The Global Petroleum Needle Coke Market was valued at USD 3,490 Million in 2024 and is projected to reach USD 15,630 Million by 2032, growing at a Compound Annual Growth Rate (CAGR) of 24.5% during the forecast period (2024–2032). This exceptional growth is driven by soaring demand from electric arc furnace steelmaking and the rapid expansion of the lithium-ion battery sector, especially for electric vehicles.

As the global economy shifts toward cleaner steel production and electrified transportation, the focus intensifies on the specialized material producers enabling these technologies. In this blog, we profile the Top 10 Companies in the Petroleum Needle Coke Industry—a combination of established energy giants, specialized refiners, and strategic innovators shaping the supply chain for graphite electrodes and advanced battery anodes.

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🔟 1. Phillips 66

Headquarters: Houston, Texas, USA
Key Offering: Ultra-High Power (UHP) Electrode Coke, Negative Coke for Li-ion Batteries

Phillips 66 is a global leader in petroleum needle coke production, leveraging its extensive refining infrastructure and technological expertise. The company is a primary supplier to major graphite electrode manufacturers worldwide, with a strong emphasis on producing high-purity grades essential for efficient electric arc furnace (EAF) steelmaking. Its strategic positioning in North America provides a critical supply link for the region’s steel and battery industries.

Strategic Initiatives:

• Investment in delayed coker unit optimization for higher yield

• Development of specialized needle coke formulations for next-generation batteries

• Long-term supply agreements with leading steel and battery producers

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Petroleum Needle Coke Market – View in Detailed Research Report

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9️⃣ 2. GrafTech International Ltd.

Headquarters: Brooklyn Heights, Ohio, USA
Key Offering: High-performance Graphite Electrodes (sourced from needle coke)

GrafTech is a unique player as both a significant consumer of needle coke and a world-leading manufacturer of graphite electrodes. The company’s business model is deeply integrated, with a focus on securing a stable supply of high-quality needle coke to produce electrodes that serve over 170 customers in more than 40 countries. Their expertise lies in understanding the precise material requirements for optimal EAF performance.

Strategic Initiatives:

• Vertical integration strategy to ensure raw material security

• R&D focused on electrode performance and longevity

• Global customer support and technical service network

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8️⃣ 3. Eneos Corporation

Headquarters: Tokyo, Japan
Key Offering: Premium-grade Electrode Coke, Battery-grade Negative Coke

Eneos, Japan’s largest petroleum refining company, is a key supplier of high-quality needle coke in the Asia-Pacific region. The company utilizes advanced refining processes to produce low-sulfur, high-crystallinity coke that meets the stringent demands of both the steel and battery industries. Eneos is actively expanding its footprint to cater to the growing EV market.

Strategic Initiatives:

• Focus on producing ultra-high purity coke for premium applications

• Strategic partnerships with Japanese and Korean battery makers

• Investment in R&D for sustainable production techniques

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7️⃣ 4. Sumitomo Corporation

Headquarters: Tokyo, Japan
Key Offering: Needle coke for electrodes and specialty carbons

Sumitomo Corporation plays a significant role in the global needle coke trade, leveraging its extensive logistics and trading network. The company sources and supplies needle coke to various end-users, facilitating the flow of this critical material across international markets. Its strong relationships with producers and consumers make it a vital intermediary in the supply chain.

Strategic Initiatives:

• Global supply chain management and risk mitigation

• Investment in upstream production assets for supply security

• Market intelligence and strategic advisory services for clients

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Petroleum Needle Coke Market – View in Detailed Research Report

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6️⃣ 5. CNPC Jinzhou Petrochemical

Headquarters: Jinzhou, Liaoning, China
Key Offering: Electrode Coke, Needle Coke for Domestic Market

As a subsidiary of the China National Petroleum Corporation (CNPC), Jinzhou Petrochemical is one of China’s cornerstone producers of petroleum needle coke. The company benefits from access to domestic feedstock and plays a crucial role in supplying the world’s largest steel industry. Its production is primarily focused on meeting the robust demand from Chinese graphite electrode manufacturers.

