Needle Coke Market size is expected to reach USD 11 Billion by the end of 2035, growing at a CAGR of 8% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of needle coke was USD 7 Billion. The market is rising since the demand for needle coke is directed at a variety of industries, including aerospace and defense, steelmaking, and semiconductors, amongst others, due to numerous characteristics and benefits that include low porosity, low heat gain coefficient, low sulfur content, high conductivity, low metal content, or simple graphitization.
Furthermore, needle coke market growth is substantially increasing owing to the rising uptake of electric cars for reducing greenhouse gas emissions and air pollution, apart from carbon peak and carbon neutrality. By peaking carbon emissions before 2030 and achieving carbon neutrality by 2060, China provided increased support for developing countries in the green and low-carbon economy.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~ 8% |
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Base Year Market Size (2022) |
~ USD 7 Billion |
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Forecast Year Market Size (2035) |
~ USD 11 Billion |
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Regional Scope |
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Type (Petroleum-Based, Coal-Based)
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 when burned. The demand for the petroleum-based segment is expected to be boosted due to an increase in steel production for the development of railways, road construction, and automobiles. The expanding use of petroleum-based coke in a variety of end industries is due to its low ash content and low toxicity. These factors are propelling the growth of the petroleum-based segment.
Application (Graphite Electrodes, Lithium-Ion Battery, Special Carbon Material)
The graphite electrodes segment in the needle coke market is estimated to hold a share of 54.8% by 2035 and is poised to grow rapidly during the forecast period. The demand for graphite electrodes is increasing because they are highly used in the production of steel and other non-ferrous metals. Also, it is used in different types of batteries, e.g. electroplating or electrolysis, and welding, which is likely to accelerate the graphite electrode segment growth. Moreover, the consumption of graphite electrodes has increased for conducting high current at low voltage, a requirement for various melting and alloying processes.
Our in-depth analysis of the global needle coke market includes the following segments:
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Type |
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Grade |
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Application |
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End-User |
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APAC Market Forecast
The needle coke market in the Asia Pacific to hold a share of 54% by 2035 and is expected to grow during the forecast period. In the global scenario, China accounted for more than 70 % in terms of consumption and capacity to produce graphite electrodes which means that steel production is now feasible within this country. This further shows that in the forecast period there will be an increasing demand for needle coke. Besides this, China's government is also trying to develop eco-friendly production methods for steel. Among the major producers are Japan, as well as an exporter of petroleum and coal tar-based pitch needle coke. Therefore, countries such as China and Japan are bolstering the needle coke market growth in the region.
North American Market Statistics
North America needle coke market is estimated to grow with a CAGR of 7% over the forecast period owing to the increasing development and production of competent and reasonable electric vehicle battery systems. Currently, approximately 7 % of US adults have an electric or hybrid vehicle and 39% are likely to actively consider the purchase of such a vehicle.
Author Credits: Payel Roy, Dhruv Bhatia
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