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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Petroleum Coke Market Size
The global petroleum coke market size reached a value of around USD 25.00 billion in 2023. The market is assessed to grow at a CAGR of 7.0% in the forecast period of 2024-2032 to reach a value of nearly USD 45.92 billion by 2032.
Key Takeaways
- The United States' net production of petroleum coke in December 2023 reached a total of 25,443 barrels.
- In 2022, the leading importers of calcined petroleum coke were India, Australia, and the United Arab Emirates.
- Among various countries, the United States and China stand as the leading producers of pet coke on a global scale.
Petroleum coke, also known as pet coke, is a solid rock material and a byproduct of crude oil refining and other cracking processes. It can be produced in different grades by varying the coking temperature, coking time, and the quality of the raw material used. Petroleum coke has various industrial applications due to its ability to provide a concentrated source of energy. However, its use as a fuel in power generation and other industries can raise environmental concerns, as it tends to emit a higher amount of carbon dioxide and sulphur compounds compared to other fossil fuels.
The growing global energy demand is driving the petroleum coke market growth. Petroleum coke is widely used as an energy source in power plants and various industries like cement, steel, and others due to its high calorific value. The rising construction activities and growing urbanisation trends are expected to enhance the demand for steel and cement, further contributing to the market growth. The rapid technological advancements and the growth in oil production capacity are also driving the market growth globally. However, fluctuations in fuel prices are a major challenge, which may restrain the market in the forecast period.
Petroleum Coke Market Report Snapshots
Petroleum Coke Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market size attained a value of approximately USD 25.00 billion.
The market is projected to grow at a CAGR of 7.% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach about USD 45.92 billion by 2032.
The major drivers of the market include the growing requirement for energy, rapid industrialisation and urbanisation, and growing construction activities.
The key trends guiding the growth of the market include the growing technological advancements and increasing E&P activities in the oil sector.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The leading various of petroleum coke in the market are fuel grade and calcined coke.
The major physical forms of petroleum coke in the market are needle coke, sponge coke, catalyst coke, shot coke, and purge coke.
The significant end uses of petroleum coke are power plants, cement industry, steel industry, and aluminium industry, among others.
The key players in the market are BP Plc, Phillips 66 Company, PJSC Lukoil, Royal Dutch Shell Plc, Indian Oil Corporation Ltd., Valero Marketing and Supply Company, and Essar, among others.
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