Pet Coke Market Research Report- Forecast till 2030

pet coke market research report: by product (needle coke, sponge coke, catalyst coke, shot coke, purge coke) grade (fuel grade, calcined grade) application (power plants, cement industry, steel industry, aluminum industry) – Global Forecast till 2030

ID: MRFR/CnM/3906-HCR | February 2021 | Region: Global | 139 Pages         

Pet Coke Market

Pet Coke Market is projected to be worth USD 75.2 billion by 2030, registering a CAGR of 6.7% during the forecast period (2021 - 2030).

Segmentation

By Product Needle Coke Sponge Coke Catalyst Coke Shot Coke Purge Coke
By Grade Fuel Grade Calcined Grade
By Application Power Plants Cement Industry Steel Industry Aluminum Industry

Key Players

  • Chevron Corporation (U.S.)
  • British Petroleum (London)
  • Essar Oil Ltd. (India)
  • Hindustan Petroleum Corporation Limited (India)
  • Exxon Mobil Corporation (U.S.)
  • Indian Oil Corporation Limited (India)
  • Royal Dutch Shell Plc (Netherland)
  • Reliance Industries Limited (India)
  • Saudi Arabia Oil Company (Saudi Arabia)
  • Valero Energy Corporation (U.S.)
  • Conoco Philips (U.S.)

Drivers

  • The growing consumption of the product in power plants and steel & cement industries account for the growth of the segment.
Speak to Analyst Request a Free Sample

Pet Coke Market Overview


Pet coke market is expected to grow at a CAGR 5.30% during the forecast period, says market research future (MRFR).  Petroleum coke is the solid residue left behind from oil refining. It comes in two grades: fuel grade and calcined grade. It is employed in a variety of industries, including power generation, building, and aluminum and other metals. The usage of petroleum coke as an energy source in power plants is strongly driven by rising worldwide energy demand. Another element boosting the petroleum coke market is the expansion of the cement and building industries. Globally, the industry is also being driven by technological advancements that have enhanced oil output.


Global rise in the supply of heavy oils and development in the cement and power generation industries are projected to fuel the global petroleum coke market's growth over the forecast period. The increase in steel manufacturing as a result of advancements in railways, highway construction, vehicles, and other modes of transportation has supplemented the rise of the petroleum coke market. Petroleum coke is widely employed in a variety of sectors due to its low ash level and low toxicity.


However, strict environmental laws regarding the usage of petroleum coke, owing to its high sulfur content, are expected to restrain the market's growth throughout the forecast period. Petroleum coke production is inextricably tied to oil production, as it is a byproduct of oil refineries. The market is extremely price sensitive, and global demand for petroleum coke is strongly dependent on competitive fuel prices.


The Global Pet coke Market Share, by Application:


 Pet coke Market


Source: MRFR analysis


Key Players:



  • Chevron Corporation (U.S.)

  • British Petroleum (London)

  • Essar Oil Ltd. (India)

  • Hindustan Petroleum Corporation Limited (India)

  • Exxon Mobil Corporation (U.S.)

  • Indian Oil Corporation Limited (India)

  • Royal Dutch Shell Plc (Netherland)

  • Reliance Industries Limited (India)

  • Saudi Arabia Oil Company (Saudi Arabia)

  • Valero Energy Corporation (U.S.)

  • Conoco Philips (U.S.)


Regional Analysis:


The pet coke market is segmented into five regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Growing urbanization and globalization in the region has substantially added to the growth of the market in this region. India and China are the major contributors to the growth of the market in the Asia-Pacific region. Moreover, the presence of the most populated economies has augmented the need for energy in the region which in turn has fuelled the demand for petroleum coke owing to its application in power generation. In addition to this, the demand from the oil and gas industry mainly in China and India is another factor positively affecting the market growth. The growing government investment in the construction sector has augmented the cement industry which in turn is adding to the growth of the pet coke market.


North America is another dominant region in the global market, exhibiting an expanding CAGR. The presence of the developed end-user industries is the major reason augmenting the growth of the market. Moreover, the growing oil and gas activities in the region is also adding to the market growth. The U.S. and Canada are the major countries attributing this growth. Furthermore, the growing investment in the development of infrastructure has augmented the demand for cement, hence increasing the demand for pet coke owing to its growing application in the cement industry.


The European region is a lucrative market and is mainly driven by a well-developed power generation and industrial sector. Moreover, the growing stringent EU regulations regarding the emission of greenhouse gases will further add to the growth of the pet coke market. In addition to this, the growing preference of petroleum coke over coal is also a dominant factor for the market growth.


Segmental Analysis:


The global pet coke market is segmented into product type and end-user. On the basis of the product type, the market is segregated into needle coke, sponge coke, catalyst coke, shot coke, purge coke. On the basis of the grade, the market is classified as fuel grade, calcined grade. The market by application industry is further categorized into power plants, cement industry, steel industry, aluminum industry, and others.


Geographical Analysis:


The report covers brief analysis of the major geographic regions namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.

Recent Development



  • February 2022: Reliance Industries Ltd. of India plans to repurpose a USD 4 billion facility that currently converts petroleum coke to synthesis gas to generate blue hydrogen. This comes amid the Indian conglomerate's aspirations to become one of the world's largest producers of blue hydrogen at a cost of USD 1.2 to USD 1.5 per kilogram. This is a temporary strategy until green hydrogen costs become competitive. In the meantime, while the cost of green hydrogen continues to decline, RIL can be the pioneer in India, establishing a hydrogen ecosystem with minimal further investment.


Intended Audience:



  • Pet coke   market manufacturers

  • Traders and Distributors of pet coke  market

  • Production process industries

  • Potential investors

  • Raw material suppliers

  • Nationalized laboratory 



Report Scope:
Report Attribute/Metric Details
  Market Size   2030: Significant value
  CAGR   2020–2030: 5.30% CAGR
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   By Product, Grade, Application and Region
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Chevron Corporation (U.S.), British Petroleum (London), Essar Oil Ltd. (India), Hindustan Petroleum Corporation Limited (India), Exxon Mobil Corporation (U.S.), Indian Oil Corporation Limited (India), Royal Dutch Shell Plc (Netherland), Reliance Industries Limited (India), Saudi Arabia Oil Company (Saudi Arabia), Valero Energy Corporation (U.S.), Conoco Philips (U.S.)
  Key Market Opportunities   The fuel grade is the leading segment of the market and is anticipated to continue its dominance over the forecast period.
  Key Market Drivers   The growing consumption of the product in power plants and steel & cement industries account for the growth of the segment.


Speak to Analyst Ask for Customization

Frequently Asked Questions (FAQ) :

Fuel grade pet coke is the leading segment in the global pet coke market.

Sponge pet coke is the leading product segment in the global pet coke market.

The high calorific value of pet coke and low VOC content make it the perfect material for thermal energy generation applications.

Asia Pacific holds the largest share in the global pet coke market.

Leading players in the market include Chevron, BP, and HPCL, among others.