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 (petcoke) is a carbonaceous solid material obtained from oil refining and tar sand extraction process. It is used as a cost effective fuel and reducing agent in various industries such as cement, steel, and utility boiler. Petcoke provides higher calorific value than coal and therefore helps industries to reduces fuel cost.
Market key trends:
One of the key trends in the petroleum coke market is shift towards high quality fuel grades. Traditionally petcoke was mainly used in cement kilns. However, in recent years distillate fuel oil production has increased global petcoke output. This has led to availability of improved petcoke grades with low sulfur and metals content suitable for utilities and other applications. Higher specifications grades allow petcoke to replace more expensive coal in industrial boilers and also enable its co-firing with coal. This trend is expected to drive the demand for petcoke in coming years.
Market key trends:
Petroleum coke also known as petcoke is a carbonaceous solid material derived from oil refinery coker units or other cracking processes. One of the key trends in the petroleum coke market is the increasing demand for petcoke as a cost-effective alternative to coal. Petcoke provides power generators and cement manufacturers a cheaper fuel source compared to coal. This trend is expected to drive petcoke consumption over the forecast period.
SWOT Analysis
Strengths: High calorific value and cost effectiveness compared to coal. Abundant availability due to large oil refineries.
Weaknesses: Release of harmful emissions including sulfur dioxide. Strict environmental regulations in some regions.
Opportunities: Increasing demand from the cement and power industries in developing countries. Usage in construction applications due to stable pricings.
Threats: Volatility in crude oil prices impacting production. Substitution threat from renewable energy and natural gas.
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. The market size for 2023 is estimated to be US$ 28.35 Mn.
Regional analysis: Asia Pacific dominates the global petroleum coke market owing to strong growth of cement and power industries in countries such as India and China. India accounts for over 25% of global petcoke consumption.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it