니들 코크스 시장 규모, 점유율, 성장 및 세계 산업 분석 : 유형별, 용도별, 지역별 인사이트 및 예측(2024-2032년)

Growth Factors of needle coke Market

The global needle coke market is experiencing strong growth due to rising steel production, rapid industrialization, and the accelerating demand for electric vehicles. According to the latest industry report, the global needle coke market was valued at USD 5.65 billion in 2024, is projected to reach USD 6.00 billion in 2025, and is expected to climb to USD 9.39 billion by 2032. This expansion reflects a healthy CAGR of 6.62% during 2025-2032, supported by structural changes in steel manufacturing and surging lithium-ion battery demand. The Asia Pacific region dominated the global market with a 53.98% share in 2024, making it the world's largest revenue contributor.

Market Insights and Key Growth Drivers

Needle coke plays a vital role in electric arc furnace (EAF) steelmaking, especially in the production of graphite electrodes, which are essential in the steel recycling process. As steel remains the most widely used material across automotive, construction, and industrial sectors, the demand for needle coke continues to rise. The shift toward EAF-based steel production, known for its lower emissions and energy efficiency, has accelerated consumption in 2024 and 2025.

Government initiatives are further reinforcing market expansion. In April 2025, the Government of India announced a steel production target of 300 million tons by 2030, up from 179 MT in 2024, which is expected to significantly increase demand for graphite electrodes and needle coke. Alongside India, China remains a dominant player, driven by large-scale steel output and rapid EV adoption.

Market Dynamics

Drivers

The expanding steel industry and growing need for graphite electrodes represent the core demand drivers. EAF-based steelmaking is gaining global traction due to environmental regulations, especially in Asia, Europe, and North America. Additionally, needle coke's role in lithium-ion battery anodes is becoming increasingly important as EVs and renewable energy storage systems expand. According to the International Energy Agency, global EV battery demand is expected to grow 4.5 times by 2030 and up to 12 times by 2035, creating substantial growth opportunities for needle coke manufacturers.

Restraints

High production costs, limited petroleum-based feedstock availability, and rising environmental regulations pose notable challenges. Needle coke production is energy-intensive, contributing to high carbon emissions, which increases compliance costs. Price volatility in raw materials and geopolitical uncertainties further complicate supply chain stability.

Opportunities

Rising lithium-ion battery consumption, green energy initiatives, and expanding urban infrastructure projects across Asia Pacific and Africa present long-term opportunities. Technological advancements in synthetic needle coke production may also reduce environmental impact and enhance product performance, strengthening demand across the forecast period.

Challenges

Trade restrictions and geopolitical instability-particularly U.S.-China tariff conflicts-continue to affect supply flows and pricing. Tariffs on petroleum coke imports have increased costs for Chinese manufacturers, leading to disruptions in global supply chains and adding uncertainty to market conditions.

Segmental Analysis

By Type

The oil-based needle coke segment dominated the market in 2024 and is expected to maintain leadership through 2032 due to its superior conductivity and suitability for UHP graphite electrodes used in EAF steelmaking. Meanwhile, coal-based synthetic needle coke is gaining momentum in the lithium-ion battery sector for its high purity and structural consistency.

By Application

The graphite electrodes segment accounted for the largest market share in 2024, driven by global growth in steel production. The lithium-ion battery segment is poised for significant expansion through 2032 as EV adoption accelerates worldwide.

Regional Outlook

Asia Pacific, valued at USD 3.05 billion in 2024, remains the most dominant regional market due to large-scale steel manufacturing in China, India, Japan, and South Korea. North America and Europe also show steady growth supported by technological advancements and rising EV penetration. Latin America and the Middle East & Africa are emerging markets driven by infrastructure development and expanding industrial capacities.

Competitive Landscape

Key players include GrafTech International Ltd., Mitsubishi Chemical Corporation, Phillips 66, Graphite India Ltd., Sumitomo Corporation, Indian Oil Corporation, CNPC, and POSCO Chemical. These companies focus on capacity expansion, partnerships, and vertical integration to strengthen competitive positions.

