In terms of revenue, the Petroleum Coke Market is expected to reach USD 64.26 Billion by 2030, growing at a CAGR (Compound Annual Growth Rate) of 7.2% from 2023 to 2030.
Petroleum coke comes in two grades fuel grade and calcined grade. A barrel of crude oil is transformed into other products, in addition to petrol, diesel, and jet fuels. It is utilised in a number of different industries, including manufacturing, building, aluminum, and other metals, and others. The "fuel-grade" variety of petroleum coke, sometimes known as "green coke," accounts for around 80% of all production globally and is used to generate power and in cement kilns.
The expansion of the cement and power generation industries as well as an increase in the availability of heavy oils globally are anticipated to propel the market for petroleum coke during the forecast period. The expansion of the petroleum coke market has been accompanied by an increase in steel production as a result of the development of the railway, highway, vehicle, and transportation sectors. Petroleum coke is widely utilized in a variety of sectors due to its low ash level and low toxicity. Also, during the anticipated period, the demand for petroleum coke in the Middle East and Africa is forecast to increase because to the region's increased infrastructural development. Delayed coking facilities have been set up by companies that refine crude oil to produce petroleum coke. However, strict environmental laws regarding the usage of petroleum coke are likely to impede market expansion during the forecast period due to the substance's high sulphur concentration.
Key Highlights from the Report
● By Type, the fuel grade segment is anticipated to dominate the Petroleum Coke market, with the largest market share in the forecast period, The cement and power sectors use fuel-grade coke because of its low cost of production and high calorific value.
● By Application, the aluminum and other metals segment dominate the Petroleum Coke market, with the largest market share in the forecast period, due to the increase in demand from the aluminum and steel industries.
● In terms of region, Asia Pacific dominates the major market share in 2020, and is likely the most gainful market in the future, The Asia-Pacific market for Petroleum Coke market is expected to grow at the highest CAGR, Petroleum coke is used widely in cement kilns and power plants in developing nations like India and China, both in terms of volume and value.
As energy consumption rises, the market for petroleum coke is projected to expand. The market for petroleum coke is expanding as a result of the rising worldwide energy demand. Petroleum coke, which has a high calorific value, is often used as a fuel in power plants and other sectors, including cement, steel, and others. By bolstering the cement and steel sectors, increasing infrastructure spending and urbanization trends are predicted to propel industrial growth.
Global industrial growth is also being fueled by quick technology improvements and increased oil production capacity. The cement and energy industries' expanding reliance on petroleum coke as a low-cost fuel is another factor boosting the demand for this product.
The global increase in construction, electricity, and power generation is being fueled by rising urbanization and population. The market for petroleum coke will be driven by rising government laws to cut carbon emissions and rising demand for clean fuel. Due to its high carbon content, petroleum coke is used as fuel in underdeveloped nations. During combustion, it emits 10% more CO2 per unit of energy than regular coal. The primary driver of the worldwide petroleum coke market is pet coke's efficiency as an energy source. The demand for petroleum coke is projected to be driven by these industries.
As steel production rises, it is projected that the market for petroleum coke would expand. The growing demand for automobiles, railroad infrastructure, and highway buildings has led to an increase in global steel output.
The Global Petroleum Coke Market is Segmented as follows
- Fuel Grade
- Calcined Coke
- Physical Form
- Needle Coke
- Sponge Coke
- Catalyst Coke
- Shot Coke
- Purge Coke
- Power Plants
- Cement Kilns
- Other Applications
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players in the Global Petroleum Coke Market is
BP PLC (UK), Chevron Corporation (U.S.), Essar Oil Ltd. (India), Exxon Mobil Corporation (U.S.), HPCL - Mittal Energy Limited (India), Indian Oil Corporation Ltd. (India), Marathon Petroleum Corporation (U.S.), Saudi Arabian Oil Co. (Saudi Arabia), Trammo Inc. (U.S.), Valero Energy Corporation (U.S.), Reliance Industries Limited (India), Phillips 66 Company (U.S.), PJSC Luke Oil (Russia)
The Global Petroleum Coke Market Scope can be Tabulated as below
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|