According to the research report titled ‘Global Needle Coke market Size study, by Type (Petroleum Derived, Coal-tar Pitch Derived), by Application (Graphite Electrodes, Lithium-ion Battery, Other Applications), and Regional Forecasts 2021-2027’, available with Market Study Report, global needle coke market is expected to register 12% CAGR over 2021-2027.
 

Rising demand for lithium-ion batteries, and increasing focus on production of UHP graphite electrodes for steel manufacturing are catalyzing the growth of global needle coke market.
 

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For the unversed, needle coke is the principal raw material for manufacturing graphite electrodes used in an electric furnace. Coke is transformed into graphite to create electrodes using processes such as baking and re-baking. It is used in steel industry as a superior quality and high-value petroleum coke to make graphite electrodes with very low CTE (coefficient of thermal expansion).
 

On the contrary, COVID-19 pandemic with lockdowns and temporary shutdown of production plants is likely to hamper the growth of the business domain to some extent.
 

With respect to type, worldwide needle coke marketspace is bifurcated into coal-tar pitch derived and petroleum derived segments, whereas based on application scope, the industry sphere is classified into lithium-ion battery, graphite electrodes, and others.
 

From a regional point of view, Latin America, North America, Europe, and Asia pacific are major contributors to industry remuneration. Among these, Asia Pacific currently holds a major market share, owing to rising demand for graphite electrodes. China is the world’s largest manufacturer of lithium-ion batteries and steel. It is also one of the primary importers and consumers of needle coke due to the presence of a large number of graphite electrode manufacturing facilities.
 

Parallelly, Europe industry is slated to record a considerable growth rate over the projected period, creditable to increasing availability of steel scrap.
 

Leading companies in global needle coke market include Baoshan Iron & Steel Co., Ltd., Kaifeng Pingmei New Carbon Materials Technology Co., Ltd., China National Petroleum Corporation, Mitsubishi Chemical Corporation, Shandong Jing Yang Technology Co., Ltd., JX Nippon Oil & Gas Exploration Corporation, Seadrift Coke L.P., Phillips 66 Company and C-Chem Co., Ltd. among others.