Petroleum Coke (Petcoke) Market Size and Forecast 2022-27
According to the latest report by IMARC Group, titled, “Petroleum Coke Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” The global petroleum coke market reached a value of US$ 21.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 34.2 Billion by 2027, exhibiting a CAGR of 7.6% during 2022-2027.
Industry Definition and Application:
Petroleum coke is a cost-effective, carbon-rich solid product derived from oil refining. It contains hydrocarbons, carbon, hydrogen, nitrogen, chlorine, and sulfur. It has high calorific power, low ash content, low volatile matter, and results in no evaporation losses during application. At present, it is used in construction, electronics, steel and aluminum, and fertilizer industries across the globe.
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Global Petroleum Coke Industry Trends and Drivers:
The rising production of steel due to the development of railways, highway construction, automobiles, and transportation systems represents one of the key factors positively influencing the market around the world. In addition, petroleum coke is employed as a carbon source for synthetic graphite, aluminum anodes, silicon carbide, and electrode production due to its low ash content. This is offering lucrative growth opportunities to manufacturers operating in the industry. Furthermore, calcined petroleum coke is used in the production of titanium dioxide (TiO2), which is employed as a substitute for lead in paint and as a pigment in sunscreen, plastic, and food coloring. This, in turn, is propelling the growth of the market. Furthermore, petroleum coke is gasified to produce ammonia and urea ammonium nitrate for fertilizer production. This, coupled with the rising usage of fertilizer on account of the surging global population, is creating a favorable market outlook.
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Type:
- Fuel Grade Coke
- Calcined Coke
Fuel grade coke dominates the market as it is cost effective and widely used in carbon anodes and graphite electrodes.
Breakup by Application:
- Power Plants
- Cement Kilns
- Steel
- Aluminium
- Fertilizer
- Others
Aluminium represents the largest applicationas it offers excellent electrical conductivity and resistance to chemical and physical degradation.
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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List of Major Key Players:
- BP p.l.c.
- Chevron Corporation
- ConocoPhillips Company
- Exxon Mobil Corporation
- HPCL-Mittal Energy Limited
- Indian Oil Corporation Ltd.
- Marathon Petroleum Corporation
- Shell plc
- Saudi Aramco Group
- Trammo, Inc.
- Valero Energy Corporation (VLO).
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