Petroleum Coke Market Size

Petroleum Coke Market in 2025 is assessed at USD 24.54 billion. The global Market size was worth more than USD 23.4 billion in 2024 and is poised to witness a CAGR of over 6.1%, crossing USD 50.53 billion revenue by 2037. North America is on pace to garner USD 15.41 billion by 2037, attributed to growing demand for residential spaces and technological advancements.

Petroleum coke industry has witnessed expansion due to a variety of factors, including its crucial relevance in the global energy and industrial landscape. The industry has been compelled to look for cleaner combustions as a result of growing environmental regulations on greenhouse emissions. In addition, petroleum coke has a higher calorific value than traditional coal, which has increased its allure. For instance, in February 2022, Reliance Industries Ltd. repurposed a USD 300 billion plant converting petroleum coke into synthesis gas to utilize it for producing blue hydrogen at USD 1.2-1.5 a kilogram as it is considered the cleanest fuel. This aims to incorporate the contribution of petroleum coke in creating sustainable solutions, making it preferable for industries seeking neutrality. 

Furthermore, petroleum coke is a crucial component of metallurgical processes in the steel industry and thus serves as another thriving sector in emerging economies for market expansion. The strategic place for petroleum coke in the supply chain and improvements in refining technologies have made it easier to access and use for a variety of purposes. For instance, in June 2022, Texas A&M University and ExxonMobil researched a sophisticated technique to recover petroleum coke into a viable sustainable high-value referent. This approach is funded by the ExxonMobil Chemical Company. Thus, given the economic, regulatory, and technological factors, the petroleum coke market is probably going to experience steady growth.