummus Global LLC, Aurubis AG, ENEOS Holdings, Inc, Shijiazhuang Deli Chemical Co, Petrocokes Japan Ltd, Bao-Steel Group, Sinopec Shanghai Petrochemical Company Limited, Shanxi Hongte Coal Chemical Co Ltd.

Needle Coke Market Report Scope

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