Needle Coke Market, By Product Type (Petroleum Based, Coal Tar Pitch Based), By Application (Graphite Electrode, Lithium-Ion Battery, Others (Specialty Carbon Products)), And By Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa)

Published In : Mar 2023

Code : CMI5603

Pages :142

Formats :

Excel and PDF

Industry : Bulk Chemicals

Needle Coke MarketSize and Trends

The global needle coke market size was valued at USD 2.7 Bn in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 10.73% from 2023 to 2030. Rising demand for specialty carbon materials from solar power generators and wind turbines is fuelling needle coke market growth. These materials have a wide range of applications and are highly beneficial for environment and the society. Moreover, rising demand for needle coke from the steel and aluminum manufacturing industries is also augmenting market growth. Furthermore, the growing automotive industry is also a major role in development of market growth.

Global Needle Coke Market: Regional Insights

Regionally, Asia-Pacific is expected to contribute the highest revenue share in the global needle coke market during the forecast period. The market is expected to grow in this region on account of the increase in the production of graphite electrodes, growing consumption of lithium batteries, and development in electric arc furnace.

North America is also expected to exhibit significant growth during the forecast period. The market for petroleum derived needle coke in this region is anticipated to witness significant growth on account of the increasing use of specialty carbon materials, and growth in the manufacturing of graphite electrodes.

Figure 1. Global Needle Coke Market Share (%), By Region

Global Needle Coke Market Trends:

Increasing demand for fuel oil from the cement industry

The growing demand for fuel oil from the cement industry and power generation industries is a recent trend to contribute positively towards the needle coke market. In addition, the increasing usage of needle coke in the manufacturing of electric arc furnaces is also projected to increase its consumption rate.

Rapid recovery of the steel production industry

The rapid recovery of the steel production industry and battery industry following the coronavirus pandemic is also projected to boost the market growth. Moreover, the rising demand for lithium-ion batteries in the automobile sector is further predicted to drive the market growth.