The needle coke market is experiencing substantial growth and is projected to reach USD 5.38 billion by 2025. With an expected compound annual growth rate (CAGR) of 5.60% from 2026 to 2035, the market is set to grow to USD 9.28 billion by 2035. The increasing demand from sectors like steel, aluminum, and electric vehicles is driving the market, with further growth fueled by rising investments in green technologies and sustainable energy solutions.

Needle Coke Market Size (2025)

In 2025, the needle coke market size is expected to reach USD 5.38 billion, reflecting the growing demand for high-quality coke in key industries. Needle coke's primary application in the production of graphite electrodes for EAF steel manufacturing is one of the major contributors to market size, as steel production continues to rise globally. Additionally, the increasing demand for electric vehicles (EVs) and lithium-ion batteries, which require high-performance needle coke for their production, is adding to the market's size. The market's value underscores the importance of needle coke in driving key industries toward more sustainable and energy-efficient solutions.

Needle Coke Market Trends

Several key trends are driving the needle coke market:

Growth in Steel and Aluminum Industries: The demand for graphite electrodes, which are manufactured using needle coke, continues to rise as the steel and aluminum industries increasingly adopt electric arc furnaces (EAF) for steel production. EAFs require high-quality graphite electrodes, which boosts the need for needle coke.

Electric Vehicle Adoption: The global transition towards electric vehicles is one of the key drivers of the needle coke market. EV batteries, particularly lithium-ion batteries, rely on high-performance needle coke, contributing to a significant rise in demand for the material as EV sales grow.

Investment in Lithium-Ion Battery Production: As demand for electric vehicles and renewable energy storage solutions increases, so does the need for high-quality needle coke for lithium-ion batteries. Investments in battery manufacturing infrastructure are contributing to the market’s expansion.

Renewable Energy Infrastructure: The shift towards renewable energy sources such as solar and wind, which require graphite electrodes in energy storage systems, is further supporting needle coke demand. As countries and companies invest in renewable energy infrastructure, needle coke’s role in energy storage becomes increasingly crucial.

Needle Coke Market Growth (2026–2035)

The needle coke market is expected to grow at a robust CAGR of 5.60% from 2026 to 2035. This growth is primarily driven by the rise in demand for graphite electrodes in the steel industry, the growing adoption of electric vehicles, and the increasing investment in renewable energy infrastructure. The shift toward more sustainable energy sources, combined with a focus on carbon reduction and energy efficiency, further supports the long-term demand for needle coke. The growing focus on sustainability and the shift towards low-carbon solutions are expected to continue to be key growth drivers for the market throughout the forecast period.

Needle Coke Market Forecast (2026–2035)

The needle coke market is forecast to reach USD 9.28 billion by 2035, growing from USD 5.38 billion in 2025. The expected 5.60% CAGR from 2026 to 2035 reflects the strong demand for needle coke across various industries, including steel, aluminum, electric vehicles, and energy storage solutions. As investments in green technologies and battery production continue to rise, the needle coke market is poised for substantial growth in the coming years. The forecast suggests a steady expansion in both demand and market value, particularly in emerging markets that are transitioning to more sustainable industrial practices.

Competitive Analysis in the Needle Coke Market

The needle coke market is competitive, with several key players dominating the industry. These companies are focused on enhancing production capacities, improving product quality, and expanding their presence in emerging markets.

GrafTech International Holdings Inc.: GrafTech is one of the leading manufacturers of needle coke, known for producing high-quality graphite electrodes used in electric arc furnaces. The company is a key player in the steel and aluminum sectors and continues to expand its product offerings to meet the growing demand from electric vehicle and energy storage industries.

C-Chem Co., Ltd.: C-Chem is a significant player in the needle coke market, specializing in the production of high-performance needle coke used in the manufacture of graphite electrodes. The company is known for its advanced manufacturing processes and its focus on meeting the needs of industries like steel production and battery manufacturing.

Phillips 66 Company: Phillips 66 is a major energy and petrochemical company that also manufactures needle coke. The company’s needle coke is used primarily in the steel industry for graphite electrode production, and Phillips 66 has been actively expanding its production capacity to meet rising demand.

Others: Other notable players in the needle coke market include companies such as Mitsubishi Chemical Corporation, Asbury Carbons, and Shenhua Group. These companies are focusing on increasing their production capacities, improving product quality, and expanding their customer bases to maintain competitiveness in the growing market.