Petroleum Coke Market by Type (Fuel Grade and Calcined Coke) and Application (Aluminum & Other Metals, Cement, Storage, Steel, Power, and Others), and Geography

Petroleum Coke Market size was valued at USD 24.8 billion in 2022 and is poised to grow at a significant CAGR of  15.7% over 2023-2029. The key driver of the global petroleum coke market is the increasing demand for energy resources, particularly in developing economies. Petroleum coke, a byproduct of petroleum refining, is used as a fuel source in various industries such as power generation, cement production, and steel manufacturing. The petroleum coke market demand is expected to grow due to it’s cost-effectiveness. Furthermore, rising demand for aluminum and steel products are expected to enhance the petroleum coke market. It is extensively used as a carbon additive in the production of aluminum and steel. The growth in the construction and automotive sectors, particularly in emerging economies, is driving the demand for these metals, thereby boosting the demand for petroleum coke. Additionally, the stringent environmental regulations on sulfur content in fuels have led to an increased preference for low-sulfur petroleum coke. This has led to the development of advanced technologies to produce low-sulfur petroleum coke, meeting environmental standards, and driving market growth. Overall, the growing energy demand, demand for aluminum and steel products, environmental regulations, and investments in oil refining and petrochemical industries are the key drivers propelling the global petroleum coke market growth.

Petroleum Coke Market Key Developments:

• In January 2023, Valero Energy Corporation announced the launch of a new petroleum coke production facility at its McKee refinery in Texas. The new facility is expected to produce 100,000 barrels per day of petroleum coke.
• In February 2023, ExxonMobil Corporation and Saudi Aramco announced a collaboration to develop a new technology for the production of petroleum coke. The new technology is expected to reduce the environmental impact of petroleum coke production.