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

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:

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