What Has Been the Growth Trajectory for the Petroleum Coke Market in Recent Years?
The petroleum coke market has seen considerable growth due to a variety of factors.
• The size of the petroleum coke market has seen a speedy expansion in the past years. The market, which stood at $31.3 billion in 2024, is predicted to soar to $35.71 billion in 2025, with a compound annual growth rate (CAGR) of 14.1%.
The significant surge during the historic period was driven by robust economic development in growing markets, an increase in cement production sectors, and swift growth in steel production.
What Is The Expected Growth In The Petroleum Coke Market Size?
The petroleum coke market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the petroleum coke market is anticipated to witness swift expansion in the upcoming years, escalating to $61.07 billion in 2029 with a compound annual growth rate (CAGR) of 14.4%.
The predicted growth in the forecast period can be associated with the escalating need for energy, upturning needs for aluminum, and proliferating infrastructure development. Significant trends in the forecast period encompass sustainable coke production, expanding investments, research and development initiatives, and tactical partnerships and collaborations.
What Are The Primary Growth Drivers In The Petroleum Coke Market?
The boost in steel production is anticipated to drive the expansion of the petroleum coke market. The increase in global steel production is due to the escalating demand in areas such as railways, highway construction, and automobiles. In the iron and steel industry, petroleum coke, also known as petcoke, is used as a raw material where it is mixed with coking coal in the coke-making process. This use of petcoke leads to a 16% drop in coking coal consumption and a slight reduction in energy intensity of just over 1%. For example, according to the Indian government's export promotion agency, IBEF, for international marketing and selling of Indian goods, in August 2022, the production of finished steel and crude steel was reported at 125.32 million tons (MT), and finished steel production at 121.29 million tons (MT). Moreover, steel production projection suggests a growth of 4-7% to 123-127 MT in FY24. As a result, the increase in steel production tied to the growth of railways, highway construction, automobiles, and transportation sectors is pushing forward the expansion of the petroleum coke market.
What Are The Primary Segments In The Global Petroleum Coke Market?
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
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Which Key Trends Are Driving Changes In The Petroleum Coke Market Size?
Petroleum coke market participants are engaging in key alliances and cooperations to broaden their offerings and utilize their resources for expansion into innovative markets. For instance, in May 2023, a partnership was forged between Emirates Global Aluminum (EGA), an aluminum manufacturing company from the UAE, and BP, as they signed a memorandum of understanding. The partnership is aimed at exploring potential initiatives and opportunities to reduce the carbon footprint of EGA's supply of calcined petroleum coke. This partnership could potentially lead to the formation of a calcined petroleum coke blending facility in the UAE. BP is a British oil and gas organisation.
Who Are the Key Players 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
What Is The Most Dominant Region In The Petroleum Coke Market?
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.
