Graphite industry segment performance in the global needle coke market size.

The global needle coke market size is expected to grow at a CAGR of 6% during the forecast period. Based on end-user, the global needle coke market has been segmented into the graphite industry, battery industry, and others.

Needle coke is used to manufacture high-performing and durable graphite electrodes, which can be used in high-capacity EAFs. Coal-based needle coke possesses favorable physical properties such as low electric resistance, a low coefficient of thermal expansion, lesser spalling, and lesser breakage. Needle coke is the most suitable material for the manufacturing of pure, high-quality graphite through the graphitization process.

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The global steel industry has been growing significantly over the years. The use of steel is considered a crucial measure of economic growth. The production of steel using EAF has been increasing in recent years. Therefore, the rise in the adoption of the EAF method in steel production will spur the demand for graphite electrodes, which are made from needle coke. This will drive the growth of the global needle coke market size by the graphite industry segment during the forecast period.