Petroleum Coke Market

Petroleum Coke Market Size (2023-2028):

The Global Petroleum Coke Market has been valued at US$ 44.15 billion in 2022 and it is anticipated to reach a valuation of US$ 71.41 billion by 2028 during this forecast period it is anticipated to grow with a healthy CAGR of 8.68% over 2023-2028.

Market Overview:

Petroleum coke is made by further processing this in cockers or other cracking operations. It's also made from bitumen; the technique is known as coking, and it's usually done in a chemical engineering factory for the delayed coking process. Pet Coke is the abbreviation for Pet Coke. It's utilized as an anode and electrode, as well as a fuel in the brick and metal sectors. Petroleum coke is kept in a stack next to an oil refinery until it is sold. Various classes of petroleum coke are produced by altering the cooking duration, operating temperature, and raw material quality.

The physical features and VOC levels of the various classes vary (Volatile Organic Content). Due to its high calorific value compared to metallurgical and bituminous coal, it is commonly employed as a source of energy in numerous sectors. Approximately 80% of the petroleum coke produced is utilised as a source of energy in a variety of businesses. The primary end customers are cement kilns and power plants. Another important application of petroleum coke is in metal fabrication, where it is used to make anodes for EAFs (Electric Arc Furnaces).

Manufacturing of titanium dioxide for the paint and colouring business, fuel for coke oven batteries, production of urea and ammonium nitrate for the paper industry, and organic fertiliser are just a few of the specialised applications of petroleum coke. Manufacturers often employ high-sulphur, low-grade petroleum coke (fuel grade) as a source of energy, whereas low-sulphur, high-quality petroleum coke is used for various purposes. Petroleum coke is a low-cost alternative to coal that has a higher calorific value and less ash.

Market Drivers:

The Global Petroleum Coke Market will be driven by rising demand from the cement and power-generating industries. Emerging economies like India, China, and Vietnam are driving this expansion, as their need for cement and electricity generation is skyrocketing. Furthermore, approval by organisations such as the EPA and CRS to utilise petroleum coke in industrial applications has boosted the worldwide market's growth. Because of its easy and abundant availability, petroleum coke is becoming a favoured alternative fuel over coal and natural gas. This element is predicted to have a favourable impact on growth.

Petroleum coke demand is being driven globally by rising demand from the aluminium and steel industries, as well as growing demand for fuel-grade coke and calcined coke due to the expanding application scope of needle calcined coke in battery electrodes, low production costs, and high calorific value. Low-ash content, low toxicity, and technological advancements that have enhanced oil output have progressively been expected to grow the Global Petroleum Coke Market.

Market Restraints:

The lack of competent personnel, as well as a lack of norms and regulations, are hampering the market's growth. Furthermore, harmful impacts on aquatic species and the terrestrial environment, as well as strict government rules governing the use of petroleum coke, are expected to stifle expansion throughout the projection period. Furthermore, petroleum coke contains an excessive amount of sulphur and has a low volatile content, resulting in environmental issues during the combustion process as well as very fluctuating fuel costs. These are the possible limitations to the global petroleum coke market's overall growth.

PETROLEUM COKE MARKET REPORT COVERAGE:

Market Segmentation:

Petroleum Coke Market - By Type:

• Fuel Grade Coke.
• Calcined Coke.

Fuel Grade Coke is expected to have the largest share in the Global Petroleum Coke Market. The elements contribute to the product's high calorific value. Because of its low manufacturing costs and high calorific value, fuel-grade Coke is used in the cement and power industries. The demand for fuel-grade Coke is boosted as a result of this aspect.

Calcined Coke is expected to see prominent growth in the Global Petroleum Coke Market. Anodes for the aluminium, steel, and titanium smelting industries are made from calcined petroleum coke. To be employed as an anode material, green coke must have a low metal concentration. Anode-grade Coke is green Coke that has a low metal concentration. When green coke contains too much metal, it is not calcined and utilised in furnaces as fuel-grade coke.

Petroleum Coke Market - By Application:

• Aluminium & Other Materials.
• Cement.
• Storage.
• Steel.
• Power.

The aluminium and other Materials segment is expected to have the largest share in the Global Petroleum Coke Market. In the Global Petroleum Coke Market, the aluminium & other metals sector had the bulk of the market share. The variables that contribute to the increased demand for aluminium as a carbon and energy source for generating electricity to power cement kilns. The expanding demand for this category is expected to be fuelled by the aluminium and steel industries.

The cement and Power segment is expected to see prominent growth in the Global Petroleum Coke Market. Due to low product prices and high calorific value, the cement and power industries are the most profitable. The product market is expected to be driven by the growing cement and power sectors in rising economies such as India, China, and Japan in the near future.

Petroleum Coke Market - By Region:

1. North America
2. Asia Pacific
3. Europe
4. Latin America
5. Middle East & Africa

Asia-Pacific is expected to hold the largest share in the Global Petroleum Coke Market, because of rising energy demand, increased availability of heavy fuels, and sustained economic growth Due to growing industrialisation, emerging economies such as China and India are predicted to have the biggest growth in demand for petroleum coke throughout the projection period. In the near future, the usage of petroleum coke as a source of power generation is likely to drive market expansion.

North America is expected to have a prominent share in the Global Petroleum Coke Market. In North America, the United States is said to have a monopoly on the export of petroleum coke. The cheap cost of petroleum coke is anticipated to be a key draw for its import since it allows for the production of a large amount of electricity at a low cost. Aside from that, a tiny amount of petroleum coke may generate a huge amount of heat.

Impact of COVID-19 on the Global Petroleum Coke Market:

Most industries across the globe have been negatively impacted over the previous few months. This could be attributed to significant disruptions experienced by their respective manufacturing and supply-chain operations as a result of various precautionary lockdowns, as well as other restrictions that were enforced by governing authorities across the world. the identical applies to the worldwide Petroleum Coke Market. Moreover, consumer demand has also subsequently reduced as individuals are now keener on eliminating non-essential expenses from their respective budgets because the general economic status of most people is severely littered with this outbreak. These aforementioned elements are expected to burden the revenue trajectory of the worldwide Petroleum Coke Market over the forecast timeline.

Market Key Players:

1. Essar Oil
2. Chevron Corporation
3. Saudi Arabian Oil Company
4. ExxonMobil
5. British Petroleum
6. Marathon Petroleum Corporation
7. Valero Energy Corporation
8. Reliance Industries
9. Royal Dutch Shell
10. Trammo, Inc.