The latest research study “Petroleum Coke Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” Offers a comprehensive analysis of the industry, which comprises insights on global petroleum coke market report.
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 a CAGR of 7.6% during 2022-2027. Petroleum coke is a carbon-rich product obtained from the oil refining process. It is a cost-effective and stable fuel that does not contaminate materials while heating. It is used to generate electricity and mechanical power in various industries while reducing the risk of combustion during transportation. It helps in the manufacturing of aluminum anodes, synthetic graphite, silicon carbide, and electrodes for electrometallurgical industries. It also assists in operating coke ovens to produce industrial coke and foundries for preparing metal castings.
Besides this, petroleum coke aids in manufacturing steel in the iron and steel industry by converting iron ore to iron and generating heat to melt the ore. It facilitates the brick and glass manufacturing process with minimum ash content while producing ammonia, urea ammonium nitrate, and minerals. Furthermore, as it produces titanium dioxide (TiO2) minerals utilized as a pigment in paints, food colorings, plastic, and sunscreen, the demand for petroleum coke is rising across the globe.
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Global Petroleum Coke Market Industry Trends and Drivers:
At present, the escalating demand for petroleum coke in various industry verticals to generate power around the world represents one of the key factors driving the market. Apart from this, there is a considerable rise in the utilization of aluminum in the packaging industry due to its high durability and sustainability. This, coupled with the growing demand for aluminum in the automobile industry, is currently positively influencing the market. In addition, there is a significant increase in the consumption of energy on account of rapid urbanization and increasing technological advancements across the globe. This, combined with the increasing power industry, is bolstering market expansion. Besides this, various benefits offered by petroleum coke, such as lightweight, durability, and anti-corrosion properties, are propelling the growth of the market. They are also focusing on various techniques to optimize the performance of the product, which is expected to bolster the growth of the market in the coming years.
Moreover, the growing adoption of advanced ceramics to manufacture tools in the automotive, healthcare, energy, and defense industries is offering a favorable market outlook. Furthermore, key market players operating in the industry are extensively investing in research and development (R&D) activities to introduce an environment-friendly manufacturing process for petroleum coke. Additionally, the increasing production of steel for highways and railways constructions, along with the rising demand for energy in the cement industry around the world, is contributing to the growth of the market.
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Global Petroleum Coke Market 2022-2027 Competitive Analysis and Segmentation:
The report has been segmented the market into following categories:
Breakup by Type:
Fuel Grade Coke
Breakup by Application:
Middle East and Africa
List of Major Key Players:
BP p.l.c (LON: BP)
Chevron Corporation (NYSE: CVX)
ConocoPhillips Company (NYSE: COP)
Exxon Mobil Corporation (NYSE: XOM)
HPCL-Mittal Energy Limited
Indian Oil Corporation Ltd (NSE: IOC)
Marathon Petroleum Corporation (NYSE: MPC)
Shell plc, Saudi Aramco Group
Valero Energy Corporation (VLO) (NYSE: VLO)
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