Segmentation By Type

• Oil-Based
• Coal-Based

By Application

• Graphite Electrodes
• Special Carbon/Graphite Material
• Lithium-ion Battery
• Others

By Region

• North America (By Type, By Application, and By Country)
  • U.S. (By Application)
  • Canada (By Application)
• Europe (By Type, By Application, and By Country)
  • Germany (By Application)
  • Italy (By Application)
  • France (By Application)
  • U.K. (By Application)
  • Russia (By Application)
  • Spain (By Application)
  • Rest of Europe (By Application)
• Asia Pacific (By Type, By Application, and By Country)
  • China (By Application)
  • India (By Application)
  • Japan (By Application)
  • South Korea (By Application)
  • Australia (By Application)
  • Rest of Asia Pacific (By Application)
• Latin America (By Type, By Application, and By Country)
  • Brazil (By Application)
  • Argentina (By Application)
  • Mexico (By Application)
  • Rest of Latin America (By Application)
• Middle East & Africa (By Type, By Application, and By Country)
  • Saudi Arabia (By Application)
  • UAE (By Application)
  • Kuwait (By Application)
  • Rest of Middle East & Africa (By Application)

Table of Content

1. Introduction

• 1.1. Research Scope
• 1.2. Market Segmentation
• 1.3. Research Methodology
• 1.4. Definitions & Assumptions

2. Executive Summary

3. Market Dynamics

• 3.1. Market Drivers
• 3.2. Market Restraints
• 3.3. Market Opportunities

4. Key Insights

• 4.1. Key Emerging Trends - For Major Countries
• 4.2. Latest Technological Advancement
• 4.3. Insight on Regolatory Landscape
• 4.4. Porters Five Forces Analysis
• 4.5. Impact of Tariffs on the Global Needle Coke Market

5. Global Needle Coke Market (USD Million) Analysis, Insights, and Forecast, 2019-2032

• 5.1. Key Findings
• 5.2. Market Analysis, Insights, and Forecast - By Type
  • 5.2.1. Oil-Based
  • 5.2.2. Coal-Based
• 5.3. Market Analysis, Insights, and Forecast - By Application
  • 5.3.1. Graphite Electrodes
  • 5.3.2. Special Carbon/Graphite Material
  • 5.3.3. Lithium-ion Battery
  • 5.3.4. Others
• 5.4. Market Analysis, Insights, and Forecast - By Region
  • 5.4.1. North America
  • 5.4.2. Europe
  • 5.4.3. Asia Pacific
  • 5.4.4. Latin America
  • 5.4.5. Middle East & Africa

6. North America Needle Coke Market (USD Million) Analysis, Insights, and Forecast, 2019-2032

• 6.1. Key Findings
• 6.2. Market Analysis, Insights, and Forecast - By Type
  • 6.2.1. Oil-Based
  • 6.2.2. Coal-Based
• 6.3. Market Analysis, Insights, and Forecast - By Application
  • 6.3.1. Graphite Electrodes
  • 6.3.2. Special Carbon/Graphite Material
  • 6.3.3. Lithium-ion Battery
  • 6.3.4. Others
• 6.4. Market Analysis, Insights and Forecast - By Country
  • 6.4.1. S. Market Analysis, Insights, and Forecast - By Application
    • 6.4.1.1. Graphite Electrodes
    • 6.4.1.2. Special Carbon/Graphite Material
    • 6.4.1.3. Lithium-ion Battery
    • 6.4.1.4. Others
  • 6.4.2. Canada Market Analysis, Insights, and Forecast - By Application
    • 6.4.2.1. Graphite Electrodes
    • 6.4.2.2. Special Carbon/Graphite Material
    • 6.4.2.3. Lithium-ion Battery
    • 6.4.2.4. Others

