The global

Petroleum Coke Market

was valued at

USD 26.97 Billion in 2022

and is projected to reach a value of

USD 55.15 Billion by 2030

at a CAGR (Compound Annual Growth Rate) of

6.75%

between 2023 and 2030.

Premium Insights

Petroleum Coke, sometimes known as petcoke, is a carbon-rich solid by-product of oil refining and one of a class of fuels known collectively as cokes. Cokering is a thermo-based specialized technique that breaks down petroleums long-chain hydrocarbons into shorter-chain ones. The global Petroleum Coke market is anticipated to expand rapidly due to the energy and cement industries' insatiable demand for power, particularly in Asia-Pacifics developing economies. The growth of the global Petroleum Coke market could be bolstered by the rapid expansion of steel production due to the growth of the transportation, highway, railway, automotive, and construction industries. In addition to its use as a cost-effective alternative fuel, Petroleum Coke could be profitable in producing certain compounds and as a fuel for confined power generation.

Increasing demand from the cement and power generation industries is the primary factor driving the growth of the Petroleum Coke market. The cement and power generation industries rely heavily on fuel-grade petcoke. The increasing cement and energy production sectors in developing nations like China and India also expand the Petroleum Coke market. Increasing exports of Petroleum Coke also contribute to the expansion of the market. It is anticipated that the altering trend of using pet coke in a medical, electrical component, and ceramics applications due to its numerous advantages will propel market growth. Petcoke is corrosion-resistant, lightweight, highly ductile, and has exceptional electrical and thermal conductivity. In addition, the rapid expansion of electronic industries is anticipated to stimulate the growth of the petcoke market.

Due to the increase in steel production, the market for Petroleum Coke is anticipated to expand. Steel production has increased due to increased demand for automobiles, transportation infrastructure, and highway structures. Petcoke is a feedstock in coke production and can be mixed with coal in the iron and steel industries. Utilization of pet coke reduces energy intensity by just over 1 percent and coking coal consumption by 16 percent. In December 2021, for instance, the output of produced and unprocessed steel was 94.66 million tonnes (MT) and 102.49 million tonnes (MT), respectively, according to the Indian Governments export promotion agency IBEF. In addition, crude steel production is anticipated to increase by 8 to 9 percent YoY to 112 to 114 million tons in the fiscal year 2022. Consequently, the expansion of the Petroleum Coke marketplace is driven by the rise in steel production due to advancements in the rail, vehicle, highway, and transportation industries.

Economic Insights

The Ukraine-Russia War, sometimes known as the Russo-Ukrainian War, is an ongoing military confrontation in Eastern Ukraine between Ukraine and Russian-backed rebels in the Donbass area that began in 2014. The war has resulted in thousands of deaths, severe devastation, and human displacement. Political difficulties and economic sanctions have also arisen between Ukraine and Russia, as diplomatic tensions between Russia and other nations in the international community. Despite multiple ceasefires and peace discussions, the conflict is still ongoing. The impact of the Ukraine-Russia War on the global economy remains enormous in 2023. The battle has contributed to a worldwide economic slump and raised geopolitical tensions. Ukraine-Russia commercial ties have deteriorated, decreasing foreign commerce and regional investment. Civilians have been displaced, infrastructure has been damaged, and military spending has increased, diverting resources from constructive economic operations. Continued sanctions and political tensions between Russia and other nations have exacerbated economic instability.

Top Market Trends

1.

Rising Demand for Steel:

Because of the increased demand for steel, the production rate of calcined petcoke has increased significantly. Steel output climbed by 3.8 percent to 1,690 million tonnes, while steel consumption increased by 5.1 percent to 1,693 million tonnes, according to the World Steel Association. The steel sector is developing rapidly in Asia Pacific regions such as India. India is the worlds second-largest steel manufacturer, with capacity increasing from 106.5 million tons in 2018 to 137.975 million tons in 2019. The steel sector is also expanding significantly in the North American area, particularly in the United States. During the North American Free Trade Agreement (NAFTA), the monthly steel consumption index in the United States climbed by 3.7% yearly from January to August 2018. Steel usage climbed by 1% in Argentina and 4% in Ecuador between January and November 2018. During the projected period, increased demand for steel and steel-related goods will drive the calcined petcoke market.

2.

Increasing Preference of Calcined Petroleum Coke:

Calcined Petroleum Coke has a larger carbon content than coal, holding roughly 90% carbon, and has a calorific value of more than 7,000 kcal/kg, meaning its nearly double that of coal. Calcined Petroleum Coke has a lower value than coal since it is a by-product of refineries. Because there is now no replacement for calcined Petroleum Coke, the markets need is increasing significantly. The major features of high yield and low price have resulted in end users' increasing preference for Calcined Petroleum Coke over coal.

