Calcined Petcoke Market size is anticipated to reach USD 25 Billion by the end of 2036, growing at a CAGR of 5% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of calcined petcoke was USD 16 Billion. The reason behind the market expansion is the growing production of crude oil across the globe.
The most in-demand commodity in the world right now is crude oil which is one of the main factors propelling the world economy. According to estimates, global crude oil output rose at a record of over 5% rate in 2022, significantly faster than it did in 2021.
The growing government initiatives to create a green environment are believed to fuel the market growth. To support the transformation of energy and industrial systems, increase energy efficiency, and combat environmental pollution, governments across the globe have agreed upon general principles that will guide the implementation of the green economy at all levels.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
~5% |
|
Base Year Market Size (2023) |
~ USD 16 Billion |
|
Forecast Year Market Size (2036) |
~ USD 25 Billion |
|
Regional Scope |
|
Grade (Anode, Needle)
The anode segment in the calcined petcoke market is estimated to gain a robust revenue share of 55% in the coming years. Anode-grade pet coke also known as raw pet coke (RPC) or green pet coke (GPC) is low in metals and sulfur and needs to be calcined before being baked into anodes.
For instance, Anode-grade petcoke is usually a green, calcinable petcoke with over 2% sulfur, little ash, and very little metal content. Calcined petcoke (CPC) is created by heating anode-grade petcoke below its melting point to remove moisture and volatile materials therefore it has low metal concentration and is a product of low quality that contains a lot of carbon.
Moreover, the majority of anode-grade petroleum coke has relatively few contaminants, as a result of which it burns cleaner than other fuels and has good abrasion resistance. Collectively, the market is predicted to have growth at a rapid pace in this segment.
End-User (Carburizing & Recarburizing, Electric Arc & Induction Furnaces)
The electric arc & induction furnaces segment in the calcined petcoke market is set to garner a notable share shortly. Calcined petroleum coke is a high-purity solid carbonaceous material that is used to make electrodes utilized in the construction of electric and induction furnaces. For instance, the calcined pet coke used to make graphite electrodes is made in a forging smelting furnace at a temperature of over 1400°C, with a carbon content of roughly 98%.
Moreover, an electrode is an apparatus to carry electricity into an electric arc furnace and is primarily used for the steel production process. Additionally, electric arc furnaces are primarily used to melt or extract ferrous or non-ferrous metals and can also be used to smelt steels, such as special tool steel, aviation steel, stainless steel, and others, as they require tight chemical composition and good mechanical performance.
Our in-depth analysis of the global market includes the following segments:
|
End-User |
|
|
Grade |
|
|
Application |
|
Asia Pacific Market Forecast
Calcined Petcoke Market in the Asia Pacific is predicted to account for the largest share of 48% by 2036. This is impelled by the increasing construction sector. With the active backing of the government, India is expected to enhance its infrastructure to achieve its economic growth goal of USD 5000 billion by 2025.
In context to it, under the budget 2023-2024, the investments in the infrastructure have been increased to USD 122 billion by 33%. These advancements in the construction sector are compelling growth to the market.
In addition, petroleum coke that has been calcined is frequently used in the carburizing and recarburizing process to balance the carbon level when making steel as it has higher carbon content and lower grade of coke.
North America Market Statistics
The North America Calcined Petcoke market is estimated to be the second largest, during the forecast timeframe led by the growing output of metal and steel. As per a study, the steel industry of the US has been growing since 2009 and one of the companies that emerged as a phoenix in the steel industry is Nucor Corporation based in North Carolina.
Nucor recorded a revenue of 40 billion in the year 2022 with the production of around 20 million metric tons of crude steel worldwide on global level. The large production of steel simultaneously stimulates growth in the market and drives its wide adoption. Additionally, governments are enacting stricter laws, and green levies on activities that negatively impact the environment, and are also providing grants and subsidies to create game-changing technologies including waste management, carbon capture, renewable energy, and energy efficiency. This all is projected to offer growth prospects for market.
Author Credits: Smruti Ranjan, Rajrani Baghel
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?