Global Petroleum Coke ( Pet Coke ) Market Size Expected to Reach US$ 34.2 Billion by 2027

The latest research study "Petroleum Coke Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" The global petroleum coke market reached a value of US$ 21.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 34.2 Billion by 2027, exhibiting a CAGR of 7.6% during 2022-2027.

Industry Definition and Application:

Petroleum coke, also known as pet coke, is a carbonaceous product obtained in the oil refining process. It comprises carbon, hydrogen, nitrogen, chlorine, and sulfur. It is highly stable and non-reactive at ambient conditions and possesses low health hazards. It is highly cost-efficient and offers enhanced calorific and high-power output values. It is available as calcinable or green and fuel-grade pet coke with low ash content. It is used as a replacement for coal, which aids in saving transportation costs due to its higher density and low volatile property. It is also utilized in the production of anode-grade, graphite electrodes, needle-grade, and titanium dioxide (TiO2) pigments. As a result, petroleum coke is widely employed in the aluminum, construction, cement, steel, power, agriculture, and paint and coating industries across the globe.

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Global Petroleum Coke Market Industry Trends and Drivers:

At present, the rising demand for steel due to the development of transportation, highways, railways, and commercial, residential, and industrial infrastructure represents one of the primary factors bolstering the growth of the market. Besides this, the increasing adoption of petroleum as an alternative to fuel due to no evaporation losses is offering a positive market outlook. Additionally, there is a rise in the employment of calcined petroleum coke to manufacture steel, paints, titanium, fertilizers, and aluminum around the world. This, coupled with the increasing utilization of petroleum coke in power plants for electricity generation at a cheap rate, is propelling the growth of the market.

Apart from this, the growing demand for petroleum coke in the cement industry as an energy source to power the kiln with lesser carbon dioxide (CO2), nitrogen oxide (NOx), and sulfur dioxide (SO2) emissions is positively influencing the market. Moreover, various benefits offered by petroleum coke, such as lightweight, anti-corrosion, highly ductile, and enhanced electrical and thermal connectivity, are contributing to the growth of the market. In addition, there is an increase in the demand for petroleum coke as a substitute for coal in furnaces and industrial boilers across the globe. This, along with the rising demand for petroleum coke to produce fertilizers, is offering lucrative growth opportunities to industry investors. In line with this, the increasing application of petroleum coke as a substitute for lead in paints and as a pigment in sunscreens, plastics, and food colorings is supporting the growth of the market. Furthermore, the escalating demand for petroleum coke in manufacturing cast iron, producing various electrical components, and constructing industrial generators is strengthening the growth of the market.

Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Type:

Fuel Grade Coke
Calcined Coke
Fuel grade coke dominates the market as it is cost effective and widely used in carbon anodes and graphite electrodes.

Breakup by Application:

Power Plants
Cement Kilns
Steel
Aluminium
Fertilizer
Others
Aluminium represents the largest applicationas it offers excellent electrical conductivity and resistance to chemical and physical degradation.

By Geography:

North America: (United States, Canada)
Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa

List of Major Key Players:

The major players in the market are BP p.l.c., Chevron Corporation, ConocoPhillips Company, Exxon Mobil Corporation, HPCL-Mittal Energy Limited, Indian Oil Corporation Ltd., Marathon Petroleum Corporation, Shell plc, Saudi Aramco Group, Trammo, Inc. and Valero Energy Corporation (VLO).

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