Needle Coke Market
Get a free sample of this report
Your inquiry has been received. Our team will reach out to you with the required details via email. To ensure that you don't miss their response, kindly remember to check your spam folder as well!
Form submitted successfully!
Error submitting form. Please try again.
Request Sectional Data
Your inquiry has been received. Our team will reach out to you with the required details via email. To ensure that you don't miss their response, kindly remember to check your spam folder as well!
Form submitted successfully!
Error submitting form. Please try again.
Needle Coke Market size was valued at USD 6.4 billion in 2023 and is anticipated to grow at a CAGR of 5.9% from 2024 to 2032. The petroleum coke (petcoke) industry has seen consistent growth, driven primarily by its rising adoption as a fuel source in diverse industrial processes. As a byproduct of petroleum refining, petcoke boasts a high carbon content and calorific value, positioning it as a preferred choice for energy-intensive industries. Furthermore, surging global population, coupled with industrialization and urbanization, has heightened the demand for energy, subsequently propelling petcoke production.
The ongoing research and development efforts directed toward finding alternative uses and technologies including exploring ways to convert petcoke into value-added products or utilize it in more environmentally friendly processes will proliferate the industry growth. Moreover, initiatives focusing on petcoke gasification, to convert it into syngas for power generation or chemical production, utilization across carbon capture and storage (CCS) processes to reduce greenhouse gas emissions have also provided significant opportunity to the industry players.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Needle Coke Market size in 2023: | USD 6.4 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 5.9 |
| 2023 Value Projection: | USD 10.7 Billion |
| Historical Data for: | 2021 to 2023 |
| No of Pages: | 120 |
| Tables, Charts & Figures: | 15 |
| Segments Covered: | Grade, Application, & Region |
| Growth Drivers: |
|
| Pitfalls Challenges: |
|
Increasing product demand across steel & aluminum industry coupled with its adoption for the production of lithium-ion batteries are bolstering the product demand across the projected timeframe. The steel industry is one of the largest consumers of needle petroleum coke, which is used in the production of graphite electrodes for electric arc furnaces (EAFs). As steel production shifts increasingly toward EAF methods, driven by environmental regulations and the need for more efficient production processes, the demand for high-quality needle coke is expected to rise significantly.
In addition, with the rapid growth of the electric vehicle (EV) market and the broader energy storage sector, the demand for lithium-ion batteries is set to increase substantially. This expansion directly drives the need for needle petroleum coke, thereby contributing to the overall market growth.
Based on grade, the market is segmented into fuel grade & calcined petcoke. The fuel grade petcoke industry is projected to surpass over USD 6.5 billion by 2032. Innovations in production technologies are improving the yield and quality of needle petroleum coke. The technological improvements are helping to meet the rising quality standards required by end-user industries, thereby supporting market growth.
Based on application, the needle coke market is divided into power plants, cement industry, steel industry, aluminum industry, among others, where steel industry is projected to grow over 5.5% through 2032. Increasing & exponential use of needle petroleum coke across steel industry owing to rapid industrialization and urbanization is fueling the expansion of steel production.
The Asia Pacific needle coke market is anticipated to surpass over USD 5 billion by 2032. Positive outlook toward aluminum and steel industries along with the rapid expansion and modernization of existing refineries will strengthen the business outlook across the region. Abundant availability and low cost of fuel have made it preferable for power generation as compared to its competitive counterparts including natural gas and coal.
The Needle petcoke industry across the U.S. has witnessed a steady growth on account of increasing industrial activities, energy needs, and the availability of petcoke as a byproduct of the refining process. Moreover, the robust investments across cement, power generation, steel, and aluminum industries have also paved way for industry expansion.
Some of the key market players operating across the needle coke industry are:
Market, By Grade
Market, By Application
The above information has been provided for the following region & countries:
BP p.l.c, Exxon Mobil Corporation, Indian Oil Corporation Ltd, Marathon Petroleum Corporation, Oxbow Corporation, Reliance Industries Limited, Saudi Arabian Oil Company (Saudi Aramco), Shamokin Carbons, Shell Plc, and Valero, are some of the major needle coke companies worldwide.
Asia Pacific market is expected to reach over USD 5 billion by 2032, attributed to positive outlook toward aluminum and steel industries along with the rapid expansion and modernization of existing refineries in the region.
The market size of needle coke reached USD 6.4 billion in 2023 and is set to register 5.9% CAGR from 2024-2032, owing to its rising adoption as a fuel source in diverse industrial processes worldwide.
Needle coke industry from the fuel grade segment is expected to surpass USD 6.5 billion by 2032, due to innovations in production technologies, improving the yield and quality of needle petroleum coke.