Petroleum Coke Industry - Regional Synopsis
North America Market Statistics
In petroleum coke market, North America region is poised to hold over 30.5% share by the end of 2037. The uptake of petroleum coke in the region has been accelerated by the growing demand for residential spaces brought on by population growth. Furthermore, the petroleum coke industry needs to offer reasonably priced goods by strategizing to reduce operating expenses. In addition, the increasing advances in technologies research, and development efforts will propel the market.
The state-of-the-art facilities and refining capabilities of the U.S. ensure a steady supply of high-quality petroleum coke from the nation. The manufacturers aptly capitalize on the demand arising from developing economies. For instance, in November 2024, according to the data analyzed and published by the U.S. Census Bureau data, the average annual production of petroleum coke in the country remained unchanged (46 million tons) during 2014–2023. Furthermore, about 41 million tons of petroleum coke were exported from the US in 2023, which was marginally more than the 40 million tons that the country has exported on average over the previous years.
In Canada, the petroleum coke market landscape is influenced greatly due to the support of the local government. For instance, in March 2024, Ontario received USD 16.7 million from the local government to align with the goals of the federal Electricity Predevelopment Program by promoting the use of low-grade petroleum coke as a fuel for power plants. Under the initiative, electricity to up to 4,800,000 homes and businesses in Ontario could be provided. Thus, demand for petroleum coke for power generation may rise as a result of this action, which is a part of a larger initiative to improve energy security and sustainability in the area.
Asia Pacific Market Analysis
The Asia Pacific petroleum coke market is attributed to the growing industrialization, the presence of innumerable crude oil refineries, and steady economic growth are the main factors driving the growth. These factors have led to a high demand for energy and raw materials, including petroleum coke. Further increasing the product's use as a carbon source in the steel-making process is the region's expanding steel production brought on by extensive infrastructure development and construction.
To promote petroleum coke upscaling, the Government of India is expediting the permitting procedure for refineries and petroleum coke facilities. For instance, in September 2024, the government of India announced to give leeway in the import regulations for raw and calcined petroleum coke, increasing the range of permitted incoming shipments. The goal of the government's expanded import restrictions is to meet the growing demand for petroleum coke and guarantee a consistent supply for a range of industrial uses.
China's petroleum coke market is experiencing a significant upsurge owing to the extensive reach of the usage of petroleum coke across various industries. In addition, the import-export activities in the country are fostering market growth. For instance, the Observatory of Economic Complexity report revealed that China exported USD 1.71 billion in petroleum coke, ranking it as the 3rd biggest exporter of petroleum coke in the world making it the 33rd most exported product in China. In 2022, China imported USD 5.34 billion in petroleum coke, ranking it as the 1st biggest importer, making 66th most imported product in China.
