Green Petroleum Coke and Calcined Petroleum Coke Market Size, Share, Growth, and Industry Analysis by Type (Fuel Grade, Calcined Coke), by Application (Cement, Power, Steel, Aluminum, Others), and Regional Forecast 2024 To 2032

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Green Petroleum Coke and Calcined Petroleum Coke Market Report Overview

The global green petroleum coke and calcined petroleum coke market size was valued at USD 30.55 billion in 2023 and is projected to grow from USD 32.02 billion in 2024 to USD 46.77 billion by 2032, exhibiting a CAGR of 4.8% during the forecast period. Asia-Pacific holds leading position in green petroleum coke and calcined petroleum coke market share in 2023.

Green petroleum coke is a carbon solid deposit produced by the thermal corrosion of petroleum elements. It has low metal content and is calcined in revolving forges to form calcined petroleum coke. During the calcination process, green petroleum coke is heated to increase its electrical conductivity and remove unstable material, moisture, and other contaminations. Rise in production of steel owing to development in railways, highway construction, automobiles, and transportation segments have perfected the growth of petroleum coke market. As petroleum coke has a relatively low ash content and nominal harmfulness, it is used on a large scale in various industries. Industrial growth is also being powered by quick technology enhancements and increased oil production capacity. The cement and energy industries' growing confidence on petroleum coke as a low-cost fuel is another factor boosting the demand for this product. Sulfur content in green petroleum adopts the application of green petroleum coke .High sulfur content green petroleum coke is used as fuel in place of coal and with low sulfur content is progressed over calcining and used as raw material used for producing steel. Market participants are also taking a range of strategic initiatives to grow their worldwide impression with the major developments such as new product launches, mergers and acquisition with other organisation. Challengers in the petroleum coke market must offer cost effective item to enhance and continue in progressively competitive and growing market. Calcined coke is a form of coke that has been heated to high temperature ranging from 800°C to 1000°C. It is made by heating crude oil at high temperatures and then letting it to cool down. Calcined petroleum coke has high thermal constancy and low electrical resistance which creates it a appropriate electrode material for the batteries. Hence, the demand for calcined petroleum coke will upsurge in the future due to its rising use in batteries. Fuel grade coke is a type of coke that is used as a fuel in interior combustion machines. It has uses in the motorized industry and finds its chief use in fixed power generation businesses.

COVID-19 Impact:  Pandemic hampered the market due to unexpected disruption in the sector

The global COVID-19 pandemic has been unprecedented and staggering, with green petroleum coke and calcined petroleum coke market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market growth and demand returning to pre-pandemic levels once the pandemic is over.

COVID 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID 19 had negative impact on the green petroleum coke and calcined petroleum coke due to economic slowdown, reduced industrial activity and high unstable market.

Latest Trends

Technological advancement to boost the market growth

High implementation of advanced technology and the existence of large players in county are likely to create generous growth opportunities for the market. Technological innovation and advancement will further enhance the performance of the product, making it more broadly used in downstream presentations. 

Green Petroleum Coke and Calcined Petroleum Coke Market Segmentation

• By Type Analysis

According to type, the market can be segmented into Fuel grade, calcined coke

Fuel grade capture the maximum market share through forecast period.

• By Application Analysis

According to application, the market can be segmented into cement, power, steel, aluminum, others.

Green petroleum coke and calcined petroleum coke market players cover segment as Cement will dominate the market share during forecast period.

Driving Factors

"Increase in consumption of steel to upsurge the market growth"

The consumption of steel and aluminium is increasing day by day in railways, highway construction and automobiles. This is because of the growing infrastructure and automotive sectors in evolving countries. Green petroleum coke is used as a fuel in the making of these metals. Hence, the demand for green petroleum coke will increase in the future. Rise in demand for petroleum coke in steel, paper, chemical sector is expected to drive the green petroleum coke and calcined petroleum coke market growth.

"Improvement in developing new products to boost the market".

Improvement in developing new products and use for green petroleum coke presents important market growth prospects. Request for electric vehicles continues to grow the demand for electrodes used in their manufacturing is also expected to increase with its high carbon content and low impurities green petroleum coke is encouraging raw material for producing high quality graphite electrodes.

 Restraining Factors

"Strict ecological regulations to hamper the market growth"

Severe ecological regulations towards the use of petroleum coke due to its high sulphur content is projected to hinder the growth of the market during the forecast period. The unstable prices of crude oil has anticipated as a restraint factor which led manufacturers to incur unexpected losses at times.

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Green Petroleum Coke and Calcined Petroleum Coke Market Regional Insights

"Asia Pacific to dominate the region due to urbanization and increasing population"

Asia Pacific is further expected to witness growth in the Green petroleum coke and calcined petroleum coke market share. The region is anticipated to witness major growth over the forecast period due to growing construction undertakings mainly due to quick urbanization and increasing population across developing economies. Features such as the availability of low-cost labour along with a high rate of renewal projects are contributing to the progress. The low price petroleum coke is likely to be a chief hold for its import since considerable quantity of power could be formed at reasonable rate.

Key Industry Players

"Key players focus on partnerships to gain competitive advantage."

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger.

LIST OF TOP GREEN PETROLEUM COKE AND CALCINED PETROLEUM COKE COMPANIES

• Sinopec (China)
• Valero (U.S.)
• Reliance (India)
• Shell (U.K.)
• CNPC (China)

Report Coverage

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.