7. Europe Needle Coke Market (USD Million) Analysis, Insights, and Forecast, 2019-2032

• 7.1. Key Findings
• 7.2. Market Analysis, Insights, and Forecast - By Type
  • 7.2.1. Oil-Based
  • 7.2.2. Coal-Based
• 7.3. Market Analysis, Insights, and Forecast - By Application
  • 7.3.1. Graphite Electrodes
  • 7.3.2. Special Carbon/Graphite Material
  • 7.3.3. Lithium-ion Battery
  • 7.3.4. Others
• 7.4. Market Analysis, Insights and Forecast - By Country
  • 7.4.1. Germany Market Analysis, Insights, and Forecast - By Application
    • 7.4.1.1. Graphite Electrodes
    • 7.4.1.2. Special Carbon/Graphite Material
    • 7.4.1.3. Lithium-ion Battery
    • 7.4.1.4. Others
  • 7.4.2. Italy Market Analysis, Insights, and Forecast - By Application
    • 7.4.2.1. Graphite Electrodes
    • 7.4.2.2. Special Carbon/Graphite Material
    • 7.4.2.3. Lithium-ion Battery
    • 7.4.2.4. Others
  • 7.4.3. France Market Analysis, Insights, and Forecast - By Application
    • 7.4.3.1. Graphite Electrodes
    • 7.4.3.2. Special Carbon/Graphite Material
    • 7.4.3.3. Lithium-ion Battery
    • 7.4.3.4. Others
  • 7.4.4. UK Market Analysis, Insights, and Forecast - By Application
    • 7.4.4.1. Graphite Electrodes
    • 7.4.4.2. Special Carbon/Graphite Material
    • 7.4.4.3. Lithium-ion Battery
    • 7.4.4.4. Others
  • 7.4.5. Russia Market Analysis, Insights, and Forecast - By Application
    • 7.4.5.1. Graphite Electrodes
    • 7.4.5.2. Special Carbon/Graphite Material
    • 7.4.5.3. Lithium-ion Battery
    • 7.4.5.4. Others
  • 7.4.6. Spain Market Analysis, Insights, and Forecast - By Application
    • 7.4.6.1. Graphite Electrodes
    • 7.4.6.2. Special Carbon/Graphite Material
    • 7.4.6.3. Lithium-ion Battery
    • 7.4.6.4. Others
  • 7.4.7. Rest of Europe Market Analysis, Insights, and Forecast - By Application
    • 7.4.7.1. Graphite Electrodes
    • 7.4.7.2. Special Carbon/Graphite Material
    • 7.4.7.3. Lithium-ion Battery
    • 7.4.7.4. Others

8. Asia Pacific Needle Coke Market (USD Million) Analysis, Insights, and Forecast, 2019-2032

• 8.1. Key Findings
• 8.2. Market Analysis, Insights, and Forecast - By Type
  • 8.2.1. Oil-Based
  • 8.2.2. Coal-Based
• 8.3. Market Analysis, Insights, and Forecast - By Application
  • 8.3.1. Graphite Electrodes
  • 8.3.2. Special Carbon/Graphite Material
  • 8.3.3. Lithium-ion Battery
  • 8.3.4. Others
• 8.4. Market Analysis, Insights and Forecast - By Country
  • 8.4.1. China Market Analysis, Insights, and Forecast - By Application
    • 8.4.1.1. Graphite Electrodes
    • 8.4.1.2. Special Carbon/Graphite Material
    • 8.4.1.3. Lithium-ion Battery
    • 8.4.1.4. Others
  • 8.4.2. India Market Analysis, Insights, and Forecast - By Application
    • 8.4.2.1. Graphite Electrodes
    • 8.4.2.2. Special Carbon/Graphite Material
    • 8.4.2.3. Lithium-ion Battery
    • 8.4.2.4. Others
  • 8.4.3. Japan Market Analysis, Insights, and Forecast - By Application
    • 8.4.3.1. Graphite Electrodes
    • 8.4.3.2. Special Carbon/Graphite Material
    • 8.4.3.3. Lithium-ion Battery
    • 8.4.3.4. Others
  • 8.4.4. South Korea Market Analysis, Insights, and Forecast - By Application
    • 8.4.4.1. Graphite Electrodes
    • 8.4.4.2. Special Carbon/Graphite Material
    • 8.4.4.3. Lithium-ion Battery
    • 8.4.4.4. Others
  • 8.4.5. Australia Market Analysis, Insights, and Forecast - By Application
    • 8.4.5.1. Graphite Electrodes
    • 8.4.5.2. Special Carbon/Graphite Material
    • 8.4.5.3. Lithium-ion Battery
    • 8.4.5.4. Others
  • 8.4.6. Rest of Asia Pacific Market Analysis, Insights, and Forecast - By Application
    • 8.4.6.1. Graphite Electrodes
    • 8.4.6.2. Special Carbon/Graphite Material
    • 8.4.6.3. Lithium-ion Battery
    • 8.4.6.4. Others

