Needle coke is a specialty petroleum pitch coke that is processed into highly crystalline and pure carbon materials with needle-like structures. It is used primarily in the production of graphite electrodes for electric arc furnaces in steelmaking. Due to its high electrical conductivity and strength, needle coke is also increasingly being used as an anode material in lithium-ion batteries for electric vehicles and energy storage systems.

The global needle coke market is estimated to be valued at US$4.2 billion in 2024 and is expected to exhibit a CAGR of 1.2% over the forecast period 2024 to 2031.

Needle coke Market Size possesses characteristics that make it ideal for producing the graphite anodes used in lithium-ion batteries. Its high purity, low impurities, and well-aligned crystalline structure allows for maximum conductivity. With the rising demand for electric vehicles and efforts to adopt renewable energy sources, the lithium-ion battery market is growing rapidly.

Manufacturers are investing in expanding production capacities and developing advanced battery chemistries that require high-quality coke. Major anode producers such as Tokai Carbon, GrafTech International, and Phillips 66 are increasing their needle coke output to meet this growing market need.

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