Petroleum Coke Global Market Report 2024 - By Trends, Share, Size, Demand, Forecast To 2033

The petroleum coke market size has grown rapidly in recent years. It will grow from $27.64 billion in 2023 to $31.53 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. The growth in the historic period can be attributed to strong economic growth in emerging markets, growth in cement production industries, and rapid expansion of steel production. factors that negatively affected growth in the historic period were the coronavirus pandemic, stringent environmental regulations and volatility in crude oil prices.

The petroleum coke market size is expected to see rapid growth in the next few years. It will grow to $53.8 billion in 2028 at a compound annual growth rate (CAGR) of 14.3%. The growth in the forecast period can be attributed to the rising demand for energy, the increasing demand for aluminum, and rising infrastructure development . Major trends in the forecast period include environmentally friendly coke production, rising investments, research and development activities and strategic partnerships and collaborations.

Market Overview -
Petroleum coke (also known as pet coke) is a by-product produced when tar sands bitumen is processed into crude oil. It is known as green coke until it is thermally processed and converted into crystalline or calcined pet coke, which is utilized in the production of electrodes for steel and aluminum extraction.

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Surge In Global Steel Production Boosts Petroleum Coke Market Growth
The rise in the production of steel is expected to propel the growth of the petroleum coke market going forward. Steel output has risen globally, owing to growing demand from railways, highway buildings, and automobiles. Petcoke is used as a feedstock in the iron and steel industry, where it is blended with coking coal during the coke-making process. The use of pet coke results in a 16% reduction in coking coal use and a net reduction in energy intensity of just over 1%. For instance, according to IBEF, an Indian Government export promotion agency for the international distribution and sale of Indian products, in December 2021, the production of finished steel and crude steel stood at 94.66 million tonnes (MT) and 102.49 million tonnes (MT), respectively. In addition, crude steel production is expected to reach 112-114 million tons, an increase of 8-9% YoY in the financial year 2022. Therefore, the rise in the production of steel owing to the development of railways, highway construction, automobiles, and transportation segments is driving the growth of the petroleum coke market.

Competitive Landscape -
Major companies operating in the petroleum coke market report are BP PLC, Saudi Arabian Oil Co., Phillips 66 Company, Reliance Industries Limited, Valero Energy Corporation, Indian Oil Corporation Ltd., PJSC Luke Oil, Chevron Corporation, Marathon Petroleum Corporation, HPCL - Mittal Energy Limited, Bharat Petroleum Corporation Ltd (BPCL), GAIL India Ltd, Hindustan Petroleum Corporation Ltd (HPCL), Indian Oil Corporation Ltd, Linde India Ltd, Oil and Natural Gas Corporation Ltd (ONGC), Reliance Industries Ltd, China National Petroleum Corporation, China National Offshore Oil Corporation, Vasundhra Enterprises, Psk Kirzinskii, Monolit, Esproenko LLC, Servistransneftegaz, M/S Ram Janam Singh & Company, Amw Trade, Keshav Traders, S V Ispat Private Limited, Haibo Lupu Business Consulting Co Ltd, Sinopec, BPA British Pipelines Agency, CLH Compañía Logística de Hidrocarburos, GPSS Government Pipelines and Storage System, LCC Lissan Coal Company, OPA Oil and Pipelines Agency, ExxonMobil, Valero, Chevron, British Petroleum, PBF Energy, Phillips 66, Lukoil-Zapadnaya Sibir, Novatek-Yurkharovneftegaz, Oil Tekhnolodzhis, Gazprom Pererabotka, SAE Manufacturing Specialties Corp, WD Energy Group, Atmos Technologies, Carbon Graphite Materials Inc, ReGo Trading Inc, Anker Industries, River Materials Inc, Rain Carbon Inc, Saint Jean Carbon, Shamokin Filler Co Inc, Rain CII Carbon, LA Ash Inc, Carbograf, Asbury Carbons, ConocoPhillips, Unimetal Industria Comercio E Empreendimentos Ltda, Oxbow Brasil Energia Industries, Petrocoque: Indústria Petroquímica, Green Light Agenciamentos De, Shurooq Al Shams International Fzco, World Metal Alloys Fzc, Petroleum Coke, Rawa Chemicals, Fahad International Trade Company, Tajanos Group, Production Plus Co, Durrans RMS, MOL Group

Ega And Bp Collaborate To Explore Carbon Reduction Initiatives In Calcined Petroleum Coke
Companies operating in the petroleum coke market are entering into strategic partnerships and collaborations to expand their offerings and leverage their resources for diversifying in new markets. For example, in May 2023, Emirates Global Aluminum (EGA), a UAE-based aluminum producer, signed a memorandum of understanding with BP. The goal of the collaboration is to investigate prospective initiatives and chances that could lower the carbon content of EGA's supply of calcined petroleum coke. The collaboration could result in the establishment of a calcined petroleum coke mixing factory in the UAE. BP is an England-based oil and gas company.

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Key Segments -
The petroleum coke market covered in this report is segmented -
1) By Type: Fuel Grade, Calcined Coke
2) By Physical Form: Needle Coke, Sponge Coke, Shot Coke, Honeycomb Coke
3) By Application: Power Plants, Cement Kilns, Steel, Aluminium, Fertilizer, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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