Petroleum Coke Market Overview
Petroleum Coke Market Size was valued at USD 21.3 billion in 2021. The Petroleum Coke market industry is projected to grow from USD 21.93 Billion in 2022 to USD 26.89 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 3.00% during the forecast period (2022 - 2030)
Petroleum Coke Market or pet coke is a solid composed primarily of carbon and limited amount of metals, sulfur, and non-volatile organic compounds. It is the by-product of delayed coking and fluid coking. It is available in fuel grade coke and lower grade coke. The global petroleum coke market report by Market Research Future (MRFR) contains insights for the period of 2020 to 2030 (forecast period). It also contains the impact of the COVID-19 pandemic on the industry.
Market Scope
The COVID-19 pandemic had hit the production lines in the U.S. and other major producers. Shutdown of cement plants in Spain and Brazil had affected the market negatively. But the easing of lockdown operations in certain countries has led to a surge in petcoke prices. This is further assisted with the procurement by customers in India and China.
However, regulatory pressures are dampening the market prospects of the product.
Persistent crude oil extraction and refining will continue to influence the petroleum coke industry. The crude oil by-product finds application in processing of various industrial materials. Developments in novel techniques such as gasification can culminate in low weight of raw pet coke. The application of the coke as aviation fuel and development of metals such as cobalt and nickel can bode well for the market. Huge demand for hydrogen can entice petroleum coke producers and boost the market growth.
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Segmentation
Major application areas (foundries, cement, brick and glass, power plant, steel, paper and pulp,) for fuel grade petcoke are discussed in detail in the report. Cement is expected to exhibit the highest growth rate over the forecast period. It accounted for 48% market share in 2018. The burgeoning construction industry and development in urban and suburban areas can drive the segment growth till 2025. On the other hand, the power plant segment is set to achieve a value of USD 5,313.6 million by the end of the forecast period. This can be attributed to its demand for petroleum coke and lowering carbon emissions.
By type, it is segmented into shot coke, needle coke, sponge coke, honeycomb coke, and others.
By grade, it is divided into fuel grade and calcined coke grade. Fuel grade petcoke demand remains concentrated in the cement industry owing to its innate nature and very high heating value. In 2017, close to 44% of the total petroleum coke (fuel-grade) produced was consumed by the cement industry.
Regional Analysis
The global petroleum coke (fuel-grade) market covers potential prospects across North America, Asia Pacific (APAC), Europe, South America and the Middle East Africa (MEA).
APAC accounted for more than 50% share of the market and expects to gain revenue at 6.12% CAGR over the assessment period. Rapid pace of urbanization driven by development of public infrastructure and commercial and residential construction can drive the regional market growth. India, China, and Japan account for the majority of the regional petroleum coke market. The dependence of refineries on sulfur-rich heavy oil for producing high sulfur petcoke can be opportune for players in the market.
Competitive Outlook
Citgo Petroleum Corporation, Nayara Energy Ltd., Petrobras, Indian Oil Corporation Ltd., Marathon Petroleum Corporation, Phillips 66 Company, Exxon Mobil Corporation, Motiva Enterprises LLC., Valero Energy Corp., and Royal Dutch Shell PLC are key players of the global petroleum coke market.
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