- Fuel Grade
- Calcined Coke
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.
Fastest Growing Market
The ongoing investments in oil refining and petrochemical industries are significant drivers fueling the growth of the global petroleum coke market. With the expansion of oil refineries and the establishment of new petrochemical plants, the demand for petroleum coke as a byproduct of these industries is increasing. The investments in these sectors create opportunities for increased production and supply of petroleum coke, contributing to the growth and development of the market.
Petroleum coke is primarily used as a fuel source in various industries, including power generation, cement production, and steel manufacturing. It is also used as a feedstock in the production of anodes for the aluminum industry.
The growth of the global petroleum coke market is driven by factors such as increasing demand for fuel-grade coke in energy-intensive industries, growth in the oil refining and petrochemical sectors, and the expanding cement and steel industries.
Asia Pacific, North America, and Europe are the key regions experiencing substantial growth in the global petroleum coke market. These regions have a high concentration of oil refineries and a strong industrial base.