Needle Coke Market Size

Needle Coke Market size was valued at USD 4.45 Billion in 2023 and is poised to grow from USD 4.92 Billion in 2024 to USD 10.84 Billion by 2032, growing at a CAGR of 10.4% during the forecast period (2025-2032).

Launching new needle coke production and processing plants is projected to be the prime focus of all needle coke providers going forward. Incorporation of sustainable practices and technologies is also expected to present new opportunities for needle coke companies in the long run. Targeting industries where demand for carbon-based products is high could boost revenue generation for needle coke suppliers going forward. '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'

Rapidly increasing demand for lithium-ion and other types of batteries owing to rising electrification of multiple industry verticals are expected to uplift the sales of needle coke in the future. Needle coke is a crucial raw material used in the production of graphite anodes and electrodes used in these batteries.

Emphasis on Rising Electric Vehicle Sales: Needle coke companies can focus on collaborating with battery companies to take advantage of the rapidly increasing popularity and sales of electric vehicles. Growing demand for lithium-ion batteries and the use of needle coke for anodes and cathodes of the same are expected to present new opportunities for needle coke suppliers in the future.

The Asia-Pacific region is estimated to account for a prominent share of the global needle coke market. Surging steel production and growing use of multiple carbon black-based products are projected to be key factors aiding the dominance of this region. India, China, and Japan are slated to be the top countries for needle coke suppliers in the Asia Pacific owing to rapid urbanization and industrialization. Surging production of electric vehicles and growing demand for battery manufacturing are also expected to offer new business scope for needle coke providers operating in this region across the study period and beyond.