Petroleum Coke Market Expected to Reach $75.3 Billion by 2030-Allied Market Research

According to a new published report by Allied Market Research titled, “Petroleum Coke Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,”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 by-product of crude of refining process. Different grades of petroleum coke are manufactured by changing the coking operation temperature, coking time, and raw material. Petroleum coke is of two types, fuel grade and calcined grade, which differ in their physical properties and sulfur content. It is used as a source of energy in various industries such as power, steel, cement, and others. In addition, it is used in the metallurgical industry for the manufacture of anodes for electric arc furnaces.

The global petroleum coke market is driven by growth in demand for cleaner fuels for various purposes such as power and electricity generation. In addition, demand for petroleum coke is expected to increase due to rise in demand for energy sources and development of aluminum & steel industries, thus fueling the growth of market in the near future. However, adverse effects of petroleum coke on human health due to high sulfur content hamper the market growth. The global petroleum coke market is characterized by presence of well-established market players, which is anticipated to pose as a barrier for new entrants.

On the basis of 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.

On the basis of 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 surge in demand from aluminum and steel industries.

Major players operating in the global petroleum coke market include 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.

Key Findings Of The Study

• On the basis of type, the fuel grade segment emerged as the global leader by acquiring more than 70.8% of the market share in 2020.
• On the basis of application, the Aluminum and Other Metals segment emerged as the global leader by acquiring more than 41.6% of the market share in 2020.
• On the basis of region, Asia-Pacific is the major consumer of petroleum coke among other regions. It accounted for around 55.7% of the global market share in 2020.

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, due to social distancing norms during COVID-19, the manufacturing companies are working with limited workforce; thus, negatively impacting the production processes.