9. Middle East & Africa Needle Coke Market (USD Million) Analysis, Insights, and Forecast, 2019-2032

• 9.1. Key Findings
• 9.2. Market Analysis, Insights, and Forecast - By Type
  • 9.2.1. Oil-Based
  • 9.2.2. Coal-Based
• 9.3. Market Analysis, Insights, and Forecast - By Application
  • 9.3.1. Graphite Electrodes
  • 9.3.2. Special Carbon/Graphite Material
  • 9.3.3. Lithium-ion Battery
  • 9.3.4. Others
• 9.4. Market Analysis, Insights and Forecast - By Country
  • 9.4.1. Saudi Arabia Market Analysis, Insights, and Forecast - By Application
    • 9.4.1.1. Graphite Electrodes
    • 9.4.1.2. Special Carbon/Graphite Material
    • 9.4.1.3. Lithium-ion Battery
    • 9.4.1.4. Others
  • 9.4.2. UAE Market Analysis, Insights, and Forecast - By Application
    • 9.4.2.1. Graphite Electrodes
    • 9.4.2.2. Special Carbon/Graphite Material
    • 9.4.2.3. Lithium-ion Battery
    • 9.4.2.4. Others
  • 9.4.3. Kuwait Market Analysis, Insights, and Forecast - By Application
    • 9.4.3.1. Graphite Electrodes
    • 9.4.3.2. Special Carbon/Graphite Material
    • 9.4.3.3. Lithium-ion Battery
    • 9.4.3.4. Others
  • 9.4.4. Rest of Middle East & Africa Market Analysis, Insights, and Forecast - By Application
    • 9.4.4.1. Graphite Electrodes
    • 9.4.4.2. Special Carbon/Graphite Material
    • 9.4.4.3. Lithium-ion Battery
    • 9.4.4.4. Others

10. Latin America Needle Coke Market (USD Million) Analysis, Insights, and Forecast, 2019-2032

• 10.1. Key Findings
• 10.2. Market Analysis, Insights, and Forecast - By Type
  • 10.2.1. Oil-Based
  • 10.2.2. Coal-Based
• 10.3. Market Analysis, Insights, and Forecast - By Application
  • 10.3.1. Graphite Electrodes
  • 10.3.2. Special Carbon/Graphite Material
  • 10.3.3. Lithium-ion Battery
  • 10.3.4. Others
• 10.4. Market Analysis, Insights and Forecast - By Country
  • 10.4.1. Brazil Market Analysis, Insights, and Forecast - By Application
    • 10.4.1.1. Graphite Electrodes
    • 10.4.1.2. Special Carbon/Graphite Material
    • 10.4.1.3. Lithium-ion Battery
    • 10.4.1.4. Others
  • 10.4.2. Argentina Market Analysis, Insights, and Forecast - By Application
    • 10.4.2.1. Graphite Electrodes
    • 10.4.2.2. Special Carbon/Graphite Material
    • 10.4.2.3. Lithium-ion Battery
    • 10.4.2.4. Others
  • 10.4.3. Mexico Market Analysis, Insights, and Forecast - By Application
    • 10.4.3.1. Graphite Electrodes
    • 10.4.3.2. Special Carbon/Graphite Material
    • 10.4.3.3. Lithium-ion Battery
    • 10.4.3.4. Others
  • 10.4.4. Rest of Latin America Market Analysis, Insights, and Forecast - By Application
    • 10.4.4.1. Graphite Electrodes
    • 10.4.4.2. Special Carbon/Graphite Material
    • 10.4.4.3. Lithium-ion Battery
    • 10.4.4.4. Others

