Petcoke Market Size (2023 - 2030)

The petcoke market size at the global level is estimated to be USD 36.4 billion in 2022 and is projected to reach USD 73.5 billion by 2030, registering a CAGR of 6.9% from 2022 to 2030.

The Petcoke market is also known as petroleum coke. Petcoke is the final solid material extracted from oil refining and is available in two forms. They are fuel grade and calcined grade. Various products are extracted from the stack of crude oil in addition to gasoline, jet fuels, and diesel. In addition, petcoke is used across various industries like construction, aluminum, power generation, and other metals. Petcoke is a by-product of crude oil and is looks like solid rock materials. 

Petcoke has high sulfur and also low-volatile content. It causes environmental problems during combustion. There are four different types of petcokes in the market: shot coke, honeycomb coke, needle coke, and sponge coke. For example, in 2017, 63.2 million tons of aluminum were produced globally.

MARKET DRIVERS

Factors driving the global petcoke market include the demand from the cement and power generation industry and an increase in infrastructure development. The swift extension of steel production is attributed to the developing automobile segments, railways, highway construction, and transportation segments. 

Quick Urbanization
The swift rise in urbanization leads to the growth in the population with growth in developing living standards and easy availability of upgraded facilities and infrastructure across the urban areas drive the market development. The brisk increase in urbanization spikes the elevating demand for calcined petcoke.

MARKET RESTRAINTS

However, severe environmental and health issues of petcoke hinder the market growth. Petcoke contains a high amount of sulfur content which destroys aquatic animals and terrestrial environments. Because of this, the government has imposed strict regulations to diminish petcoke use. 

Segment Analysis

Petcoke Market - By Type

• Fuel Grade
• Calcined Coke

Fuel grade type petcoke dominates the global market with the highest share. The segment finds its benefits over calcined petcoke like calorific value and low price. Fuel grade coke finds its applications in the cement and power industry. In addition, even a small amount of fuel-grade coke can also generate electricity. Using fuel-grade, electricity is generated at lower rates. 
Calcined coke finds its applications in paintings, aluminum, steel and colorings, and fertilizer industries for titanium dioxide production.

Petcoke Market - By Application:

• Aluminum& Other Metals
• Cement
• Storage
• Steel
• Power
• Others

The aluminum and other metals application segment dominated the global petcoke market during the foreseen period. The segment is expected to maintain its dominance. The segment growth attributes to increasing demand from the aluminum and steel industries. 

Petcoke Market - By Region:

• North America
• Europe
• Asia Pacific
• RoW

Asia-Pacific spearheaded the global petcoke market in 2022. The region accounts for more than 36.5% value share. The petcoke market in Asia-Pacific owes to its extensive use in 

Occurring countries like China and India, use a high percentage of petroleum coke in power plants and cement kilns. 

India utilizes a high amount of the product in the cement industry because of the swift industrialization. Cement and power fields augment the product demand over the upcoming years. 

North America is said to witness a tremendous share in 2017. Petcoke is used as a tool in the cement and energy sectors. The exports of petroleum coke in the U.S are increasing because the less cost of International petcoke costs drives the market growth in the region. 

Europe is slated to be another major importer of petcoke owing to its rising demand across Europe. The low cost concerned with producing electricity propels the market growth. The region is said to be the second-highest importer of the petcoke industry because of the growing electricity demand. 

The petcoke market in Latin America is said to have immense growth opportunities throughout the forecast period. A considerable amount of demand exists for petcoke due to the increasing population and accelerating infrastructure developments escalating the petcoke market in Latin America. 

The Middle East and African markets for petcoke are anticipated to have tremendous growth during the foretold period. Crude oil refining companies are setting up delayed coking units for producing petroleum coke domestically. 

Major vendors in the global petcoke market

Chevron Corporation, BP, Essar Oil Ltd., HPCL - Mittal Energy Limited, ExxonMobil Corporation, Indian Oil Corporation Limited, Royal Dutch Shell Plc, Reliance Industries Limited, Saudi Arabia Oil Company, Valero Energy Corporation, and Conco Philips.

COVID-19 Impact On Petcoke Market

The novel coronavirus (COVID-19) has originated in Wuhan, China, in December 2022. The virus has spread to every corner of the world impacting every business sector affecting the global economy. During the first quarter of 2022, COVID-19 has spread to all the countries adversely impacting a high number of aspects of the petcoke market like a sudden break in the production process, manufacturing, and financial activities across different business sectors. 

The manufacturing companies are working with less labor which affected the market negatively. 

Recent Happenings

• On January 29, 2022, ExxonMobil has taken a final decision to invest and started a new construction unit at Beaumont, Texas. The investment and start of the new phase surge the crude refining capacity by more than 65% or 250,000 barrels per day.