Top Companies Aiding the Global Petroleum Coke Market with Rapid Technological Advancements

BP Plc, Phillips 66 Company, PJSC Lukoil, Royal Dutch Shell Plc, Indian Oil Corporation Ltd., Valero Energy Corporation, and Essar, among others, are the major players in the global market for petroleum coke.

As per the analysis by Expert Market Research, the global petroleum coke market is expected to grow at a CAGR of 7% in the forecast period of 2024-2032, driven by demands from the power plant and cement industries.

Petroleum coke is used as a source of energy in various industries like cement and construction, thus boosting the industry growth. Additionally, petroleum coke is used in the manufacture of metals, particularly steel, which also contributes to the expansion of the market. The demand for petroleum coke market is anticipated to increase significantly throughout the forecast period as a result of increased cement demand and the expansion of the construction sector.

The expansion of the petroleum coke market has been supplemented by an increase in steel production as a result of progress in the railway, automobile, and transportation sectors, as well as the construction of highways. Petroleum coke is extensively utilised in numerous sectors because of its low ash level and low toxicity.

During the forecast period, an increase in infrastructure development in the Middle East and Africa will likely increase the demand for petroleum coke in the area. To produce petroleum coke, companies that refine crude oil have set up delayed coking plants. Major businesses' increased investment in boosting crude oil production capacity is anticipated to present lucrative opportunities for the petroleum coke market.

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Top 7 Global Petroleum Coke Companies:

BP Plc

One of the gas and oil supermajors in the world is BP Plc, a global oil and gas corporation. To advance the transition to a future with lower carbon emissions, the company provides goods and services to people all over the world in the areas of transportation, light, and heating.

Phillips 66 Company

Philips 66 is a multinational company involved in innovating and energy research. The company gathers and processes natural gas and natural gas liquids (NGL) for powering businesses, cooking, heating homes, and electricity. It refines and markets petroleum products, such as jet fuel, gasoline, diesel, and lubricants, and produces petrochemicals, polymers, and plastics used in automobiles, electronics, and other everyday items.

PJSC Lukoil

LUKOIL is one of the largest oil and gas companies in the world, accounting for 2% of the world’s oil production and approximately 1% of the hydrocarbon reserves. The company has its presence in more than 100 countries where it supplies its products, power, and heat.

Royal Dutch Shell Plc

Global energy and petrochemical firms make up the Royal Dutch Shell Group. The business is present in more than 70 different nations. Around 80,000 people are employed by the organisation worldwide. Shell is skilled in oil and gas production, reprocessing, and marketing. They also produce and sell a variety of chemicals.

Indian Oil Corporation Ltd.

Indian Oil Corporation is a diversified and integrated energy company which has its presence in a wide range of oil, gas, petrochemicals, and alternative energy sources. For the fiscal year 2021, IndianOil reported revenue of Rs. 7,28,460 crores and a net profit of Rs. 24,184 crores.

Valero Energy Corporation

The largest producer of low-carbon renewable fuels in the United States is Valero Energy Corporation, which is also the largest petroleum refiner in the world. They are the best-in-class manufacturer of basic goods and fuels for modern existence. The company has approximately 10,000 employees and has 15 refineries under them in the regions of the United States, Canada, and the United Kingdom.

Essar

Essar is a global investor that owns several assets diversified across four sectors: energy, infrastructure and logistics, metals and mining, and technology and retail. With multiple subsidiaries located worldwide, some of the key products of Essa are fuel, power, coalbed methane, coal mining, IT services, bulk cargo handling, and shipping. Over the years, Essar has expanded its reach with a series of acquisitions both within India and globally.