The global needle coke market size is expected to reach USD 9.00 billion in 2030 and is projected to grow at a CAGR of 10.9% from 2025 to 2030. Surging demand for needle coke in the manufacturing of lithium-ion battery is a key factor driving the industry growth.
Needle coke is a primary element used in the manufacturing of graphite electrodes. The utilization of graphite in batteries has expanded at a robust pace over the past few years. It is the second heaviest component in lithium-ion batteries. These batteries require up to 10 to 20 times more graphite than lithium. Growth of steel industry along with increasing demand from lithium-ion batteries in electric vehicles is likely to remain a key driving factor for market growth in this region.
Rapid increase in demand for lithium-ion batteries from the automotive industry is expected to fuel the growth of needle coke industry. In addition, rising focus on the reduction of automobile weight to improve fuel efficiency and reduce carbon emissions is anticipated to drive the industry growth further. Graphite helps in providing substantial weight reduction and enhances the efficiency of batteries.
ConocoPhillips, Asbury, Sumitomo Chemical Company, and Seadrift Coke are the major players in the market for needle coke. These companies have a strong customer base, differential product offerings, and a robust distribution network across the globe. The threat of new entrants in the market is low due to high initial investments required for setting up manufacturing units and stringent government regulations.
Needle Coke Market Report Highlights
- The super-premium grade was valued at 46.9% in 2024, primarily driven by its highest purity levels, excellent crystalline structure, and optimal physical properties, such as a low coefficient of thermal expansion (CTE).
- The electrode application segment led the market and accounted for the largest revenue share of 65.1% in 2024
- The Silicon Metals & Ferroalloys is expected to grow at a CAGR of 10.9% from 2025 to 2030,
- This demand is being fueled by the expansion of the aluminum and steel sectors, driven primarily by infrastructural development, automotive manufacturing, and increased consumer goods demand
- Asia Pacific needle coke market dominated the global market and accounted for the largest revenue share of 63.5% in 2024
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Needle Coke Market Segmentation
Grand View Research has segmented the global needle coke market report based on grade, application, and region.
Needle Coke Grade Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- Super-Premium
- Premium-Grade
- Intermediate Grade
Needle Coke Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- Electrode
- Silicon Metals & Ferroalloys
- Carbon Black
- Rubber Compounds
- Others
Needle Coke Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Key Players in Needle Coke Market
- Phillips 66
- Asbury Carbon Inc.
- Seadrift Coke L.P.
- Sumitomo Chemical Company
- Mitsubishi Chemical Corp.
- JXTG Nippon Oil & Energy Corp.
- Indian Oil Corporation Limited
- Graftech International
- Sojitz Ject Corp.
- C-Chem Co., Ltd.
- Baosteel Group
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