The petroleum coke market size was valued at USD 26.50 billion in 2022 and is expected to be worth USD 27.83 billion in 2023. The market is projected to reach USD 43.21 billion by 2030, recording a CAGR of 6.5% during the forecast period.
Petroleum coke, also known as pet coke, is a solid carbon-rich material derived from oil refining. Crude oil is coked, where high temperatures convert heavy hydrocarbons into lighter products, leaving behind solid carbon residues. The use of this product is rising at a remarkable rate in the manufacturing of anode, fuel, and steel, which is expected to impact the market growth positively.
Fortune Business Insights™ displays this information in a report titled, "Petroleum Coke Market Size Report, 2024-2030."
Petroleum Coke Segmentation:
Rising Demand from Cement & Energy Sectors Boosted Use of Fuel-Grade Coke
Based on type, the market is bifurcated into fuel grade and calcined coke. The fuel grade coke segment held the largest petroleum coke market share in 2022 due to the rapid expansion of cement and energy industries, where pet coke is used for a wide range of applications.
Product Adoption to Rise in Aluminum Manufacturing Due to Its High Demand in Different Industries
Based on application, the market is segmented into aluminum, cement, power, iron & steel, storage, and others. The aluminum segment is predicted to record the fastest CAGR during the forecast period due to the growing need for aluminum in industries such as aerospace and automotive due to its high-strength properties and lightweight nature.
With respect to region, the market covers North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
LIST OF KEY COMPANIES PROFILED IN THE REPORT:
Oxbow Corporation (U.S.)
Suncor Energy Inc. (Canada)
Phillips 66 Company (U.S.)
Aminco Resources LLC. (U.S.)
Nippon Coke & Engineering. Co., Ltd. (Japan)
Petroleum Coke Industries Company (Kuwait)
Renelux Cyprus Ltd. (Greece)
Graphite India Limited (India)
British Petroleum (U.K.)
Indian Oil Corporation Ltd (India)
Chevron Corporation (U.S.)
Marathon Petroleum Corporation (U.S.)
Report Coverage:
The report studies the market in detail and highlights several major areas, such as leading product types, applications, and top market players. It also provides information regarding the latest market trends and key industry developments. Besides the aforementioned factors, the report covers many other factors that have helped the market grow.
Drivers and Restraints:
Rapid Expansion of Construction Sector to Catalyze Market Growth
The construction sector is witnessing strong growth due to factors such as large-scale urbanization, infrastructure development, and robust expansion of the real estate industry. This has boosted the use of cement to construct buildings, which has increased the adoption of petroleum coke as a carbon source to make cement kilns during the clinker production process.
However, the processes involved in pet coke production have raised several environmental concerns, which can impede its adoption.
Regional Insights:
Asia Pacific Dominated Global Market Due to Growing Presence of Crude Oil Refining Companies
Asia Pacific dominated the global market in 2022 due to the rising presence of firms specializing in refining crude oil. Moreover, the rapid expansion of industries in various countries across the region will further fuel the market’s growth.
Europe might also display tremendous petroleum coke market growth due to the strong growth of the region’s cement sector.
Source- https://www.fortunebusinessinsights.com/petroleum-coke-market-108984
Competitive Landscape:
Key Market Players to Focus On Capacity Expansion to Remain Competitive
Some of the key players operating in the market include Phillips 66 Company, Petroleum Coke Industries Company (PCIC), Suncor Energy Inc., and Aminco Resources LLC. These firms focus on expanding their production capacities and innovating their current product range to stay ahead of the market competition.
Petroleum Coke Industry Development:
July 2023 - Venezuela's state oil firm PDVSA inked two new deals with Latif Petrol, a Turkish firm, and Reussi Trading, a St. Vincent and the Grenadines-based company, to export around 1.6 million metric tons of petroleum coke.