Petroleum Coke Market Overview

The CAGR for the petroleum coke industry is 3% for the time period that this report covers. The petroleum coke market value was USD 7902.5 million in 2020. It’s projected to be worth USD 26,970 million in 2030.

Petroleum coke is produced when crude oil is extracted and refined. Petroleum coke tends to be heavily used in the cement industry. The reason for this is because it’s flexible and has a high tensile point. The cement industry used up 44% of all of the petroleum coke that was produced in 2019.

Key Players

Leading players profiled in the petroleum coke market include Valero Energy Corp., Citgo Petroleum Corporation, Petrobras, Phillips 66 Company, Exxon Mobil Corporation, Nayara Energy Ltd., Motiva Enterprises LLC., Marathon Petroleum Corporation, Royal Dutch Shell PLC, and Oil Corporation Ltd.

Oct 2018- Rain Carbon, Rain Industries’ subsidiary is all set to resume petroleum coke shipments to its Vizag facility. This company uses GPC (green petroleum coke) as its chief feedstock for producing CPC (calcined petroleum coke).

There are many factors that is fueling the growth of the petroleum coke market. The different market trends and factors in this market according to an analysis performed by Market Research Future (MRFR) include rapid urbanization and industrialization, growth in the supply of heavy oils the world over, development in power and cement generation industry, increase in steel production due to development in transportation segments, automobiles, construction, highway and railways and wide application of petroleum coke in different industries owing to minimal toxicity and low ash content. On the flip side, strict environmental regulations laid down towards the utilization of petroleum coke owing to its high content of sulfur, health hazards and environmental impacts are the few restraints that may curtail the progress of the petroleum coke market.

Market Segmentations

In the Market Research Future (MRFR) report, the Petroleum Coke Market Share has been segmented on the basis of application.

Based on application, the petroleum coke market is segmented into paper and pulp, steel, foundries, glass, brick, power plants, cement and others. Of these, cement at present grabs the maximum market share and is expected to maintain this trend in the coming years. During the assessment period it is anticipated in expanding at the highest CAGR and the factors that will attribute towards its growth include rising utilization of petroleum coke and rising cement production. Further, over 49,000 thousand tons of petroleum coke had been consumed only by the cement industry. The power plants will grab the second position. Petroleum coke worth about USD 3,000 million had been consumed in 2017 globally by power plants. Petroleum coke is a safe and economical alternative fuel in case of power plants. This has also cut down the dependency on coal and oil for generating power.

Regional Analysis

Based on region, the  petroleum coke market covers growth opportunities and latest trends across North America, South America, Europe, Asia Pacific and Middle East and Africa. Of these, the APAC region is likely to have a mammoth share in the petroleum coke market. Factors such as growing energy demand, increasing cement production and rapid urbanization is expected to spur the market growth. China and India are the key importers of petroleum coke. On the one hand, India imported about 12.49 million tons of petroleum coke and on the other hand China imported about 7.20 million tons during 2017. The US meanwhile remains the key exporter of petroleum coke and it exported about 35.44 million tons petroleum coke in 2017. The market in Europe also had a substantial revenue owing to the rising and growing demand for electricity. In this region petroleum coke is chosen over natural gas and coal as it is economical, cost effective and easily available.

Besides, the European Union has come up with rules and regulations to reduce air pollutants and carbon emissions that is likely to fuel the growth of petroleum coke market further. In North America, the market had a minimal share but increasing import for raw petroleum especially from the refineries in the US coupled with increasing need for refined items is projected to boost the market in this region during the assessment period. The petroleum coke market in the Middle East and Africa had a significant growth rate due to the increasing number of petroleum coke suppliers here. Moreover, this region is in favor of coke having high calorific value and high combustion energy that is used further for producing other alternative fuels. These factors may fuel the demand for petroleum coke market during the assessment period.

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