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The global petroleum coke market reached a value of US$ 21.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 34.2 Billion by 2027, exhibiting a CAGR of 7.6% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Petroleum coke, also known as pet coke, refers to a solid carbon byproduct of the oil refining process comprising elemental forms of sulfur, metals, and non-volatile inorganic compounds. It is highly stable and non-reactive under ambient conditions, does not dissolve in water, and has high calorific power and low ash content compared to conventionally used fossil fuels. As a result, it is widely used as a major fuel source over coal in power plants and electrical, magnesite, ceramic, and cement factories around the world.
Petroleum Coke Market Trends:
Increasing construction activities inthe residential, commercial, and industrial complexes represent one of the major factors positively influencing the demand for petroleum coke around the world. In addition, the rising consumption of electricity worldwide is catalyzing the need for petroleum coke to reduce the instances of power failures. Moreover, due to the growing environmental concerns, several initiatives are being undertaken by governments of numerous countries to promote the adoption of green fuels and minimize carbon footprints. This is providing lucrative growth opportunities to manufacturers operating in the industry. Apart from this, the risingfocus on enhancing crop protection is catalyzingthe use of petroleum coke in the agriculture industry to produce ammonia and urea ammonium nitrate, which is further used in the production of fertilizers. Furthermore, the increasing adoption of petroleum coke as a substitute for lead in paintsand as a pigment in sunscreens, plastics, and food colorings is contributing to the market growth. In addition, the development of eco-friendly pet coke with low sulfur content, high ductility, resistance to corrosion, and thermal and electrical conductivity is anticipated to drive the market.
IMARC Group provides an analysis of the key trends in each sub-segment of the global petroleum coke market report, along with forecasts for growth at the global and regional level from 2022-2027. Our report has categorized the market based on type and application.
Breakup by Type:
Fuel grade coke dominates the market as it is cost effective and widely used in carbon anodes and graphite electrodes.
Breakup by Application:
Aluminium represents the largest applicationas it offers excellent electrical conductivity and resistance to chemical and physical degradation.
Breakup by Region:
The Asia Pacific holds the majority of the global petroleum coke market share due to increasing construction activities in the region.
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are BP p.l.c., Chevron Corporation, ConocoPhillips Company, Exxon Mobil Corporation, HPCL-Mittal Energy Limited, Indian Oil Corporation Ltd., Marathon Petroleum Corporation, Shell plc, Saudi Aramco Group, Trammo, Inc. and Valero Energy Corporation (VLO).
|Base Year of the Analysis||2021|
|Segment Coverage||Type, Application, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||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|
|Customization Scope||10% Free Customization|
|Report Price and Purchase Option||Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
Key Questions Answered in This Report:
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