Petroleum Coke (Petcoke) Market Size, Share, Growth, And Industry Analysis By Type (Needle Coke Type, Shot Coke Type, Sponge Coke Type, Honeycomb Coke Type, and Others) By Application (Power, Cement, Aluminum, Steel, And Others) Regional Forecast By 2031

Updated On: 08 April 2024

Petroleum Coke (Petcoke) Market Report Overview

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The global petroleum coke (petcoke) market size was USD 7.9565 billion in 2022, as per our research, the market is expected to reach USD 45.25 billion by 2031, exhibiting a CAGR of 17.01% during the forecast period. 

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

The process of refining oil results in the byproduct known as petroleum coke, or "petcoke." With trace amounts of hydrogen, nitrogen, sulfur, and other atoms, carbon makes up the majority of it. Petcoke is a solid substance that resembles coal, although it differs from coal in terms of its qualities. For instance, petcoke has more sulfur and carbon than coal, as well as more carbon.

Utilizing it as fuel is one of its primary uses. Power plants and cement kilns frequently burn it. It has been further used as an industrial catalyst and a carbon source for specific chemical reactions. The United States does not officially regulate this as a hazardous material, but it can be harmful if swallowed or inhaled. The irritation of the eyes, nose, and throat, as well as coughing and breathing difficulties, as well as dizziness are some health risks related to petcoke exposure.

COVID-19 Impact: The Low Demand and Supply Hampered the Market Growth

Numerous changes brought about by Covid-19 have affected the market. First off, falling oil prices and a decline in economic activity have led to a decrease in the demand for petroleum coke. As a result, producers are under more pressure, and prices have fallen. Furthermore, the Covid-19 epidemic has hampered supply chains, making it difficult for manufacturers to find the raw ingredients required to make it. Because of this, there is now a shortage of petroleum coke, which has raised costs. In addition to higher transportation expenses, the Covid-19 epidemic has made it logistically challenging to deliver to market. A volatile and demanding market has resulted from all of these issues.

Latest Trends

"The Steel and Electricity Industry's Dependency to Boost the Market Expansion."

The market is growing, and that much is certain. Several industries, notably the manufacturing of steel and electricity, depend heavily on petroleum coke. It makes sense that the demand is increasing so quickly, given that the globe is becoming increasingly dependent on these industries. What fuels this expansion? The growing use of petcoke in China is one of the fundamental causes. The country's demand for steel and power is rising as it continues to industrialize at an accelerated rate. The industry has grown significantly and is now crucial to both sectors.

Petroleum Coke (Petcoke) Market Segmentation

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• By Type Analysis

According to type, the petroleum coke (petcoke) market can be segmented into needle coke type, shot coke type, sponge coke type, honeycomb coke type, and others. Among these, the needle coke type is projected to experience rapid growth through 2031.

• By Application Analysis

The market can be divided based on application into power, cement, aluminum, steel, and others. The power is expected to hold the most significant petroleum coke (petcoke) market share in the upcoming years.

Driving Factors

"The Less Expense and Efficiency to Fuel the Market Expansion"

The switch from coal to petcoke in many parts of the world supports the market's expansion. Since petcoke is more affordable and effective than coal, this transfer is being made. Thus, as more businesses seek to reduce expenses, they turn to petroleum coke as a suitable substitute. With such promising development potential, it is understandable why so many companies are making investments in this sector. It is the perfect opportunity to become engaged if you want to!

"The Usage of Petcoke in the Cement Industry and Aluminium Smelters to Propel the Market Growth"

The need for petroleum coke in cement is a significant market driver. Due to its high calorific value and low emissions, petcoke is used more frequently in cement kilns. The market is expanding as a result of this. An increase in demand from aluminum smelters is also driving the need for petroleum coke. Aluminum smelters use Petcoke as a source of carbon to make aluminum. The market is expanding as a result of this. So, these are the two main variables that are propelling the market's expansion.

Restraining Factors

"Unavailability of Raw Materials and High Transportation Costs to Hinder the Market Growth"

The market is expected to grow significantly in the next few years. It will be driven by increasing demand from the power sector, as well as from the steel and aluminum industries. However, several restraining factors could limit the growth of the market. First, the availability of raw materials is a key constraint. It is a byproduct of the oil refining process, and the availability of crude oil is a significant factor affecting production. Second, transportation costs can be high, particularly for long distances. This is because petroleum coke is a low-value product with a high density. Third, environmental laws governing emissions from power stations burning petcoke may further limit market expansion.

Petroleum Coke (Petcoke) Market Regional Insights

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"U.S. to Dominate Market through the Petcoke's Usage in the Aluminium and Steel Industry"

Between 2022 and 2031, the interpreting market will be dominated by U.S. Factors driving the market growth in this region include the usage in the aluminum and steel industry.

Additionally, the market is anticipated to experience the fastest growth in European and Asian countries (India, China, Japan, and South East Asia). The efficiency and lower cost fuel the expansion of regional markets.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Chevron (U.S.)
• PDVSA (Venezuela)
• JXTG (Japan)
• Valero (U.S.)
• BP (U.K.)
• Saudi Aramco (Saudi Arabia)
• Sinopec (China)
• Marathon Oil (U.S.)
• Total (France)
• IOCL (India)
• Pemex (Mexico)
• CNPC (China)
• Petrobras (Brazil)
• Shell (U.K.)
• ExxonMobil (U.S.)
• Rosneft (Russia)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.