11. Competitive Analysis

• 11.1. Company Market Share Analysis, 2024
• 11.2. Company Profile
  • 11.2.1. GrafTech International Ltd
    • 11.2.1.1. Business Overview
    • 11.2.1.2. Product and Service Offerings
    • 11.2.1.3. Recent Developments
    • 11.2.1.4. Financials (Based on Availability)
  • 11.2.2. Graphite India Ltd
    • 11.2.2.1. Business Overview
    • 11.2.2.2. Product and Service Offerings
    • 11.2.2.3. Recent Developments
    • 11.2.2.4. Financials (Based on Availability)
  • 11.2.3. Mitsubishi Chemical Corporation
    • 11.2.3.1. Business Overview
    • 11.2.3.2. Product and Service Offerings
    • 11.2.3.3. Recent Developments
    • 11.2.3.4. Financials (Based on Availability)
  • 11.2.4. JXTG Holdings
    • 11.2.4.1. Business Overview
    • 11.2.4.2. Product and Service Offerings
    • 11.2.4.3. Recent Developments
    • 11.2.4.4. Financials (Based on Availability)
  • 11.2.5. Sumitomo Corporation
    • 11.2.5.1. Business Overview
    • 11.2.5.2. Product and Service Offerings
    • 11.2.5.3. Recent Developments
    • 11.2.5.4. Financials (Based on Availability)
  • 11.2.6. Indian Oil Corporation
    • 11.2.6.1. Business Overview
    • 11.2.6.2. Product and Service Offerings
    • 11.2.6.3. Recent Developments
    • 11.2.6.4. Financials (Based on Availability)
  • 11.2.7. Sojitz Ject Corporation
    • 11.2.7.1. Business Overview
    • 11.2.7.2. Product and Service Offerings
    • 11.2.7.3. Recent Developments
    • 11.2.7.4. Financials (Based on Availability)
  • 11.2.8. Posco Chemical Company
    • 11.2.8.1. Business Overview
    • 11.2.8.2. Product and Service Offerings
    • 11.2.8.3. Recent Developments
    • 11.2.8.4. Financials (Based on Availability)
  • 11.2.9. China National Petroleum Corporation
    • 11.2.9.1. Business Overview
    • 11.2.9.2. Product and Service Offerings
    • 11.2.9.3. Recent Developments
    • 11.2.9.4. Financials (Based on Availability)
  • 11.2.10. Phillips 66
    • 11.2.10.1. Business Overview
    • 11.2.10.2. Product and Service Offerings
    • 11.2.10.3. Recent Developments
    • 11.2.10.4. Financials (Based on Availability)
  • 11.2.11. Bao-steel Group
    • 11.2.11.1. Business Overview
    • 11.2.11.2. Product and Service Offerings
    • 11.2.11.3. Recent Developments
    • 11.2.11.4. Financials (Based on Availability)
  • 11.2.12. Sinopec Shanghai Petrochemical Company Limited
    • 11.2.12.1. Business Overview
    • 11.2.12.2. Product and Service Offerings
    • 11.2.12.3. Recent Developments
    • 11.2.12.4. Financials (Based on Availability)