Strategic Initiatives:

• Capacity expansion to support domestic industrial growth

• Technology upgrades to improve product quality and yield

• Alignment with national strategic resource security policies

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5️⃣ 6. China Petroleum & Chemical Corporation (Sinopec)

Headquarters: Beijing, China
Key Offering: Wide range of Petroleum Coke, including Needle Coke grades

Sinopec, one of the world’s largest integrated energy and chemical companies, has significant production capacity for petroleum needle coke. With multiple refineries capable of producing specialty cokes, Sinopec is a dominant force in the Asian market. The company is increasingly focusing on developing high-value needle coke to support advanced manufacturing sectors.

Strategic Initiatives:

• Leveraging scale to achieve cost competitiveness

• Research into high-performance carbon materials

• Expansion of product portfolio to include battery-grade materials

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4️⃣ 7. Shandong Yida New Material Co., Ltd.

Headquarters: Zibo, Shandong, China
Key Offering: Needle Coke for Graphite Electrodes

Shandong Yida New Material is a prominent Chinese manufacturer that has rapidly grown its needle coke production capacity. The company focuses on serving the domestic graphite electrode industry and has been actively investing in technology to improve the quality of its output, positioning itself as a key supplier in a market with intense local demand.

Strategic Initiatives:

• Rapid capacity expansion to capture market share

• Quality improvement programs to meet international standards

• Exploration of export opportunities beyond China

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3️⃣ 8. Liaoning Baolai Carbon New Material Co., Ltd.

Headquarters: Anshan, Liaoning, China
Key Offering: High-Power and Ultra-High-Power Needle Coke

Liaoning Baolai is another significant Chinese player located in a major steel-producing region. The company specializes in producing needle coke suitable for high-power and ultra-high-power graphite electrodes. Its strategic location provides a logistical advantage in supplying the dense network of steel mills in Northeastern China.

Strategic Initiatives:

• Specialization in high-value electrode coke segments

• Proximity-based strategy to serve regional steel hubs

• Continuous process optimization for operational efficiency

Download FREE Sample Report:
Petroleum Needle Coke Market – View in Detailed Research Report

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2️⃣ 9. Shandong Jingyang Technology Co., Ltd.

Headquarters: Dongying, Shandong, China
Key Offering: Needle Coke for Industrial Applications

Shandong Jingyang Technology has established itself as a reliable producer of needle coke, contributing to China’s self-sufficiency in this critical industrial material. The company operates in a key petroleum refining region, which provides access to necessary feedstocks and industry expertise.

Strategic Initiatives:

• Focus on consistent quality and batch-to-batch uniformity

• Building long-term customer relationships in the electrode industry

• Adoption of advanced analytical techniques for quality control

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1️⃣ 10. Weifang Fumei Carbon New Material Co., Ltd.

Headquarters: Weifang, Shandong, China
Key Offering: Standard and Intermediate Grade Needle Coke

Weifang Fumei completes the list of top Chinese producers, supplying the needle coke market with products tailored for various industrial grades. The company plays a role in meeting the broad spectrum of demand from different segments of the steel and carbon industries.

Strategic Initiatives:

• Cost-effective production for price-sensitive market segments

• Flexible production capabilities to adjust to market demand

• Strengthening distribution channels within China

Get Full Report Here:
Petroleum Needle Coke Market – View in Detailed Research Report

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🌍 Outlook: The Future of Petroleum Needle Coke is High-Tech and High-Growth

The petroleum needle coke market is undergoing a fundamental transformation. While traditional steelmaking applications continue to drive volume, the industry is experiencing unprecedented demand from the lithium-ion battery sector, pushing producers to innovate in purity and performance.

📈 Key Trends Shaping the Market:

• Exponential growth in Electric Arc Furnace (EAF) steel production, demanding high-quality graphite electrodes

• The electric vehicle revolution fueling demand for premium needle coke in battery anodes

• Technological advancements in delayed coking for higher yields and superior material properties

• Geopolitical shifts influencing global supply chains and sourcing strategies

Get Full Report Here:
Petroleum Needle Coke Market – View in Detailed Research Report

The companies listed above are not only supplying a critical industrial material—they’re enabling the transition to greener steel and electric mobility.