Petroleum Coke Market Size was valued at USD 21.3 billion in 2021. The Petroleum Coke industry is projected to grow from USD 21.93 Billion in 2022 to USD 26.89 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 3.00% during the forecast period (2022 - 2030). Rising development activity in the complexes for homes, businesses, and industries are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The market for petroleum coke is anticipated to grow due to the increase in steel manufacturing. steel production has increased due to rising demand for highway structures, railroad facilities, and automobiles. Petcoke is a feedstock used in coke production and is combined with coking coal in the iron and steel industries. Pet coke usage results in a net reduction in energy intensity of just over 1% and a 16% decrease in coking coal consumption. For instance, the output of finished steel and raw steel stood at 94.66 million tonnes (MT) and 102.49 million tonnes (MT), respectively, in December 2021, according to IBEF, an Indian Government export promotion agency for the international distribution and sale of Indian exports. Additionally, it is anticipated that in the fiscal year 2022, crude steel production will rise by 8 to 9% YoY to 112 to 114 million tons. Therefore, the expansion of the petroleum coke market is being driven by the increase in steel production as a result of progress in the railway, automotive, highway, and transportation sectors.
Major players in the petroleum coke industry are concentrating their efforts on expanding petroleum coke production capacity to fulfill the escalating demand from end-use industries. For instance, Oman, the biggest crude exporter outside of Opec, declared in November 2021 that Sanvira Carbon FZC, the nation's first petroleum coke calcining (CPC) project, had been completed at the Sohar Freezone. With a $150 million investment, Sanvira Carbon FZC was founded to support refineries in the Sultanate of Oman and give value to the massive amounts of petroleum coke produced as a byproduct of refining. Therefore, such conditions have enhanced the Petroleum Coke market CAGR ly in recent years. During the forecast period, a rise in the cement and power generation industries and an increase in the supply of heavy oils ly are anticipated to propel the market for petroleum coke. Increased steel production due to progress in the railway, automobile, highway, and transportation sectors has contributed to the expansion of the petroleum coke market. Petroleum coke is extensively utilized in numerous sectors because of its low ash level and toxicity. Additionally, infrastructure development in the Middle East and Africa will likely increase the demand for petroleum coke in the area during the anticipated timeframe. Companies that refine crude oil have set up delayed coking plants to produce petroleum coke.
Petcoke storage and burning cause environmental issues. A waste management issue results from the accumulation of byproducts from the processing of pet coke. Petcoke causes externalities that could have an impact on the environment. 90% of its weight comprises elemental carbon, which burns to produce carbon dioxide (CO2). Additionally, using pet coke contributes to sulfur emissions and the potential for water pollution from nickel and vanadium runoff during refining and storage. Therefore, these factors are anticipated during the forecast period to restrain market expansion.
However, the shifting trend of using pet coke in medical, electrical components, and ceramics application is another factor driving the growth of the Petroleum Coke market revenue.
Based on Application, the Petroleum Coke industry has been segmented into Cement, Power Plant, Brick and Glass, and Paper and Pulp. Cement held the largest segment share in 2021; the market for petroleum coke will expand in tandem with the rise of the cement industry. Increasing demand in various sectors, including housing, commercial development, and industrial building, has increased the requirement for cement. Pet coke is utilized as a fuel source in the cement industry. In some cement manufacturing facilities that only employ pet coke in place of coal, the SO2 released during thermal decomposition is absorbed by the limestone. For instance, China's cement industry maintained steady growth in 2020 despite the pandemic and flood scenario, thanks to infrastructure development and real estate investment. In 2020, 2.377 billion tons of cement were produced annually, a rise of 1.6% from the previous year. Therefore, it is anticipated that the expansion of the cement industry will fuel the petroleum coke market. Increased investment by important manufacturers has been a significant trend that is becoming more well-liked in the petroleum coke market.
The second fastest-growing segment in the Petroleum Coke industry is power plants. The causes of the rising demand for aluminum as a carbon and energy source to provide fuel for electricity production to heat cement kilns. It is projected that the growing demand from the power plant will increase demand for this market.
