Global Petroleum Coke Market Report and Forecast 2024-2032

Global Petroleum Coke Market Report and Forecast 2024-2032

Global Petroleum Coke Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the global petroleum coke market is projected to grow at a CAGR of 7% between 2024 and 2032. Aided by the burgeoning energy sector and the amplified demand for carbon-rich fuel sources, the market is expected to grow significantly by 2032.

Petroleum coke, often termed as ""petcoke"", is a carbonaceous solid derived from the oil refinery coker units or other cracking processes. This non-volatile residue is a valuable source of energy and is extensively used as an alternative to coal. Available in two forms, namely fuel-grade coke, and calcined coke, petcoke finds diverse applications. While the former is primarily used in power plants and cement kilns, the latter is an essential ingredient in the anodes used in the metal smelting process.

A pivotal driver for the petroleum coke market growth remains the escalating demand from the cement and power generation sectors. The surging urbanisation and infrastructural developments have created a sustained demand for cement. Petcoke, with its cost-effectiveness and high calorific value, has emerged as a preferred fuel source for cement production.

Moreover, the ever-growing energy demands globally have spotlighted the importance of alternative fuel sources. As per the petroleum coke market analysis, the rise in power generation activities, especially in developing economies, has accentuated the consumption of fuel-grade petcoke. The economic feasibility combined with the high energy output has established petroleum coke as an indispensable element in contemporary power generation endeavours.

The metallurgical industry further augments the demand for petcoke. Calcined petroleum coke is indispensable in the production of aluminium, where it's employed for its purity and carbon-rich content and further adds value to the petroleum coke market size. As the automotive and aerospace industries continue their upward trajectory, the demand for aluminium, and consequently petcoke, witnesses a concurrent rise.

In light of the burgeoning trend of environmental sustainability, there has been a noticeable pivot towards cleaner and more sustainable fuel sources. Nevertheless, technological advancements and research efforts are currently underway to develop cleaner combustion techniques for petcoke, ensuring that its calorific benefits can be harnessed with minimal environmental repercussions, which further propels the petroleum coke market demand.

Market Segmentation

The market can be divided based on grade, physical form, end use, and region.

Market Breakup by Grade

• Fuel Grade
• Calcined Coke

Market Breakup by Physical Form

• Needle Coke
• Sponge Coke
• Catalyst Coke
• Shot Coke
• Purge Coke

Market Breakup by End Use

• Power Plants
• Cement Industry
• Steel Industry
• Aluminium Industry
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global petroleum coke market. Some of the major players explored in the report by Expert Market Research are as follows:

• BP Plc
• Phillips 66 Company
• PJSC Lukoil
• Royal Dutch Shell Plc
• Indian Oil Corporation Ltd.
• Valero Energy Corporation
• Essar
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.