The Petroleum Coke Global Market Report 2023 by The Business Research Company, provides petroleum coke market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Petroleum Coke Global Market Report 2023, the global petroleum coke market size will grow from $25.71 billion in 2022 to $29.8 billion in 2023 at a compound annual growth rate (CAGR) of 15.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The petroleum coke market size is expected to grow to $54.25 billion in 2027 at a CAGR of 16.2%.
The rise in the production of steel is expected to propel the growth of the petroleum coke market going forward. Steel output has risen globally, owing to growing demand from railways, highway buildings, and automobiles. Petcoke is used as a feedstock in the iron and steel industry, where it is blended with coking coal during the coke-making process. The use of pet coke results in a 16% reduction in coking coal use and a net reduction in energy intensity of just over 1%.
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The petroleum coke market is segmented:
1) By Type: Fuel Grade, Calcined Coke
2) By Physical Form: Needle Coke, Sponge Coke, Catalyst Coke, Shot Coke, Purge Coke
3) By Application: Power Plants, Cement Kilns, Steel, Aluminium, Fertilizer, Other Applications
Increasing investments by key manufacturers have emerged as a key trend gaining popularity in the petroleum coke market. Major companies operating in the petroleum coke sector are focused on investments to increase the production capacity of petroleum coke and meet the growing demand from end-use industries. For instance, in November 2021, Oman, the world’s largest crude exporter outside of Opec, announced the completion of Sanvira Carbon FZC, the country’s first petroleum coke calcining (CPC) project, at the Sohar Freezone. Sanvira Carbon FZC, which was established with a $150 million investment, will assist refineries in the Sultanate of Oman and add value to the huge amounts of petroleum coke manufactured as a by-product of the refining process. Sanvira Carbon’s full capacity is expected to be roughly 600,000 tons of calcined pet coke per year.
MAjor Players:
- BP PLC.
- Chevron Corporation
- Essar Oil Ltd.
- Exxon Mobil Corporation
- HPCL – Mittal Energy Limited
The petroleum coke market report table of contents includes:
1. Executive Summary
2. Petroleum Coke Market Characteristics
3. Petroleum Coke Market Trends And Strategies
4. Petroleum Coke Market – Macro Economic Scenario
5. Petroleum Coke Market Size And Growth
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28. Key Mergers And Acquisitions In The Petroleum Coke Market
29. Petroleum Coke Market Future Outlook and Potential Analysis
30. Appendix
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