by The global Petroleum Coke (Petcoke) Market is estimated to be valued at US$ 28.35 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Petroleum coke, also known as petcoke, is a carbonaceous solid material derived from oil refining, and is one of the major by-products of coker units in petroleum refineries. Two important varieties of petcoke are fuel grade and calcined petcoke. Fuel grade petcoke is used primarily in kilns for producing cement, lime and other products which require high-temperature heat. Calcined petcoke is the output of calcining green (raw) petroleum coke in order to remove moisture, volatile matter, and to boost the carbon content. Calcined petcoke is mostly used to make anodes for the aluminum and steel industries and is valued for its high carbon content, low ash content, and cost effectiveness.
Market key trends:
One of the key trends in the petcoke market is the increasing demand from the power and cement industries. Petcoke serves as a cost-effective alternative to coal and helps reduce the production cost of electricity and cement. With rapid industrialization and urbanization worldwide, the demand for electricity and construction materials is surging, which is positively impacting the growth of power and cement industries. This in turn is augmenting the consumption of petcoke. The petcoke market is also benefiting from the growing aluminum industry as calcined petcoke is widely used in manufacturing of carbon anodes used in aluminum smelting. Strong growth of the automotive and aerospace sectors which are the major end-users of aluminum is thereby driving the demand for calcined petcoke.
Porter’s Analysis
Threat of new entrants: Low barriers to entry prevents new players to enter the market as petcoke market is dominated by major players. Bargaining power of buyers: Buyers have moderate bargaining due to availability of substitutes like coal. Bargaining power of suppliers: Suppliers have high bargaining power due to supply constraints and fewer alternatives. Threat of new substitutes: Alternatives like coal pose moderate threat due to acceptable properties of petcoke. Competitive rivalry: Intense competition exists among existing players to gain major market share.
Key Takeaways
The global Petroleum Coke (petcoke) Market Size is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing demand from cement and power industries. Petcoke is used as cost-effective fuel in cement kilns and power plants.
Regional analysis: Asia Pacific dominates the global petcoke market and is expected to continue its dominance, growing at a CAGR of around 6%, due to large cement and power industries in China and India. China represents majority of demand in the region.
Key players: Key players operating in the petroleum coke market are BP Plc, Chevron Corporation, Essar Oil Ltd., ExxonMobil Corporation, HPCL – Mittal Energy Limited, Indian Oil Corporation Limited, Reliance Industries Limited, Royal Dutch Shell Plc, Saudi Arabian Oil Co., and Valero Energy Corporation. These major players account for majority of the market share and focus on expansion in Asia Pacific and Middle East regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