Figure 2: Petroleum Coke Market, by Application, 2021 & 2030 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. Asia-Pacific Petroleum Coke market accounted for USD 9.5637 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. Petroleum coke is widely used in cement kilns and power plants in developing nations like China and India. Electricity is produced by most of the petroleum coke used in Chinese power plants. Petroleum coke is widely used in China and India's cement kilns and power plants. The region's expanding cement and power sectors, rising energy demand, heavy oil supplies, and steady economic expansion will enhance the APAC market. Moreover, the China Petroleum Coke market held the largest market share, and the India Petroleum Coke market was the fastest-growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: PETROLEUM COKE MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
North America Petroleum Coke market accounts for the second-largest market share due to the growth of the metal sector and rising investment in oil and gas refineries. Due to the increasing installation of delayed coker units in the Mid-West and Gulf Coast region, the U.S. holds the lion's share of the North American market. Further, the US Petroleum Coke market held the largest market share, and the Canada Petroleum Coke market was the fastest-growing market in the European region.
The Europe Petroleum Coke Market is expected to grow at the fastest CAGR from 2022 to 2030. Based on the low production costs for energy, Europe is anticipated to have rapid market expansion during the projection period. Petroleum coke is replacing natural gas and coal as a preferred fuel because of its simple availability and abundance. Further, the Germany Petroleum Coke market held the largest market share, and the UK Petroleum Coke market was the fastest-growing market in the European region.
Major market player are investing a lot of money in R&D to broaden their product offerings, which will spur further expansion of the petroleum coke industry. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking a variety of strategic activities to expand their presence. In order to grow and remain in a market that is becoming more and more competitive, Petroleum Coke industry must provide affordable products.
Manufacturing locally to cut operating costs is one of the main business methods used by producers in the worldwide Petroleum Coke industry to benefit customers and increase the market sector. The petroleum coke sector has recently offered some of the most notable advantages. The Petroleum Coke market major player such as Noble Energy Inc. , Rain Carbon Inc, and others are working to expand the market demand by investing in research and development activities.
Noble Energy, Inc. was a hydrocarbon exploration business located in Houston, Texas. Chevron Corporation purchased the business in October 2020. Before 2002, the business was known as Noble Affiliates, Inc.
Also, Several industrial processes and manufactured goods depend on carbon-based products and advanced derivative materials, which Rain Carbon Inc. is a top manufacturer.
Indian Oil Corporation Ltd.
Nayara Energy Ltd. - India
Petrobras
Exxon Mobil Corporation
Citgo Petroleum Corporation
Marathon Petroleum Corporation
Valero Energy Corp.
Motiva Enterprises LLC.
Phillips 66 Company.- USA among others
October 2020, Chevron Corporation, a top integrated energy corporation, has purchased Noble Energy Inc., a hydrocarbon exploration company. The company will profit from the acquisition since Noble's premium assets will strengthen Chevron's competitive upstream portfolio.
November 2020, After being directly impacted by Hurricane Laura in August 2020, Rain Carbon Inc. began calcination and energy production at its Lake Charles facility in Louisiana, United States.
Cement
Power Plant
Brick and Glass
Paper and Pulp
Foundries
| Report Attribute/Metric | Details |
| Market Size 2021 | USD 21.3 billion |
| Market Size 2022 | USD 21.93 billion |
| Market Size 2030 | USD 26.89 billion |
| Compound Annual Growth Rate (CAGR) | 3.00% (2022-2030) |
| Base Year | 2021 |
| Market Forecast Period | 2022-2030 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Indian Oil Corporation Ltd., Nayara Energy Ltd. – India, Petrobras, Royal Dutch Shell PLC, Exxon Mobil Corporation, Citgo Petroleum Corporation, Marathon Petroleum Corporation, Valero Energy Corp., Motiva Enterprises LLC., Phillips 66 Company.- USA |
| Key Market Opportunities | The increase in steel manufacturing |
| Key Market Dynamics | steel production has increased due to rising demand for highway structures, railroad facilities, and automobiles |
Frequently Asked Questions (FAQ) :
The Petroleum Coke market size was valued at USD 21.3 Billion in 2021.
The market is projected to grow at a CAGR of 4.7% during the forecast period, 2022-2030.
Asia Pacific had the largest share in the market
The key players in the market are Medtronic Inc (Ireland), Abbott Laboratories (US), Stryker Corporation (US), DePuy Synthes (US), and B. Braun Melsungen AG (Germany).
The cement category dominated the market in 2021.
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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