Needle Coke Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Needle Coke market is segmented by Type (Petroleum based and Coal-tar Pitch based), Application (Graphite Electrodes, Lithium-Ion Battery, and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecast for needle coke in volume (kilo tons) for all the above segments.

Market Snapshot

needle coke market analysis
Study Period: 2017-2027
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >10 %
needle coke market major players

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Market Overview

The needle coke market is estimated to be about 1,400 kilo tons in 2021 and is expected to register a CAGR of greater than 10% during the forecast period (2022-2027).

The manufacturers of graphite electrodes, which are used in steel manufacturing through electric arc furnaces, are facing a huge impact due to the COVID-19 pandemic owing to the declining prices and demand of electrodes. The evolving COVID-19 outbreak is, thus, impacting the steel manufacturers and also the raw material manufacturers of graphite electrodes, i.e., needle coke.

  • Over the short term, the major factors driving the growth of the market studied are the growing demand for lithium-ion batteries​ and the rising availability of steel scrap in China.
  • On the flip side, the impact of COVID-19 is acting as a roadblock to the growth of the market studied.
  • An increase in lithium-ion battery production in Europe is likely to act as an opportunity for the market studied over the forecast period.
  • Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.

Scope of the report

Needle coke is used as a primary raw material for graphite electrodes in an electric furnace. The global needle coke market is segmented by type, application, and geography. By type, the market is segmented into Petroleum Derived and Coal-tar Pitch Derived. On the basis of application, the market is segmented into Graphite Electrodes, Lithium-Ion Battery, and Other Applications. The report also covers the market sizes and forecasts for the needle coke market in 11 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kilotons).

Product Type
Petroleum Based
Coal-tar Pitch Based
Graphite Electrodes
Lithium-ion Battery
South Korea
Rest of Asia-Pacific
North America
United States
United Kingdom
Rest of Europe
Rest of the World
South America
Middle-East and Africa

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Key Market Trends

Graphite Electrodes Segment to Dominate the Market

  • Needle coke is used as a primary raw material for graphite electrodes in an electric furnace. It is a premium grade, high-value petroleum coke used in the manufacturing of graphite electrodes of very low coefficient of thermal expansion (CTE) for the electric arc furnaces in the steel industry. When making the electrodes, it takes up to six months to make with processes, including baking and rebaking to convert the coke into graphite.
  • The Graphite electrodes are primarily used in the electric arc furnace steel manufacturing, alloy steel, various alloys, and nonmetals melting.
  • China is both the largest manufacturer and consumer of graphite electrodes across the world. Over the past few years, graphite electrodes witnessed a significant rise in prices.
  • The COVID-19 outbreak has negatively affected the production of graphite electrodes across the world and has caused major supply chain disruptions.
  • The above-mentioned factors are likely to affect the demand for needle coke for graphite electrode application during the forecast period.
needle coke market share

Asia Pacific region to dminate the market

  • Asia Pacific region is expected to dominate the Needle Coke market as the region has countries such as China (the biggest producer and consumer of needle coke), and Japan.
  • China holds the largest share in terms of consumption and production capacity of graphite electrodes in the global scenario, thus, presenting the scope for the steel production in the country, thus, further displaying the demand in the needle coke market during the forecast period.
  • In addition to it, the Government of China is also focusing on developing eco-friendly means of producing steel. Several hundred thousand metric ton of new capacity of electric arc furnace is already in the pipeline. Currently, about 20% of the steel is produced from electric arc furnaces in the country.
  • Japan is one of the leading produces as well as the exporter of petroleum and coal tar-based pitch needle coke. Japanese companies are one of the largest produces of graphite electrodes across the world. The market giants of graphite electrodes include Showa Denko, Nippon Carbon, SEC Carbon, and Tokai Carbon. 
  • Japan UPS demand is fueled by the rising demand for high–rated power supply from data centers, coupled with rising technological developments in the country. The increase in demand for heavy-energy storage batteries to store solar power is expected to drive the market for lithium-ion batteries in the country.
  • Hence, Asia Pacific region is expected to dominate the global market based on the afore mentioned aspects.
needle coke market growth

Competitive Landscape

The needle coke market stands to be a consolidated market, and the top seven players accounted for over 40% of the global production capacity. Some of the major players in the market include Phillips 66 Company, Shandong Jingyang Technology Co. Ltd, C-Chem CO., Ltd., Shanxi Hongte Coal Chemical Co., Ltd., and Shandong Yida Rongtong Trading Co. Ltd, among others.

Recent Developments

  • In Feb 2020, The National Iranian Oil Refining and Distribution Company (NIORDC) and Iranian Mines & Mining Industries Development & Renovation (IMIDRO) signed an agreement to produce sponge and needle coke in the two refineries (Bandar Abbas and Imam Khomeini). These two petroleum coke production units are expected to produce 700,000 tons per year of sponge and needle cokes in Iran (620,000 tons of needle coke in Bandar Abbas Refinery). These two projects are expected to take 3 years to complete.

Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand for Lithium-ion Batteries

      2. 4.1.2 Rising Availability of Steel Scrap in China

    2. 4.2 Restraints

      1. 4.2.1 Impact of COVID-19

    3. 4.3 Industry Value-Chain Analysis

    4. 4.4 Porters Five Force Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

    5. 4.5 Price Trend Analysis


    1. 5.1 Product Type

      1. 5.1.1 Petroleum Based

      2. 5.1.2 Coal-tar Pitch Based

    2. 5.2 Application

      1. 5.2.1 Graphite Electrodes

      2. 5.2.2 Lithium-ion Battery

      3. 5.2.3 Others

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. Rest of Asia-Pacific

      2. 5.3.2 North America

        1. United States

        2. Canada

        3. Mexico

      3. 5.3.3 Europe

        1. Germany

        2. United Kingdom

        3. Italy

        4. France

        5. Rest of Europe

      4. 5.3.4 Rest of the World

        1. South America

        2. Middle-East and Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Baosteel Group

      2. 6.4.2 C-Chem Co., Ltd.

      3. 6.4.3 China National Petroleum Corporation

      4. 6.4.4 ENEOS Corporation

      5. 6.4.5 Kaifeng Pingmei New Carbon Material Technology Co. Ltd (KFCC)

      6. 6.4.6 Mitsubishi Chemical Corporation

      7. 6.4.7 Phillips 66 Company

      8. 6.4.8 PMS Tech (a joint venture of POSCO Chemtech and Mitsubishi Chemical)

      9. 6.4.9 Seadrift Coke L.P. (GrafTech International)

      10. 6.4.10 Shandong Jing Yang Technology Co. Ltd

      11. 6.4.11 Shandong Yida Rongtong Trading Co. Ltd

      12. 6.4.12 Shanxi Hongte Coal Chemical Co. Ltd

      13. 6.4.13 Sinosteel Corporation

    5. *List Not Exhaustive

    1. 7.1 Increase in the Lithium-ion Battery Production in Europe

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Frequently Asked Questions

The Needle Coke Market market is studied from 2017 - 2027.

The Needle Coke Market is growing at a CAGR of >10% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2021.

Phillips 66 Company, C-Chem CO.,Ltd., Shandong Jingyang Technology Co. Ltd , Shandong Yida Rongtong Trading Co. Ltd , GrafTech International are the major companies operating in Needle Coke Market.

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