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Needle Coke Market Size
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 Attributes | Details |
|---|---|
| Base Year: | 2023 |
| Market Size in 2023: | USD 6.4 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 5.9% |
| 2032 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: |
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| Pitfalls & Challenges: |
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Needle Coke Market Trends
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.
Needle Coke Market Analysis
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.
Needle Coke Company Market Share
Needle Coke Market Companies
Some of the key market players operating across the needle coke industry are:
- AMINCO RESOURCES LLC.
- Bharat Petroleum Corporation Limited
- BP p.l.c
- Cenovus Inc. (Husky Energy)
- Chevron Corporation
- Cocan graphite
- 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
- Valero
Needle Coke Industry News
- In May 2023, Chevron Lummus Global LLC (CLG), a joint venture of Chevron U.S.A. Inc. and Lummus Technology signed an agreement with TAQAT Development Company, Saudi Arabia, wherein Chevron received a contract to build a new 75,000 TPA needle coke/synthetic graphite complex in Rabigh, Saudi Arabia. The company will offer pilot plant testing, licensing, basic design, and additional engineering & operations support and the feedstock will be supplied by Rabigh Refining & Petrochemical Company (Petro Rabigh).
- In May 2023, BP p.l.c came into a strategic partnership with Emirates Global Aluminium (EGA) and signed a memorandum of understanding (MoM), to offer services catering to research & develop solution for reducing the content of carbon dioxide generated to provide EGA’s calcined petroleum coke supply. This is anticipated to potentially utilize partnership or the collaboration on a calcined petroleum coke blending facility built in UAE.
The needle coke market research report includes an in–depth coverage of the industry with estimates & forecast in terms of volume in ‘MT’ and revenue in ‘USD Billion’ from 2021 to 2032, for the following segments:
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Market, By Grade
- Fuel Grade
- Calcined Petcoke
Market, By Application
- Power Plants
- Cement Industry
- Steel Industry
- Aluminum Industry
- Others
The above information has been provided for the following region & countries:
- North America
- U.S.
- Canada
- Europe
- Spain
- Russia
- UK
- Italy
- France
- Germany
- Asia Pacific
- China
- India
- Japan
- Australia
- Middle East & Africa
- Tunisia
- Turkey
- Morocco
- Latin America
- Brazil
- Argentina
- Chile
- Mexico
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