Press release
Petroleum Coke (Petcoke) Market Size Worth US$ 34.2 Billion by 2027 | CAGR 7.6%
Petroleum Coke (Petcoke) Market
Industry Definition and Application:
Petroleum coke is a cost-effective, carbon-rich solid product derived from oil refining. It contains hydrocarbons, carbon, hydrogen, nitrogen, chlorine, and sulfur. It has high calorific power, low ash content, low volatile matter, and results in no evaporation losses during application. At present, it is used in construction, electronics, steel and aluminum, and fertilizer industries across the globe.
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Global Petroleum Coke Industry Trends and Drivers:
The rising production of steel due to the development of railways, highway construction, automobiles, and transportation systems represents one of the key factors positively influencing the market around the world. In addition, petroleum coke is employed as a carbon source for synthetic graphite, aluminum anodes, silicon carbide, and electrode production due to its low ash content. This is offering lucrative growth opportunities to manufacturers operating in the industry. Furthermore, calcined petroleum coke is used in the production of titanium dioxide (TiO2), which is employed as a substitute for lead in paint and as a pigment in sunscreen, plastic, and food coloring. This, in turn, is propelling the growth of the market. Furthermore, petroleum coke is gasified to produce ammonia and urea ammonium nitrate for fertilizer production. This, coupled with the rising usage of fertilizer on account of the surging global population, is creating a favorable market outlook.
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.
Breakup by Region:
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
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List of Major Key Players:
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.
Valero Energy Corporation (VLO).
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