The global petroleum coke market was valued at $38.4 billion in 2020, and is projected to reach $75.3 billion by 2030, growing at a CAGR of 6.9% from 2021 to 2030.
Petroleum coke is the final solid material that is derived from oil refining, and is available in two forms, fuel grade and calcined grade. Varieties of products are extracted from a barrel of crude oil in addition to gasoline, diesel, and jet fuels. It is used in various industries such as power generation, construction, aluminum & other metals, and others. About 80% of worldwide petroleum coke production is “fuel-grade” petroleum coke (green coke), used for electricity generation and in cement kilns.
Growth in supply of heavy oils across the globe and development in cement and power generation industry are expected to drive the growth of the global petroleum coke market during the forecast period. Rise in production of steel owing to development in railways, highway construction, automobiles, and transportation segments have complemented the growth of petroleum coke market. As petroleum coke has a relatively low ash content and minimal toxicity, it is used on a large scale in various industries. Moreover, rise in infrastructure development in the Middle East and Africa is likely to enhance petroleum coke demand in the region during the projected period. Companies that refine crude oil have established delayed coking units to create petroleum coke. However, stringent environmental regulations toward the use of petroleum coke due to its high sulfur content is anticipated to hamper the growth of the market during the forecast period.
The petroleum coke market is segmented on the basis of type, application, and region. On the basis of type, the market is bifurcated into fuel grade and calcined grade. Applications covered in the study include aluminum & other metals, cement, storage, steel, power, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Comprehensive competitive analysis and profiles of major market players such as Oxbow Corporation, Suncor Energy Inc., Phillips 66 Company, Aminco Resources LLC., Nippon Coke & Engineering. Co., Ltd., Petroleum Coke Industries Company, Renelux Cyprus Ltd., Graphite India Limited, British Petroleum and Marathon Petroleum Corporation, are considered in the report.
Petroleum Coke market, by type
The fuel grade segment dominated the global petroleum coke market in 2020, and is expected to maintain its dominance during the forecast period. Fuel grade coke finds application in cement and power industry on account of low product costs and high calorific value. The petroleum coke market is expected to be driven by the growth in cement and power sectors in emerging economies such as India, China, and Japan in the near future.
Fuel Grade is projected as the most lucrative segment.
Petroleum Coke market, by application
The aluminum and other metals segment dominated the global petroleum coke market in 2020 and are expected to maintain its dominance during the forecast period, owing to rise in demand from aluminum and steel industries.
Aluminum and Other Metals is projected as the most lucrative market.
Petroleum Coke Market, by Region
Asia-Pacific accounted for the largest share of the petroleum coke market in 2020. The Asia-Pacific market for petroleum coke is expected to grow at the highest CAGR, in terms of both volume and value, petroleum coke is used extensively in power plants and cement kilns in emerging economies such as India and China. In China, the majority of petroleum coke is used to generate electricity in power plants.
Asia-Pacific is projected as the most lucrative segment.
Key Benefits For Stakeholders
- The report provides in-depth analysis of the global petroleum coke market along with the current trends and future estimations.
- This report highlights the key drivers, opportunities, and restraints of the market along with the impact analysis during the forecast period.
- Porter’s five forces analysis helps to analyze the potential of the buyers & suppliers and the competitive scenario of the global petroleum coke market for strategy building.
- A comprehensive market analysis covers the factors that drive and restrain the global petroleum coke market growth.
- The qualitative data about market dynamics, trends, and developments is provided in the report.
Impact Of Covid-19 On The Global Petroleum Coke Market
- Owing to COVID-19 pandemic, transport limitations were implemented, resulting in reduced industrial production and disrupted supply chains, which affected global economic growth by a substantial proportion, severely impacting market growth.
- COVID-19 is an incomparable global public health emergency that has affected almost every industry, and its long-term repercussions are expected to have an influence on industry growth during the forecast period.
- The companies are not earning any profit as a result of the work stoppage and not only the companies are losing money however they are also losing suppliers who are providing the required materials to various companies to be used in construction sector, all those suppliers are also facing huge losses.
- Furthermore, owing to social distancing norms during COVID-19, the manufacturing companies are working with limited workforce; thus, negatively impacting the production processes.
Petroleum Coke Market Report Highlights
By Key Market Players
Petroleum coke is a by-product of the oil refining process. Fuel grade petroleum coke is used on a large scale in cement kilns and power plants owing to its benefits such as high calorific value, low ash content, and low cost. Growth in demand for energy sources is anticipated to drive the growth of the global petroleum coke market during the forecast period.
The major importers of petroleum coke include Asia-Pacific and Europe. Emerging economies such as China and India account for a large share in petroleum coke market. Petroleum coke is majorly used in cement kilns and power plants in these countries. In China, significant share of the petroleum coke is used in electricity generation in power plants. The growth of the petroleum coke market is driven by rapid industrialization in India and China. In terms of volume, Asia-Pacific emerged as the most dominating market for petroleum coke.
The growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights the key areas of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder. The report features the strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of the key players to increase their market share and sustain intense competition in the industry.