A recent report published by Infinium Global Research on the petroleum coke market provides an in-depth analysis of segments and sub-segments in the global as well as regional petroleum coke market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional petroleum coke market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global petroleum coke market. According to the report, the global petroleum coke market is projected to grow at a CAGR of nearly 7% over the forecast period of 2022-2028.
The Global petroleum coke market was valued at over USD 27 Billion in 2022 and is expected to reach about USD 41 Billion in 2028, with a CAGR of nearly 7% during the forecast period. Petroleum Coke also called “petcoke” is a solid, carbon material made by the oil refining process. Petroleum Coke is basically utilized as a source of fuel in power plants. Petroleum Coke is also made while the production of synthetic crude oil from bitumen extracted from Venezuela's Orinoco oil sands and from Canada’s oil sands. When Petcoke is burned emits 5% to 10% more carbon dioxide (CO2) containing over 80% more carbon than coal on a per-unit-of-energy basis. Advantages such as low transportation cost because of higher density compared to other fuels will drive the market growth.
Increasing demand from the power generation and the cement sector is enhancing the growth of the petroleum coke market. Fuel-grade petroleum coke is extensively utilized in the power generation and cement industry. The rapidly developing power generation and cement manufacturing industry among developing countries like India and China is also majorly contributing to the growth of the petroleum coke market. Furthermore, the rising export of petroleum coke is again augmenting the market growth. The fluctuating trend of utilizing petroleum coke in electrical components, ceramics, and medical applications because of its several advantages is anticipated to propel the market growth. Petroleum coke has excellent electrical & thermal conductivity, is highly ductile, lightweight, and also has anti-corrosion properties. Furthermore, the huge growth of electronic industries is also anticipated to boost the market growth. However, petroleum coke's adverse health and environmental effects are expected to impede market growth. Owing to the high sulfur content which has negative effects on the terrestrial as well as aquatic environments owing to this harmful effect the government has forced several strict regulations to decrease the usage of petroleum coke.
Geographically, the petroleum coke market in the Asia Pacific is growing at a faster rate in the region due to the increasing demand for electricity in developing countries. Furthermore, increasing demand from the cement and energy industry from emerging countries such as India and China will majorly drive the growth of the region. According to a study by the International Energy Agency, the electricity consumption of APAC will increase by 3% in 2022. Moreover, the rapid development of steel production because of the development of highway, construction, railway, transportation, and automobile industries is increasing the demand in the region. The North American region is expected to hold a significant share of the market owing to the increasing urbanization and automation in the region. Investment of major market players in the country will drive the growth of the market in the region.
The report on the global petroleum coke market covers segments such as product, and end-use. On the basis of product, the sub-markets include calcined coke, and fuel grade coke. On the basis of end-use, the sub-markets include power plants, cement industry, blast furnace, and others.
The report provides profiles of the companies in the market such as BP Plc, Phillips 66 Company, PJSC Lukoil, Indian Oil Corporation Ltd., Valero Energy Corporation, Oxbow Corporation, Suncor Energy Inc., AMINCO RESOURCES LLC, Renelux Group, and HPCL Mittal Energy Limited (HMEL).
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the petroleum coke market. Moreover, the study highlights current market trends and provides forecasts from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players.
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