The global petroleum coke market is expected to witness tremendous growth over the next few years due to the increasing demand for petroleum coke as a fuel and chemical feedstock. Petroleum coke is a by-product of the oil refining process and is primarily composed of carbon with varying amounts of sulfur, hydrogen, and oxygen. It is used as a fuel and in the production of steel, aluminum, and other metals.
Recent technological advancements in the oil refining process have made it possible to produce petroleum coke with a higher grade of purity, which has increased its demand in various industries. The rising demand for petroleum coke in the steel industry as a fuel and chemical feedstock is one of the primary drivers of the global petroleum coke market. In addition, the growing demand for petroleum coke in the production of aluminum and other metals is also expected to contribute to the growth of the market.
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Global Petroleum Coke Market Overview
The petroleum coke market is segmented based on the source of production, type, form, application, and region. On the basis of the source, the market is divided into green petroleum coke and calcined petroleum coke. The green petroleum coke segment is expected to account for the larger share of the market during the forecast period due to its increasing use as a fuel and chemical feedstock. On the basis of type, the market can be segregated into fuel grade, anode grade, and shot grade. Fuel grade petroleum coke is the most widely used type and is expected to dominate the market during the forecast period.
The petroleum coke market is also segmented based on form into powder, granules, and pellets. The powder form segment is expected to account for a larger share of the market during the forecast period due to its low cost and easy availability. On the basis of application, the market can be divided into cement, power plants, steel, paper, and others. The cement segment is expected to account for the largest share of the market due to the increasing use of petroleum coke in the production of cement clinkers.
The global petroleum coke market is expected to be driven by the increasing demand from the steel and aluminum industry, as well as the growing use of petroleum coke as a fuel and chemical feedstock. The increasing demand for petroleum coke in the production of cement is also expected to boost the market. However, the stringent environmental regulations pertaining to the use of petroleum coke and the fluctuating prices of the raw materials are some of the major factors that may hamper the growth of the market.
Key Companies
- BP Plc
- Chevron Corporation
- Essar Oil Ltd.
- ExxonMobil Corporation
- HPCL – Mittal Energy Limited
- Indian Oil Corporation Limited
- Reliance Industries Limited
- Royal Dutch Shell Plc
- Saudi Arabian Oil Co.
- Valero Energy Corporation
Which Regional Markets Generate High Revenue for Petroleum Coke Suppliers?
Geographically, the global petroleum coke market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the market due to the increasing demand from the steel and aluminum industry in the region. The increasing consumption of petroleum coke in the production of cement is also expected to boost the market in the region.
The petroleum coke market in North America is anticipated to dominate the worldwide scene. In 2022, North America is anticipated to hold 32.3% of the global market share due to its large petroleum coke exports.
Growing at a CAGR of 8.5%, the Asia Pacific petroleum coke market is anticipated to increase from a valuation of US$ 7.35 billion in 2022 to US$ 16.85 billion by 2032.
In conclusion, the global petroleum coke market is expected to experience significant growth over the forecast period due to the increasing demand from the steel and aluminum industry, as well as the growing use of petroleum coke as a fuel and chemical feedstock.
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