2023 Petroleum Coke Market Size, Share, Growth, Latest Trends, Industry Analysis By 2032

As per The Business Research Company's Petroleum Coke Opportunities And Strategies Market Report 2023, The global petroleum coke market reached a value of nearly $23,910.7 million in 2022, having grown at a compound annual growth rate (CAGR) of 6.0% since 2017. The market is expected to grow from $23,910.7 million in 2022 to $45,915.0 million in 2027 at a rate of 13.9%. The market is then expected to grow at a CAGR of 14.6% from 2027 and reach $90,915.5 million in 2032.

The increasing demand for energy will propel the growth of the petroleum coke market during the forecast period. Because of its high calorific value, petroleum coke is frequently utilized as an energy source in power plants and different sectors including cement, steel, and others. Primary energy consumption, electricity use, and electricity-related losses are all included in the industrial, transportation, residential, and commercial categories. For example, according to the US Energy Information Administration, in percentage terms, the industrial and transportation sectors' energy usage is most susceptible to shifting underlying conditions. Between 2022 and 2050, the industrial sector will experience an energy demand growth of 5% to 32%. Therefore, the increasing demand for energy is expected to drive the petroleum coke market going forward.

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Environmentally friendly coke production is a key trend in the petroleum coke market. As concerns about climate change and environmental impacts have grown, there is an increasing focus on reducing the carbon footprint and emissions associated with coke production. Major players are adopting environmentally friendly coke production techniques to combat the harmful environmental impacts of petroleum coke. For instance, in April 2019, Gazprom Neft's Omsk Oil Refinery, one of the largest oil refineries in Russia, completed the installation of the main section of its new delayed coking unit. The new delayed coke plant is designed to facilitate the full processing of heavy oil fractions, allowing the Omsk refinery to produce more oil and diesel per ton of refined oil. Due to the modern technology used in the plant, which is integrated with environmental protection techniques, it is also possible to increase the production of high-quality petroleum coke. The new coke plant development will reduce environmental impact and improve petroleum refining efficiency.

The top opportunities in the petroleum coke market segmented by type will arise in the fuel grade segment, which will gain $16,643.8 million of global annual sales by 2027. The top opportunities in the petroleum coke market segmented by physical form will arise in the sponge coke segment, which will gain $9,050.4 million of global annual sales by 2027. The top opportunities in the petroleum coke market segmented by application will arise in the power plant segment, which will gain $6,684.6 million of global annual sales by 2027. The petroleum coke market size will gain the most in the USA at $3,121.3 million.

Petroleum Coke Market Segmentation:
The Petroleum Coke market is segmented by type, by physical form and by application.
By Type -
a) Fuel Grade
b) Calcined Coke.

By Physical Form -
a) Needle Coke
b) Sponge Coke
c) Shot Coke
d) Honeycomb Coke

By Application -
a) Power Plants
b) Cement Kilns
c) Steel
d) Aluminum
e) Fertilizer
f) Other Applications

Major players in the Petroleum Coke market include BP PLC, Saudi Arabian Oil Co., Phillips 66 Company, Reliance Industries Limited, Valero Energy Corporation

The regions covered in the global Petroleum Coke market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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The latest report from The Business Research Company, 'Global Petroleum Coke Opportunities And Strategies Market Report - Forecast To 2032,' provides a comprehensive global perspective with data and statistics from 60+ geographies, analyzing 7000+ market segments. The regional and country breakdowns section offers insights into each geography's market analysis, size, historic and forecast growth, and key strategies for industry competitiveness.

Petroleum Coke Market Report Table Of Content
1. Executive Summary
2. Table Of Contents
3. List Of Figures
4. List Of Tables
5. Report Structure
.......
18. Competitive Landscape And Company Profiles
19. Key Mergers And Acquisitions
20. Opportunities And Strategies
21. Petroleum Coke Market, Conclusions And Recommendations
22. Appendix

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