Needle Coke Market Trends, Size, Share &
Analysis 2030

Needle coke is a specialty high
quality petroleum coke and is the key raw material used in manufacturing of
ultra-high power graphite electrodes that are further used in electric arc
furnaces for manufacturing steel. Needle coke provides hardness, strength and
efficient electrical conductivity to graphite electrodes that helps steel
manufacturing through direct current arc furnace. The rising demand from steel
producers for cost effective and eco-friendly steel manufacturing is driving
the demand for graphite electrodes which in turn is propelling the needle coke
market growth.

The
global needle coke market is estimated to be valued at US$3.32 billion in 2024
and is expected to exhibit a CAGR of 10% over the forecast period of 2024-2031.



Key
Takeaways



Key players operating in the needle coke market are Baosteel Group, C-Chem Co.
Ltd, China National Petroleum Corporation, ENEOS Corporation, Kaifeng Pingmei
New Carbon Material Technology Co. Ltd (KFCC), Mitsubishi Chemical Corporation,
Phillips 66 Company, PMS Tech (a joint venture of POSCO Chemtech and Mitsubishi
Chemical), Seadrift Coke L.P. (GrafTech International), Shandong Jing Yang
Technology Co. Ltd, Shandong Yida Rongtong Trading Co. Ltd, Shanxi Hongte Coal
Chemical Co. Ltd, and Sinosteel Corporation.



The Needle
Coke Market Size include growing consumption of steel globally and
rising penetration of electric arc furnaces for steel making. In 2021, steel
production around the globe reached over 1.95 billion tons. The market players
are focusing on expanding their production capacities to meet the rising demand
for needle coke from developing regions like Asia Pacific and Middle East &
Africa.



Globally, Asia Pacific accounts for the largest share in the needle coke market
owing to high steel production and expanding graphite electrode production
facilities in China and India. Other regions like North America and Europe are
also expected to showcase significant growth on account of increasing
investment towards development of green steel manufacturing technologies.

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