Petroleum Coke Market
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What Is the Long-Term Growth Forecast for the Petroleum Coke Market Size 2025?
There has been a notable acceleration in the growth of the petroleum coke market in the past few years. This market, valued at $31.3 billion in 2024, is expected to expand to $35.5 billion in 2025, marking a compound annual growth rate (CAGR) of 13.4%. This substantial growth in the historic period can be attributed to, the robust economic development in emerging markets, the expansion of the cement production sector, and the swift progression in steel production.
What CAGR is Forecasted for the Petroleum Coke Market Through 2029?
Expectations are high for the petroleum coke market size to witness rapid expansion in the forthcoming years. Projected growth places the market at $60.02 billion by the year 2029, with an impressive compound annual growth rate (CAGR) of 14.0%. The surge during the forecast period can be credited to the escalating demand for energy, an increased call for aluminum, and an uptick in infrastructure development. Key trends anticipated during this forecast period encompass eco-friendly coke production, heightened investment activities, increased research and developmental undertakings, as well as strategic alliances and collaborations.
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What Are the Critical Factors Driving Petroleum Coke Market Development?
The petroleum coke market’s expansion is anticipated to be propelled by the increase in steel production. This is due to the fact that the demand for steel has surged globally, needed for railways, highway construction, and automobile manufacturing. Petroleum coke, or petcoke, is utilized as a feedstock in the iron and steel industry, where it’s mixed with coking coal during the production of coke. This results in a 16% decrease in the use of coking coal and a little over a 1% net reduction in energy intensity. It was reported by IBEF, an export promotion agency of the Indian Government for the global distribution and sale of Indian goods, that in August 2022, both finished and crude steel production were at 125.32 million tons (MT) and 121.29 million tons (MT), respectively. Plus, it’s projected that steel production will rise by 4-7%, to 123-127 MT in the financial year 24. As a result, the increase in steel production due to the advancement in railways, highway building, automobiles, and transportation sectors is propelling the petroleum coke market’s growth.
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How Does the Petroleum Coke Market Break Down Across Major 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
Subsegments:
1) By Fuel Grade: Green Petroleum Coke, Low Sulfur Fuel Grade Coke, High Sulfur Fuel Grade Coke
2) By Calcined Coke: Needle Coke, Shot Coke, Spherical Coke
What Are the Major Trends Transforming the Petroleum Coke Industry?
Petroleum coke market participants are forging strategic alliances and joint ventures to broaden their portfolio and utilize their assets to penetrate new markets. This is exemplified by the memorandum of understanding that Emirates Global Aluminum (EGA), an aluminum producer based in the UAE, entered into with BP in May 2023. The objective of this alliance is to explore potential projects and opportunities that could reduce the carbon content in EGA’s calcined petroleum coke supply. This partnership may lead to the creation of a calcined petroleum coke blending facility in the UAE. BP is a British oil and gas industry.
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Which Players Are Driving Innovation in the Petroleum Coke Market?
Major companies operating in the petroleum coke market include 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), Hindustan Petroleum Corporation Ltd (HPCL), China National Petroleum Corporation, Vasundhra Enterprises, Psk Kirzinskii, Monolit, Esproenko LLC, M/S Ram Janam Singh & Company, Amw Trade, Keshav Traders, S V Ispat Private Limited, Sinopec, GPSS Government Pipelines and Storage System, LCC Lissan Coal Company, ExxonMobil, Valero, PBF Energy, Lukoil-Zapadnaya Sibir, Oil Tekhnolodzhis, Gazprom Pererabotka, WD Energy Group, Carbon Graphite Materials Inc, ReGo Trading Inc, Anker Industries, River Materials Inc, Rain Carbon Inc, 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, Shurooq Al Shams International Fzco, World Metal Alloys Fzc, Petroleum Coke, Fahad International Trade Company, Tajanos Group, Production Plus Co, Durrans RMS, MOL Group
Which Regions Are Driving Global Petroleum Coke Market Expansion?
Asia-Pacific was the largest region in the petroleum coke market in 2024. The regions covered in the petroleum coke market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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