Press release
Petroleum Coke Market Size & Share to Surpass US$ 36.5 Billion by 2028 | IMARC Group
Petroleum Coke Market 2023
Report Highlights
How big is the petroleum coke market?
The global petroleum coke market size reached US$ 23.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 36.5 Billion by 2028, exhibiting a growth rate (CAGR) of 7.4% during 2023-2028.
What is petroleum coke?
Also known as pet coke, petroleum coke refers to a solid carbon by-product of the oil refining process containing elemental forms of metals, sulfur, and non-volatile inorganic compounds. Various grades of this substance can be obtained that vary relying upon the quality of the raw material and the cooking time length and operation temperature. Petroleum coke is non-reactive and highly stable under ambient conditions, has high calorific power, does not dissolve in water, and has low ash content compared to conventionally used fossil fuels. As a result, this substance finds widespread applications as a significant fuel source over coal in power plants, electrical, magnesite and ceramic factories, cement kilns, etc., across the globe.
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What are the growth prospects and trends in the petroleum coke industry?
The increasing construction activities in the commercial, residential, and industrial complexes are among the primary factors driving the petroleum coke market. Besides this, the escalating product demand to reduce the instances of power failures, owing to the rising electricity consumption, is further augmenting the market growth. Moreover, the elevating requirement for petroleum coke in the agriculture industry to enhance crop protection and produce ammonia and urea ammonium nitrate, which are used to manufacture fertilizers, is also catalyzing the global market. Apart from this, the launch of favorable policies by the government bodies to promote the utilization of green fuels and minimize carbon footprints, on account of the growing environmental concerns, is acting as another significant growth-inducing factor. Additionally, the inflating need for this substance for the production of metals, cement, anodes, paints, electrodes, fertilizers, and bricks is also stimulating the market growth. Furthermore, the development of eco-friendly products with low sulfur content, high flexibility, corrosion resistance, and thermal and electrical conductivity is expected to bolster the petroleum coke market in the coming years.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
Fuel Grade Coke
Calcined Coke
Breakup by Application:
Power Plants
Cement Kilns
Steel
Aluminium
Fertilizer
Others
Breakup by Region:
North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa
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Who are the key players operating in the industry?
The report covers the major market players including:
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).
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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