Petroleum Coke Market Scope, Size, Share, Trends, Forecast By 2027

Posted by aartimurkute on July 25th, 2022

Lately, the petroleum coke market has gained noticeable traction all over the world due to its growing demand across the cement and power generation industry. Lower costs associated with electricity production and high calorific value of fuel grade are fuelling the demand for petroleum coke. Moreover, a small amount of petroleum coke can effectively generate a substantial amount of heat. This has surged the demand for petroleum coke at the global level. Considering these aspects, several market players are making robust investments to enhance the production capacity of crude oil. Such a business landscape is giving momentum to the petroleum coke market, creating novel opportunities for growth and expansion.

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Surge in Crude Oil Production to Create Novel Opportunities Across Global Petroleum Coke Market 

Petroleum coke is extensively used across power generation and cement industries. Notably, a consistent rise in the population across the globe has elevated the demand for electricity and well-developed infrastructure. To suffice this growing demand, several economies are rapidly expanding their cement and power generation capacities. Furthermore, various economies are actively exporting petroleum coke to other parts of the world. Market players are actively collaborating to provide local petroleum coke (petcoke) to fulfil the demand across the market. Consequently, key market entities in the petroleum coke market are prioritizing the production and improvisation of crude oil. Such positive trends are anticipated to create new growth prospects in forthcoming years. Over the forecast period, the amplified crude oil production is expected to facilitate significant market growth.

Fuel Grade Coke Offers Lucrative Business Opportunities Owing to Lower Costs and Higher Calorific Value 

Throughout the projection period, the fuel grade coke is expected to gain prominence owing to its high calorific value. High calorific value and low-cost availability have extended its usage across the cement and power generation industries, especially in emerging economies. This has propelled the demand for fuel-grade coke across the globe. On the other hand, the industry has also witnessed extensive growth in the usage of calcined coke for producing titanium dioxide. Titanium dioxide is a key component in the production of aluminium, steel, paints and colourings, and fertilizers. In the coming years, increasing demand from the aluminium and steel industries is likely to augment remarkable growth across the global petroleum coke market.

Asia Pacific Consolidates Strong Foothold in Petroleum Coke Market Amidst Robust Expansion of Cement and Power Industries 

Of late, Asia Pacific has observed sharp spikes in the demand for petroleum coke owing to the concurrent expansion of petroleum refining, cement, and power industries. Aggressive industrialisation and a steady rise in population have opened new avenues for advanced developments. The region has successfully advanced to the forefront of the petroleum coke market due to massive imports and intense infrastructure establishments. On the other hand, Europe is also expected to register paced growth owing to petroleum coke emerging as a notable alternative to natural gas and coal as a fuel.

Prominent Market Players 

Petroleum Coke Industries Company, Aminco Resources LLC, Oxbow Corporation, Renelux Cyprus Ltd., Marathon Petroleum Corporation, Graphite India Limited, Phillips 66 Company, Suncor Energy Inc., British Petroleum, and Nippon Coke & Engineering. Co., Ltd. are some of the major market players operating in the global petroleum coke market.

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