The needle coke market was estimated to be worth USD 2.3 billion globally in 2022, and during the course of the forecast period, a CAGR of 10.1% is anticipated. It is employed in the electrode-making process. High-grade petroleum coke is in greater demand since it is largely utilized to make graphite electrodes, which are extensively employed in the electrolysis of different salt solutions. Lithium-ion batteries frequently employ graphite electrodes. The market for needle coke is influenced by factors such as changes in steel manufacturing patterns, the popularity of electric cars, and developments in battery technology.
The market for needle coke is being driven primarily by rising demand for electric vehicles and steel production. The primary drivers of the market's notable expansion are the increasing urbanization and infrastructure development.

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Growth Drivers
The market's requirement for needle coke is being driven primarily by the growing need for it in the steel industry. To make graphite, needle coke is required. The market is expanding as a result of the global switch to electric vehicles to cut greenhouse gas emissions. It is an essential part of the process used to make the lithium-ion batteries that power electric cars.
New materials and manufacturing techniques have resulted in the creation of graphite electrodes that are higher performing and more efficient. In addition to electric cars, energy storage technologies also employ it. There is a growing need for needle coke as the world shifts to renewable energy sources. In addition, it's employed in the production of synthetic graphite, which is widely used in the creation of consumer electronics and smartphones.
Segmentation
Component
· Petroleum Derived
· Coal-Tar Pitch Derived
Grade
· Intermediate
· Premium
· Super-Premium
Application
· Graphite Electrode
· Special Carbon Material
· Lithium Ion Battery
Regional Outlook
· Asia Pacific
· North America
· Latin America
· Europe
· Middle East and Africa
Key Players
· BAOSTEEL GROUP
· PETROLEUM COKE INDUSTRY
· ESSAR OIL LIMITED
· Graftech International Ltd.
· Phillips 66
· Mott Corporation
· Reliance Industries Limited
· Mitsubishi Chemical Corporation
· Indian Oil Corporation Ltd
· Nippon Steel Corporation
· ASBURY CARBONS INC
· Other Players

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