Global Petroleum Coke Market
As stated in our extensive report; the Global Petroleum Coke Market accounted for USD 39.5 Billion in the year 2022 and is forecast to reach USD 64.26 Billion by 2030 at a CAGR of 5.2%.
The rapidly expanding cement and power sectors in emerging economies have had a significant impact on the market for petroleum coke. In keeping with this, the expanding usage of petroleum coke as a cheap fuel in the cement and energy industries is also functioning as a major factor boosting the expansion of the petroleum coke market over the forecast period. The market for petroleum coke is expanding favourably as a result of the ongoing depletion of traditional energy sources and the rising demand for alternative fuels with high energy output.
The main driver of the Petroleum Coke market’s expansion is the material’s constantly expanding range of applications in the construction industry, which is made possible by ongoing infrastructure improvements around the world. In addition, petroleum coke has a high fuel consistency and low combustion hazards when being transported, all of which are positively influencing the market expansion for Petroleum Coke. While strict government regulations against the use of petroleum coke in some countries have the potential to challenge the growth of the petroleum coke market in the above-mentioned forecast period, the negative environmental impact and health risks may act as major drivers of the petroleum coke market growth rate in the forecast period.
One of the primary factors favorably affecting the demand for Petroleum Coke around the world is the growth of construction activities in residential, commercial, and industrial complexes. Also, the need for petroleum coke to lessen power outages is being stimulated by the increasing global demand for electricity. Furthermore, several projects are being launched by the governments of numerous nations to encourage the use of green fuels and reduce carbon footprints in response to growing environmental concerns. To manufacturers who operate in the sector, this is presenting significant expansion potential. In addition, the use of petroleum coke in the agriculture sector to manufacture ammonia and urea ammonium nitrate, which are then used to produce fertilizers, is being stimulated by the growing emphasis on improving crop protection.
Key factors influencing Petroleum Coke Market Growth
The growth of the global Petroleum Coke market can be attributable to the following:
- The worldwide Petroleum Coke market is anticipated to rise over the forecast period due to an increase in the availability of heavy oils globally and developments in the cement and power generation industries.
- The expansion of the Petroleum Coke market has been accompanied by an increase in steel production brought on by the expansion of the railway, highway, vehicle, and transportation sectors.
- Since type, application, and geography, the petroleum coke market is segmented. The market is further divided into two types, calcined grade and fuel grade, according to type.
- 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.
- As a result of petroleum coke’s high sulphur content and strict environmental laws regarding its use, the market is expected to grow slowly throughout the forecast period.
Asia Pacific Region Forecast to Lead the Global Market in the Estimated Period
The Petroleum Coke market’s highest market share was in Asia Pacific. Petroleum coke is widely used in power plants and cement kilns in growing economies like India and China, where it is predicted to expand at the greatest CAGR in terms of volume and value. The majority of petroleum coke produced in China is utilized in power plants to create electricity.
Asia Pacific dominates the petroleum coke market due to the strong demand for petroleum coke in this area as a result of the high percentage of petroleum coke used in power plants and cement kilns in growing nations like India and China. Due to its low cost of living and abundant electricity supply, Europe is predicted to increase significantly between 2021 and 2028.
Each market-impacting element is listed in the national section of the petroleum coke market study, along with any domestic market regulation changes that may have an impact on the market’s present and future trends. Data points including import-export analysis, price trend analysis, cost of raw materials, consumption volumes, manufacturing sites, and volumes, as well as downstream and upstream value chain analysis, are some of the key indicators utilized to anticipate the market scenario for particular countries. While providing prediction analysis of the country data, other factors are taken into account, such as the availability and presence of international brands, the difficulties they encounter due to the impact of domestic tariffs, and trade routes.
Growing Demand from the cement and power generation industry is Fueling the overall Petroleum Coke market growth.
Some of the key players in the Global Petroleum Coke market include- 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.) and others.