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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
7.9% |
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Base Year Market Size (2023) |
USD 27.9 Billion |
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Forecast Year Market Size (2036) |
USD 69.5 Billion |
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Regional Scope |
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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:
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Product Type |
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Application |
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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.
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:
Author Credits: Rajrani Baghel
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