The global Petroleum Coke (Petcoke) Market is estimated to be valued at US$ 28.35 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Petroleum coke is a coal-like solid residue obtained by the cracking of heavy petroleum processing unit or distillate oil in coker units in refineries. It is used in metal smelting industries, cement manufacturing plants, and increasingly as a fuel alternative in power plants. The high calorific value and cost effectiveness of petcoke makes it an ideal fuel in industries and power plants.
Market key trends:
One of the key trends in the petcoke market is the increasing use of petcoke as fuel in cement manufacturing and power generation industries. Due to its low cost and high energy content, many power plants and cement manufacturers are switching from coal to petcoke. Petcoke is considered as a better fuel alternative as it has lower moisture content and higher calorific value than coal. This provides greater fuel efficiency and reduces transportation costs. The cement industry in growing markets across India and China is heavily relying on petcoke as fuel to meet the growing energy demands and reduce manufacturing costs.
Segment Analysis
The global petroleum coke (petcoke) market is segmented into fuel grade and calcined petcoke. The fuel grade petcoke segment accounted for the largest market share in 2022 owing to its wide usage in power plants for electricity generation. The segment is expected to remain dominant during the forecast period due to increasing demand for fuel grade petcoke from the cement and power industries.
Key Takeaways
The Global Petroleum Coke (Petcoke) Market Share is expected to witness high growth, exhibiting a CAGR of 5.5% over the forecast period, due to increasing consumption of petcoke in the cement and power industries.
Asia Pacific dominated the global petroleum coke market in 2022 and is expected to retain its dominance over the forecast period. India and China are the major consumers of petcoke in this region owing to the rising energy demands.
Key players operating in the petroleum coke market are BP Plc, Chevron Corporation, Essar Oil Ltd., ExxonMobil Corporation, HPCL - Mittal Energy Limited, Indian Oil Corporation Limited, Reliance Industries Limited, Royal Dutch Shell Plc, Saudi Arabian Oil Co., and Valero Energy Corporation. These players are focusing on strategic initiatives such as capacity expansion and investments in green technology to strengthen their global footprint.
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