Market Segmentation

The global Petroleum Coke market can be categorized on the following:

Type, Physical Form, Application,

and

Region

. Based on Product, the market can be segmented into Fuel Grade and Calcined Coke. Additionally, by Physical Form, the market can be segmented across Needle Coke, Sponge Coke, Catalyst Coke, Shot Coke, and Purge Coke. Furthermore, by Application, the market can be further split into Power Plants, Cement Kilns, Steel, Aluminium, Fertilizer, and Other Applications. Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Type

Fuel Grade Coke to Dominate Global Market Owing to Higher Calorific Value Compared to its Counterpart

Fuel-grade coke led the industry and is predicted to develop rapidly over the projection period due to the products high calorific value. Because of its low cost and high calorific value, fuel-grade coke is used in the cement and power industries. Growing cement and electricity production in new economies such as India, China, and Japan will increase product demand shortly. Fuel-grade coke produces titanium dioxide in paints, colorings, aluminum, steel, and fertilizer industries. Over the projected period, rising demand from the aluminum and steel sectors is expected to drive Petroleum Coke consumption. Calcined coke is expected to develop significantly throughout the projected period as the application scope of needles calcinated coal in battery electrodes expands.

Based on Application

Cement Kilns to Account for the Largest Market Share Owing to Increased Consumption from the Construction Sector

The need for cement has grown due to rising demand in many areas, such as dwellings, commercial development, and industrial building. In the cement industry, pet coke is used as a fuel source. The limestone absorbs the SO2 generated during thermal decomposition in some cement manufacturing plants that solely use pet coke instead of coal. For example, despite the worldwide epidemic and flood scenarios, Chinas cement sector grew steadily in 2020, mainly to infrastructure expansion and real estate investment. In 2020, 2.377 million cubic meters of cement were manufactured yearly, representing a 1.6% increase over the previous year. As a result, the rise of the cement sector is expected to drive the energy coke market. Increased investment by major manufacturers is a crucial trend gaining popularity in the Petroleum Coke industry. Power plants are the second fastest-growing component of the Petroleum Coke business. The increased demand for aluminum as an energy source and carbon for generating electricity to heat cement kilns. The increased need for power plants is expected to enhance demand for this industry.

Based on Region

Asia Pacific to Dominate Global Sales Owing to Significant Investments in Power Generation Sector

The Asia Pacific Petroleum Coke market is expected to receive a significant push shortly, riding on the astounding rise of China and Indias expanding economies. The cement business in India is projected to consume a substantial amount of Petroleum Coke. Power plants in China are expected to consume a significant amount of Petroleum Coke to generate electricity. Population growth and rapid modernization in Asia are predicted to boost the hopes of Petroleum Coke makers in these countries. More chances are expected to emerge in Asia, as the area leads the international Petroleum Coke industry in demand, driven by massive imports. The Indian government has launched initiatives such as '100 smart cities' and 'Housing for All by 2022,' projected to propel the Indian residential building market throughout the forecast period. According to the Australian Trade and Investment Commission, Singapores government spends at least S$2 billion each month on public infrastructure. In addition, the government forecasted that Singapores average building demand for 2018 and 2019 will range between S$26 billion and S$35 billion. According to the International Trade Administration (ITA), Chinas building value in 2018 was USD 893.58, with an anticipated increase to USD 968.06 by 2019. Furthermore, the Chinese construction sector is expected to develop at a 5% annual rate in real terms between 2023 and 2020.

Currently, the United States is thought to be the main player in the export of Petroleum Coke. The cheap cost of Petroleum Coke is anticipated to be a primary draw for its import, as a large amount of electricity might be generated at a reasonable cost. Aside from that, a considerable amount of heat may be created with a tiny amount of Petroleum Coke. Because of its timely and simple availability, Petroleum Coke is a preferred alternative to natural gas and coal.

Competitive Landscape

Big players in the market are spending heavily on R&D to increase their product variety, which bodes well for the future growth of the Petroleum Coke market. Market participants are engaging in a wide range of strategic operations to enhance their foothold in the face of rapid market expansion, such as the introduction of new products, the formation of contractual agreements, the completion of mergers and acquisitions, the rise of investments, and the cooperation with other organizations. To thrive and survive in todays increasingly competitive market, the Petroleum Coke business must offer competitively priced goods. Producers in the global Petroleum Coke industry often manufacture locally to reduce operational costs, which benefits customers and expands the market sector. Some of the most significant benefits have lately been available in the Petroleum Coke industry.

The key players in the global Petroleum Coke market include - {{Players}} among others.

Recent Market Developments

·

September 2022:

According to a recent report on EINPresswire.com, the elements that form the worldwide business landscape are examined in depth in a study of the Petroleum Coke (Petcoke) industry.

·

November 2021:

Sanvira Carbon FZC is Omans first Petroleum Coke calcining (CPC) facility in the Sohar Freezone. Oman is the globes biggest crude exporter outside of Opec. To help refineries in the Islamic state of Oman better use the massive quantities of Petroleum Coke produced as a by-product of refining, a $150 million investment was made in Sanvira Carbon FZC. The annual output of calcined pet coke from Sanvira Carbon is projected to reach over 600,000 tons.

·

January 2021:

More than two hundred and fifty thousand barrels of crude oil per day, or 65 percent, would be added to ExxonMobils refining capacity, the company revealed.

Segmentation of the Global Petroleum Coke Market