Petroleum Coke Market Size & Share, by Product Type (Fuel Grade Coke, Calcined Coke); Application (Aluminum, Power Plant, Calcining Industry, Blast Furnaces, Fertilizers, Steel, Cement Kilns, Brick & Glass, Paper & Pulp) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 6093
  • Published Date: May 30, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Petroleum Coke Market size was over USD 27.9 Billion in 2023 and is predicted to reach USD 69.5 Billion by the end of 2036, growing at around 7.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of petroleum coke is estimated at USD 30.1 Billion.

This growth in the market revenue is poised to be encouraged by the rising production of cement. As per the predictions made by the International Energy Agency, the production of cement rose to 4228 million tons in 2023. Hence, this further influences the demand for petroleum coke in cement. This is because, with the utilization of petroleum coke in cement manufacturing, sulfur is foreseen to be fixed in cement clinker in the form of sulfate.  


Petroleum Coke Market overview
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Petroleum Coke Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing development of automobiles to boost the production of steel - The production of automobiles has risen significantly all across the globe owing to rising demand for personal vehicles, economic changes, and more. According to the prediction of ACEA, the production of automobiles in 2022 rose to 85.4 million units which indicates a rise of about 5.7% in contrast to the year 2021.

    Hence, this rise in the production of automobiles is expected to dominate the growth in the manufacturing of steel since it is considered to be a versatile material owing to its strong and durable quality making it ideal to be used in the automotive industry. It is mostly utilized in the body of vehicles and chassis, along with the production of engine parts. Therefore, the petroleum coke market is set to rise in steel production as it has an excellent electrical and thermal conductivity which is further used in the steel-making process as a heat transfer medium.
  • Rising enhancement of refinery technology - With the growing advancement in refining processes technology for petroleum coke production, the product quality has been improved notably by further additionally reducing environmental impacts. This is owing to the fact that improved refining techniques allow the manufacturing of petroleum coke with small sulfur content, hence allowing the industry to meet stricter environmental regulations. This is why, the petroleum coke market is projected to experience growth in its revenue.
  • Surge in the use of petcoke in electricity generation - The electricity generation has increased to over 29,000 terawatt-hours in 2022 up from 12,000 terawatt-hours in 1990 across the globe. This could be on account of rising industrialization and the shift of people towards cities. Consequently, the petroleum coke market demand is also poised to surge in the coming years as they are estimated to be a powerful source of energy owing to the composition of the fuel. 

Challenges

  • Rising adverse effects on environment and health - Petroleum coke is anticipated to have various harmful effects on the environment as well as humans.

    The quantity of sulphur in this solution is high which makes it potent to adverse effects. Moreover, various renewable sources of energy including natural gas and hydrogen are growing in demand owing to rising awareness among people
  • Launch of strict government regulations
  • Growing price of raw materials - The price of raw materials including fuel is growing on account of factors such as scarcity, border dispute, and more.

Petroleum Coke Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

7.9%

Base Year Market Size (2023)

USD 27.9 Billion

Forecast Year Market Size (2036)

USD 69.5 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Petroleum Coke Segmentation

Product Type (Fuel Grade Coke, Calcined Coke)

By 2036, fuel-grade coke segment is set to dominate petroleum coke market share of over 60%. The major factor to dominate the segment expansion is the rising demand for energy. The World Counts estimate that 580 million terajoules of energy have been consumed currently. Furthermore, fuel-grade petcoke is also utilized in industrial boilers. These boilers are required to generate steam or hot water for a number of industrial procedures making the process efficient. Hence, the need for fuel-grade coke is growing since it is a cheaper and more efficient option in contrast to coal and might also be utilized in boilers that have been retrofitted to manage petcoke.

Additionally, the calcined coke segment will also hold a notable growth in the market through 2036. This is because the importance of calcined petcoke has grown recently as feedstock in producing different carbon products such as graphite electrodes, carbon brushes, and other carbon products. Its use is also growing in the manufacturing of activated carbon, which is further utilized in treating water and purifying air.

