According to the latest report by IMARC Group, titled "Petroleum Coke Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global petroleum coke market size reached US$ 23.5 Billion in 2022. Petroleum coke refers to a refining by-product that is obtained during crude oil refining and other cracking processes. Numerous grades of petroleum coke can be derived that vary depending upon the quality of the raw material as well as the coking time length and operation temperature. It is a carbon-rich material that is extensively utilized as a fuel with low ash content, high calorific value and high-power output value. It offers exceptional chemical stability and is cost-efficient in nature. As a result, it is widely employed for a vast array of application segments, including the production of metals, cement, anodes, paints, electrodes, fertilizers and bricks, across multiple industry verticals.
Global Petroleum Coke Market Trends:
The market is primarily driven by the increasing energy demand from across the globe, especially from emerging economies. The continual depletion of conventional energy sources and the rising demand for alternate fuels with high energy output are creating a positive outlook for the market. Since petroleum coke also possesses high fuel stability and lesser risks of combustion during transportation at affordable rates, it is gaining widespread prominence as a key substitute for coal across diverse industries. Supported by rapid industrialization, this is providing a significant thrust to the market growth. The market is further driven by the increasing applications of the material across the construction sector, facilitated by continual infrastructural developments on the global level. Furthermore, the growing adoption of green fuel-grade petroleum coke that is manufactured by processing liquid fractions in delayed coking units (UCR) is acting as a major growth-inducing factor. These product variants contain lower sulfur content while offering higher ductility and resistance to corrosion. Some of the other factors contributing to the market growth include the increasing investments to expand refining capacities and the implementation of numerous stringent regulations to minimize carbon footprint. On account of the aforementioned factors, the market is anticipated to exhibit a CAGR of 7.4% during 2023-2028.
- Based on the type, the market has been bifurcated into fuel grade and calcined coke.
- On the basis of the application, the market has been divided into power plants, cement kilns, steel, aluminum, fertilizer and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include BP International Limited, Chevron Corporation, ConocoPhillips, Exxon Mobil Corporation, HPCL - Mittal Energy Limited, Indian Oil Corporation Limited, Marathon Petroleum Corporation, Royal Dutch Shell plc, Saudi Arabian Oil Company (Saudi Aramco), Trammo, Inc., and Valero Energy Corporation.
|Base Year of the Analysis
||Type, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||BP Plc, Chevron Corporation, ConocoPhillips, Exxon Mobil Corporation, HPCL - Mittal Energy Limited, Indian Oil Corporation Ltd., Marathon Petroleum Corporation, Royal Dutch Shell Plc, Saudi Arabian Oil Co., Trammo Inc. and Valero Energy Corporation
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