WASHINGTON, April 20, 2023 (GLOBE NEWSWIRE) -- The Global Petroleum Coke Market is valued at USD 39.5 Billion in 2022 and is projected to reach a value of USD 64.26 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 7.2% over the forecast period 2023-2030.
Market Overview
The Petroleum Coke market has grown significantly due to emerging economies' rapidly expanding cement and power sectors. Along these lines, an important factor supporting the expansion of the Petroleum Coke market throughout the forecast period is the rising usage of Petroleum Coke as a cheap fuel in the cement and energy industries. Furthermore, the certification of Petroleum Coke for usage in various industrial applications by organizations like CRS and EPA will present the Petroleum Coke market with some growth prospects throughout the abovementioned forecast.
We forecast that the aluminium category in Petroleum Coke market sales will account for more than 30% of total sales by 2030. The causes of the increasing demands for aluminium as a carbon and energy source to provide fuel for generating electricity to heat cement kilns. The market growth from the steel and aluminium sectors is projected to increase demand for this market.
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Market Dynamics
Rising Energy Demand is Expected to Drive the Petroleum Coke Industry
As the world's electricity consumption rises, the market for Petroleum Coke is expanding. Due to its high calorific value, Petroleum Coke is a common power source in nuclear reactors and other sectors, including cement, steel, and others. Expanding infrastructure activities and urban expansion patterns are projected to support industrial growth by expanding the market for materials such as steel and cement. Quick technological advancements and the rising capacity for oil production also fuel the global market's expansion. Another important factor in expanding the Petroleum Coke market is the rising use of Petroleum Coke as a fuel in the cement and energy sectors.
Increased Demand for Aluminium in the Petroleum Coke Industry Drives Market Growth
The demand for primary aluminium is rising due to the automobile industry's increased emphasis on lightweight design and the burgeoning aerospace sector. Aluminium use in the automobile industry is anticipated to rise due to mounting environmental pressure to use lightweight materials. Other factors boosting the development of the market under study include expanding building activity in the Asia-Pacific region, particularly in ASEAN nations, greater acceptance of new technologies, and creative construction techniques.
Top Players in the Global Petroleum Coke Market
- BP PLC (London, UK)
- Chevron Corporation (San Ramon, U.S.)
- Essar Oil Ltd. (Mumbai, India)
- Exxon Mobil Corporation (Irving, U.S.)
- HPCL - Mittal Energy Limited (Noida, India)
- Indian Oil Corporation Ltd. (New Delhi, India)
- Marathon Petroleum Corporation (Ohio, U.S.)
- Saudi Arabian Oil Co. (Dhahran, Saudi Arabia)
- Trammo Inc. (U.S.)
- Valero Energy Corporation (U.S.)
- Reliance Industries Limited (India)
- Phillips 66 Company (U.S.)
- PJSC Luke Oil (Russia)
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Top Trends in the Global Petroleum Coke Market
- One trend that Vantage Market Research (VMR) expects to see in the Petroleum Coke industry is the growing demand for power plants and the cement industry. Fuel-grade Petroleum Coke is frequently used as an energy source in various sectors and offers a cost-effective substitute for coal. Moreover, Petroleum Coke is used to manufacture metals, mainly steel, boosting industry growth. In the projected period, the demand for Petroleum Coke is anticipated to increase significantly because of the increasing demand for cement and the expansion of the construction sector. The regional industry is growing due to the trends toward rapid urbanization, expanding activities, and increasing investments in infrastructure projects. The top exporter of Petroleum Coke in the area is the United States.
- Another trend that VMR predicts will continue in the Petroleum Coke industry is its increasing trend of calcined Petroleum Coke. Calcined Petroleum Coke (CPC) results from the thermal treatment of smokestack emissions. Electrolytic capacitors for the aluminium, titanium, and titanium smelting industries are made from Petroleum Coke that has been heated to a temperature. The market is anticipated to expand significantly throughout the forecast period as more battery catalysts use needle-calcinated coke.
Top Report Findings
- Based on the Type, the Fuel Grade category controls most of the Petroleum Coke market's revenue. Fuel-grade Coke is composed of either sponge coke Coke or a gunshot Coke structure. Coke has been produced in oil refineries for over a century, but the mechanisms by which slab coke or shot coke form remain unclear and difficult to forecast. Sponge coke is more likely to develop at lower temperatures and greater pressures. Petroleum Coke is a great fuel for power production in petroleum boilers because of its high heat and low ash content. However, because of its high Sulphur and low volatile composition, burning poses technical and ecological challenges.
