The global petroleum coke market reached a value of US$ 21.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 34.2 Billion by 2027, exhibiting at a CAGR of 7.6% during 2022-2027.
Petroleum coke refers to a refining by-product that is obtained during crude oil refining and other cracking processes. Numerous grades of petroleum coke can be derived that vary depending upon the quality of the raw material as well as the coking time length and operation temperature. It is a carbon-rich material that is extensively utilized as a fuel with low ash content, high calorific value and high-power output value. It offers exceptional chemical stability and is cost-efficient in nature. As a result, it is widely employed for a vast array of application segments, including the production of metals, cement, anodes, paints, electrodes, fertilizers and bricks, across multiple industry verticals.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Global Petroleum Coke Market Trends:
The market is primarily driven by the increasing energy demand from across the globe, especially from emerging economies. The continual depletion of conventional energy sources and the rising demand for alternate fuels with high energy output are creating a positive outlook for the market. Since petroleum coke also possesses high fuel stability and lesser risks of combustion during transportation at affordable rates, it is gaining widespread prominence as a key substitute for coal across diverse industries. Supported by rapid industrialization, this is providing a significant thrust to the market growth. The market is further driven by the increasing applications of the material across the construction sector, facilitated by continual infrastructural developments on the global level. Furthermore, the growing adoption of green fuel-grade petroleum coke that is manufactured by processing liquid fractions in delayed coking units (UCR) is acting as a major growth-inducing factor. These product variants contain lower sulfur content while offering higher ductility and resistance to corrosion. Some of the other factors contributing to the market growth include the increasing investments to expand refining capacities and the implementation of numerous stringent regulations to minimize carbon footprint.
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Global Petroleum Coke Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
BP Plc, Chevron Corporation, ConocoPhillips, Exxon Mobil Corporation, HPCL – Mittal Energy Limited, Indian Oil Corporation Ltd., Marathon Petroleum Corporation, Royal Dutch Shell Plc, Saudi Arabian Oil Co., Trammo Inc. and Valero Energy Corporation.
The report has segmented the market on the basis on region, type and application.
Breakup by Type:
- Fuel Grade Coke
- Calcined Coke
Breakup by Application:
- Power Plants
- Cement Kilns
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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