Coke Market Set to Surpass $686.9 million by 2034
The global pitch coke market, valued at around USD 438.1 million in 2024, is projected to grow to approximately USD 686.9 million by 2034, at a compound annual growth rate (CAGR) of around 4.55% over this period. This growth is driven by the increasing demand for pitch coke in various industries, particularly in the Asia Pacific region.
Asia Pacific leads the needle coke market, a key related product to pitch coke, with the Asia Pacific needle coke market alone expected to exceed USD 4.3 billion by 2035, growing at a CAGR of about 9.2% from 2025 to 2035. In Japan, the needle coke market is expected to reach roughly USD 459 million by 2035, with a CAGR of 8.7%.
Pitch coke is primarily used in the production of carbon and graphite electrodes, which are extensively used in the steel industry. The rising demand for electric vehicles and advanced battery technologies is boosting demand in these sectors, particularly in Asia Pacific. Secondary applications include use in refractory materials, batteries, and carbon fibers.
In 2024, Fuel Grade Pet Coke led the global pitch coke market with a 78.4% share. Notable players in the market include Sojitz JECT Corporation, which is strengthening its pitch coke procurement network to cater to lithium-ion battery and steel manufacturers. ASBURY CARBONS is also expanding its pitch coke offerings, focusing on high-carbon variants for metallurgical uses.
Rain Carbon Inc. is optimizing its production processes for pitch coke, emphasizing sustainability and carbon emission reduction. Bilbaina de Alquitranes, S.A is modernizing its production facilities in Spain, improving refining techniques to meet environmental regulations.
Pitch coke serves as a carbon additive in the steel and foundry industries to enhance carbon content in molten metal. As a recarburizer, pitch coke increases carbon levels in steel and iron casting, supporting the demand for high-quality metal products. In the aluminum industry, pitch coke is a key material for making carbon anodes used in aluminum smelting, supporting its market growth.
In 2024, Aluminum Anode was the leading application segment with a 34.8% share. SUMMIT CRM Limited is expanding its pitch coke supply chain, focusing on the aluminum and steel industries. For the 2025-26 fiscal year, the Directorate General of Foreign Trade (DGFT) allocated 1.87 million tonnes of Green Petroleum Coke (GPC).
India's steel industry, with an annual production capacity of approximately 200 million metric tons, drives demand for high-quality coke. In May 2023, India's metallurgical coke production rose 8% month-on-month to 4.16 million tonnes. Notably, in 2024, North America led the market with a 48.3% share.
Pitch coke is essential for producing graphite electrodes used in electric arc furnaces for steelmaking. The government's move to cap low-ash metallurgical coke imports at 713,583 tonnes per quarter for the first half of 2025 underscores the importance of domestic production and quality control in this market.
In conclusion, the pitch coke market is growing steadily worldwide, with Asia Pacific being the leading region due to rapid industrialization and demand for steel and advanced batteries. The main applications driving the market include steel production (via graphite electrodes) and emerging growth in batteries and carbon materials.
Renewable energy investors are taking note of the expanding pitch coke market, as it has a significant role in the finance of the commercial steel and aluminum industries. The rising demand for high-quality real estate in the Asia Pacific region, driven by industrialization and energy consumption, is also fueling the growth of the pitch coke industry. Furthermore, as pitch coke contributes to the production of graphite electrodes used in electric arc furnaces for steelmaking, there is potential for tech companies and eco-friendly innovators to invest in the development of sustainable alternatives in the renewable-energy industry.