- Based on Physical Form, the Needle Coke category controls most of the Petroleum Coke market's revenue. Petrol Needle Coke, sometimes called needle petcock, is a high-quality calcium salt substance. Because of its physical characteristics and electrical conductivity, it contains crystals that resemble needles and is used to make electrodes for the steel industry. In addition to making graphite electrodes for electric arc and induction ovens, needle coke is also used to manufacture steel. The United States is the primary exporter of Petroleum Coke in the area.
- Based on Application, the Aluminum category controls most of the Petroleum Coke market's revenue. Some emerging applications for alumina’s, such as furniture, formwork, and pedestrian crossings, are projected to contribute to increased metal consumption during the projection period.
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Recent Developments in the Global Petroleum Coke Market
- In January 2023, Phillips 66 and DCP Midstream, LP officially agreed, according to which Phillips 66 would pay USD 41.75 in cash for each standard unit representing a limited partner interest in DCP Midstream, bringing its economic stake in the company to 86.8%. It will help the company grow and, in some specific ways, increase Petroleum Coke's market productivity.
- In June 2022, ExxonMobil and Texas A&M University scientists are working to create a technology that will convert Petroleum Coke, a waste product of crude oil refining, into graphene via a chemical procedure called electrochemical exfoliation.
Aluminium Category of the Global Petroleum Coke Market Application Segment Expected to Generate a Considerably High Revenue
For better understanding, based on the Application, the Petroleum Coke market is divided into Power Plants, Cement Kiln, Steel, Aluminium, Fertilize and Other Applications.
The Aluminium category is the largest of the Application segmentation and is anticipated to hold the top spot during the projected period. Due to rising aluminium demand and rising calcined petcock use in Aluminum production. Aluminium’s essential characteristics, such as its high flexibility, anti-corrosion ability, lightweight, and outstanding thermal & electrical conductivity, make it ideal for use in various important industries, such as ceramics, electrical components, and medicine. Urbanization in developing nations has also increased the demand for metal, fuelling market expansion over the projection period.
On the other hand, the Steel category is anticipated to grow significantly. Due to the country's growing construction industry, India is also one of the most significant markets for the production of steel goods. The need for green and calcined Petroleum Coke in manufacturing steel will rise due to the rapid growth of global steel production. As a result, the intake of calcined Petroleum Coke would be stimulated by the increasing demands for steel from various sectors, driving the expansion of the global market over the forecast period.
Asia Pacific Region in Petroleum Coke Market Projected to Generate Nearly Half the Global Revenue
The Asia Pacific region is anticipated to develop in the coming years. Several emerging applications for alumina, such as furniture, formwork, and pedestrian crossings, are projected to contribute to increased metal consumption during the projection period. Petroleum Coke is frequently employed in power plants and cement kilns in developing nations like India and China. The preponderance of Petroleum Coke in China is primarily utilized in hydropower plants to produce electricity. India uses a significant amount of the product in the cement sector due to its fast catching up. Soon, the region's expanding cement and power sectors are projected to increase product demand.
The North America region is projected to develop the fastest Petroleum Coke market growth. Due to its easy and widespread production, Petroleum Coke replaces coal and natural gas as a favoured fuel. During the forecast period, rising infrastructure construction in the Middle East and Africa is anticipated to drive the region's demand for Petroleum Coke.
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on Petroleum Coke Market Forecast Report (2023-2030).
Global Petroleum Coke Market Segmentation
By Type
- Fuel Grad
- Calcined Coke
By Physical Form
- Needle Coke
- Sponge Coke
- Catalyst Coke
- Shot Coke
- Purge Coke
By Application
- Power Plants
- Cement Kilns
- Steel
- Aluminium
- Fertilizer
- Other Applications
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 39.5 Billion |
| Revenue Forecast by 2030 | USD 64.26 Billion |
| CAGR | 7.2% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | BP PLC, Chevron Corporation, Essar Oil Ltd., Exxon Mobil Corporation, HPCL - Mittal Energy Limited, Indian Oil Corporation Ltd., Marathon Petroleum Corporation, Saudi Arabian Oil Co., Trammo Inc., Valero Energy Corporation, Reliance Industries Limited, Phillips 66 Company, PJSC Luke Oil |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/petroleum-coke-market-2080/request-sample |
Key Questions Answered in the Petroleum Coke Market Report are:
- What is the current size and forecast of the global petroleum coke market?
- What are the key drivers, challenges, and trends in the market?
- What are the different types and grades of petroleum coke, and how do they differ in terms of quality and applications?
- Who are the major players in the petroleum coke market, and what are their market shares and strategies?
- What are the different end-use industries for petroleum coke, and what is their market demand and growth potential?
- What are the regulatory and environmental concerns associated with the production and use of petroleum coke?
- What are the regional and global market dynamics, and what are the opportunities for market growth and expansion?
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