Report ID: 10352385 |
Published Date: 21 Mar 2025 |
Report Format: |
Delivery Timeline: 48-72 Business Hours
Global Needle Coke Market Highlights Over 2020 - 2030
The global needle coke market is estimated to garner a revenue of USD 4085.6 Million by the end of 2030, by growing at a CAGR of 6.73% over the forecast period, i.e., 2021 – 2030. Moreover, the market generated a revenue of USD 2168.7 Million in the year 2020. The growth of the market can be attributed to rising demand for electric vehicles (EVs) globally, and therefore the increasing need for lithium-ion batteries. According to the statistics by the International Energy Agency (IEA), the global electric car stock of battery electric vehicles (BEVs) touched 4.79 Million in the year 2019, up from 0.72 Million in the year 2015. The manufacturers of lithium-ion batteries for EVs require needle coke as its unique crystalline structure makes it a good material for making electrodes. This specialty grade of pet coke is typically produced from a dedicated coker that uses low-sulfur FCC slurry as feedstock. Lithium-ion batteries are widely being used in EVs as these batteries can be recharged multiple times and are more stable when compared to other battery forms. Besides this, the Li-ion batteries also have a higher voltage capacity, higher energy density and lower self-discharge rate than other batteries which are rechargeable.
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The market growth can also be attributed to the growing demand for steel recycling and graphite electrodes. According to the statistics by the World Steel Association, the production of crude steel around the globe increased from 189 Million Tonnes in the year 1950 to 1878 Million Tonnes in the year 2020. Needle coke is a vital component in the manufacturing process of steel. In an electric steel furnace that melts and refines steel scrap, needle coke is used a primary material for electrode that are used in these furnaces. The growth of the market can also be attributed to the increasing advancement in modernizing coking units and the surge in research and development investments for production technologies of steel.
Global Needle Coke Market Regional Synopsis
Regionally, the global needle coke market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific is expected to garner the largest revenue of USD 1809.1 Million by the end of 2030, up from a revenue of USD 937.1 Million in the year 2020. The growth of the market in the region can primarily be attributed to the presence of several countries in the region, such as China, India, and Japan, who are the largest producers of crude steel. In the other statistics by the World Steel Association, China ranked 1st in crude steel production worldwide with a registered production volume of 1064.8 Million Tonnes in the year 2020. India and Japan ranked 2nd and 3rd respectively with 100.3 Million Tonnes and 83.2 Million Tonnes production volume in the same year. The market in the region is further segmented by country into Australia, Japan, South Korea, India, China, and the Rest of Asia Pacific. The market in China is anticipated to garner the largest revenue of USD 811.9 Million by the end of 2030, up from a revenue of USD 415.3 Million in the year 2020.
Growth Drivers and Challenges Impacting the Growth of the Global Needle Coke Market
Growth Drivers
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Rising Demand for Lithium-Ion Batteries for EVs
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Growing Demand for Steel Recycling and Graphite Electrodes
Challenges
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Fluctuating Prices of Graphite Electrodes
Global Needle Coke Market Segmentation Synopsis
The global needle coke market is segmented by type into petroleum-based and coal-based, out of which, the petroleum-based segment is expected to garner the highest market share by the end of 2030 and also grow with the highest CAGR of 7.12% during the forecast period. By grade, the market is segmented into intermediate, premium, and super-premium. Out of these, the super-premium segment is projected to display the largest revenue of USD 2217.7 Million by the end of 2030, up from a revenue of USD 1072.8 Million in the year 2020. By application, the market is segmented into graphite electrodes, lithium-ion battery, and special carbon material. Out of these, the graphite electrodes segment is projected to garner the largest revenue of USD 2650.4 Million by the end of 2030, up from a revenue of USD 1421.2 Million in the year 2020. By end-user industry, the market is segmented into automotive, semiconductor, aluminum & steel, and others. Out of these, the aluminum & steel segment is projected to garner the largest revenue of USD 2622.9 Million by the end of 2030, up from a revenue of USD 1417.6 Million in the year 2020.
Key Companies Dominating the Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global needle coke market that are included in our report are Asbury Carbons Inc., NIPPON STEEL CORPORATION, ENEOS Holdings Co., Ltd., GrafTech International Ltd., Graphite India Limited, HEG Limited, Mitsubishi Chemical Holdings Corporation, Phillips 66 Company, Sojitz Corporation, Sumitomo Corporation, Tokai Carbon Co., Ltd., and others.
Latest Developments in the Global Needle Coke Market:
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July 26th, 2021: GrafTech International Ltd. announced that it would open a new sales office in Chiba-shi, Japan. With this new office, the company aims to expand its services to the customers in Japan and also to contribute to its global sales.
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August 9th, 2021: Phillips 66 announced that it has entered into an agreement with the Australia-based company, NOVONIX Limited, where Phillips 66 would acquire 66% of the stake. With this acquisition, the company aims to enhance its battery supply chain in the U.S.
Key Reasons to Buy Our Report
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The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.
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It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.
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The report includes detailed company profiles of the major players dominating the market.
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We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.
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We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.
Frequently Asked Question
The super-premium segment is projected to display the largest revenue of USD 2217.7 Million by the end of 2030 and display significant growth opportunities.
The market is segmented by type, grade, application, end-user industry, and by region.
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Report ID: 10352385 |
Published Date: 21 Mar 2025 |
Report Format: |
Delivery Timeline: 48-72 Business Hours