Application (Aluminum, Power Plant, Calcining Industry, Blast Furnaces, Fertilizers, Steel, Cement Kilns, Brick & Glass, Paper & Pulp)

The aluminum segment in the petroleum coke market is set to register growth of more than 5.2% from 2024 to 2036. This segment’s growth can be attributed to the growing demand for petroleum coke in the production of aluminum. Among various types of petcoke, calcined pet coke is taking a necessary position in manufacturing aluminum anodes for smelting and is the only commercially feasible procedure. Hence, with the growing demand for oil & gas, the segment is growing. According to the U.S. Energy Information Administration, in 2022, the production of crude oil in 98 countries increased by 80.75 million barrels. It enhances a higher-level combination of electrical conductivity and improves resistivity to physical and chemical degradation in the smelting pot.  

Our in-depth analysis of the global petroleum coke market includes the following segments:

          Product Type

  • Fuel Grade Coke
  • Calcined Coke

          Application

  • Aluminum
  • Power Plant
  • Calcining Industry
  • Blast Furnaces
  • Fertilizers
  • Steel
  • Cement Kilns
  • Brick & Glass
  • Paper & Pulp

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Petroleum Coke Industry - Regional Synopsis

APAC Market Statistics

In petroleum coke market, Asia Pacific region is expected to dominate around 35% revenue share by the end of 2036. This growth can impelled by the rising urban population which is further influencing electricity, and food demand. As per UNICEF predictions, cities in Asia are rising at a high pace, and over 55 percent of the population in this region is set to reside in urban areas by 2030. 

The China market for petroleum coke is foreseen to have notable growth in the market over the years to come due to the rising production of textiles. 

The petroleum coke market in Japan is additionally predicted to grow during the projected timeframe owing to the rising development of EVs along with the rise in the launch of subsidy schemes to boost the adoption of EVs. 

 Another major area is India which is observing major growth in the petroleum coke market. This could be on account of the rising import of petcoke. 

European Market Analysis

By the end of 2036, Europe region in petroleum coke market is expected to reach USD 30.5 Billion. This growth in the region’s market is poised to be influenced by the growing availability of petroleum reserves. For instance, as per the World Economic Forum, OPEC countries which also include European nations consist of about 80% of oil reserves. Hence, petroleum is considered to be the preferable option for coke production as compared to coal and natural gas.

The UK’s population percentage is growing which will contribute to the market’s growth.

The major factor that is driving this growth in Germany country is the growing pressure to manufacture advanced materials.

The France market is evaluated to be influenced by growing disposable income which is further influencing people to invest in automobiles.

Research Nester
Petroleum Coke Market size
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Companies Dominating the Petroleum Coke Landscape

    The petroleum coke market is set to be influenced by key players' efforts to promote their products and the adoption of technologies to enhance their products in order to stratify customers in the market. Some of these key players include:

    • BP PLC
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Essar
    • Chevron Corporation
    • Indian Oil Corporation Limited
    • Reliance Industries Limited
    • Royal Dutch Shell plc
    • Valero Energy Corporation
    • HPCL - Mittal Energy Limited
    • Saudi Arabian Oil Co.
    • ExxonMobil Corporation  

In the News

  • ExxonMobil announced the Beaumont refinery expansion project’s startup, which adds 250,000 barrels per day of capacity to one of the biggest refining and petrochemical complexes as well as the U.S. Gulf Coast.
  • Royal Dutch Shell plc subsidiary Shell Oil Company has completed the sale of its interest in Deer Park Refining Limited Partnership, a joint venture between Shell Oil Company and P.M.I. Norteamerica, S.A. De C.V. for USD 596 million, a combination of cash and debt.

Author Credits:  Rajrani Baghel


  • Report ID: 6093
  • Published Date: May 30, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2023, the industry size of petroleum coke was over USD 27.9 billion.

The market size for petroleum coke is estimated to cross USD 69.5 billion by the end of 2036 expanding at a CAGR of 7.9% during the forecast period i.e., between 2024-2036.

The major players in the market are BP PLC, Essar, Chevron Corporation, Indian Oil Corporation Limited, and others.

The fuel grade coke segment is anticipated to capture a share/size of 60% during 2024-2036.

In the year 2023, the industry size of petroleum coke was over USD 27.9 billion.
Petroleum Coke Market Report Scope
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