Global Needle Coke Market to Reach US$ 6.6 Billion by 2032, Propelled by Escalating Demand for Lithium-Ion Batteries

April 09, 2022 | Chemical & Materials

IMARC Group’s latest report, titled “Needle Coke Market Report by Type (Coal-tar Pitch Derived, Petroleum Derived), Grade (Intermediate, Premium, Super Premium), Application (Graphite Electrodes, Silicon Metal and Ferroalloys, Lithium-ion Battery, Carbon Black, Rubber Compounds, and Others), End Use Industry (Aluminum and Steel, Automotive, Semiconductor, and Others), and Region 2024-2032,” finds that the global needle coke market reached a value of US$ 4.2 Billion in 2023. Needle coke refers to a high-value specialty grade of petroleum coke with a highly crystalline structure. It is manufactured from coal-tar pitch, petroleum fluidized catalytic cracking (FCC) decant oil, ethylene tar pitch, solvent-refined coal, and low-sulfur vacuum residues. It exhibits superior strength, high-temperature resistance, excellent electrical conductivity, oxidizability, bulk density, and a low coefficient of thermal expansion (CTE). Due to its strong parallel orientation of turbostratic layer structure and a particular physical shape of the grains, it possesses excellent graphitizability. Needle coke is widely used as a primary raw material for graphite electrodes in electric furnaces, which is currently escalating its demand across the globe.

Global Needle Coke Market Trends:

Needle coke is extensively utilized in the production of synthetic graphite, which is used to make lithium-ion batteries for electric vehicles (EVs). As a result, the escalating demand for lithium-ion batteries due to the surging sales of EVs, smartphones, and other wearables represents the primary factor driving the market growth. In addition, the growing usage of needle coke as a carbonaceous filler in the manufacturing of graphite electrodes for high-power electric arc furnaces (EAF) has accelerated the product adoption rate. Besides this, the increasing utilization of needle coke to produce specialty carbon, employed as a viscosity control additive for electromagnetic shielding and semi-conductive cable compound in the electronics industry, has augmented the product demand. Furthermore, the ongoing research and development (R&D) activities for developing needle coke from low-value heavier hydrocarbon streams without any significant feed pre-treatment process are offering lucrative opportunities to the market players. Other factors, including the introduction of favorable government policies promoting the adoption of hybrid EVs, surging demand for heavy energy storage batteries, emerging applications of specialty carbon, and technological advancements in the production process, are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 6.6 Billion by 2032, expanding at a CAGR of 4.8% during the forecast period (2024-2032).

Market Summary:

  • Based on the type, the market has been bifurcated into coal-tar pitch and petroleum derived. 
  • On the basis of the grade, the market has been categorized into intermediate, premium, and super premium. 
  • The market has been divided based on the application into graphite electrodes, silicon metal and ferroalloys, lithium-ion battery, carbon black, rubber compounds, and others. 
  • Based on the end use industry, the market has been classified into aluminum and steel, automotive, semiconductor, and others. 
  • Region-wise, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has also been analyzed, with some of the key players being Asbury Carbons Inc., GrafTech International Ltd., Graphite India Limited, Mitsubishi Chemical Holdings Corporation, Nippon Steel Chemical & Material Co., Ltd., Phillips 66 Company, Sojitz Corporation, Sumitomo Corporation.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Type, Grade, Application, End Use Industry, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Asbury Carbons Inc., GrafTech International Ltd., Graphite India Limited, Mitsubishi Chemical Holdings Corporation, Nippon Steel Chemical & Material Co., Ltd., Phillips 66 Company, Sojitz Corporation, Sumitomo Corporation.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:


USA: +1-631-791-1145
Follow us on twitter : @imarcglobal

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Global Needle Coke Market to Reach US$ 6.6 Billion by 2032, Propelled by Escalating Demand for Lithium-Ion Batteries
Purchase options

Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us

Phone: +1-631-791-1145


Phone: +91-120-433-0800


Phone: +44-753-714-6104


Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More