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Nearly 4 Out of 5 Petroleum Coke Sales to be Concentrated in Power & Cement Kiln Industries
Fact.MR’s recent analysis on the petroleum coke market provides a comprehensive outlook of opportunities, latest trends, challenges and growth drivers prevailing in the industry. Further, it delves deeper into the growth prospects across various market segments in terms of grade, application and end user across six regions.
NEW YORK, June 27, 2022 /PRNewswire/ — The petroleum coke market is poised to expand at a CAGR of 9.6% over the forecast period of 2022 and 2032. Increasing application of petroleum coke in energy production and construction industries is expected to propel the growth in petroleum coke market during the forecast period.
As per the report, the sales of petroleum coke are likely to reach US$ 25.27 Bn in 2022 and US$ 63.10 Bn by the end of 2032. Widespread usage of petroleum coke in several industries such as construction, transportation, and automotive is expected to create tailwinds for the market.
With rapid urbanization across the globe, infrastructural development activities has surged, especially in developed countries. This is expected to improve the growth in global petroleum coke market. As petroleum coke is a cost – efficient alternative fuel, as per Fact.MR, it is another factor bolstering the sales in the market.
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Apart from this, growing usage of fuel grade petroleum coke in power plants and cement kilns will boost the demand in the market. According to the study, fuel grade petroleum coke contributed more than 80% of global petroleum coke production. Subsequently, extensive use of graphite petroleum coke in steel and metallurgy sectors is likely to propel market growth.
Key takeaways:
- Sales of petroleum coke are expected to rise at a robust pace in India and China, accounting for 30.4% and 22.1% of the market share in 2022.
- The U.S petroleum coke market is anticipated to lead North America market, contributing over 95.3% of demand share through 2022 & beyond.
- Demand for petroleum coke are forecast to rise at a rapid CAGR of 8.5% in Asia Pacific, creating an absolute $ opportunity of US$ 7.35 Bn in 2022.
- Europe is set to account for 24.8% of the global petroleum coke market share.
- Latin America and MEA are expected to hold over 8.2% and 5.5% of the global petroleum coke market share in 2022, respectively.
Growth Drivers:
- Rising adoption of petcoke in medicinal, electrical and ceramics application is expected to fuel growth.
- Increased usage of petcoke due to its excellent ductility, lightweight and anti-corrosion properties in construction and power industries is anticipated to bolster sales over the next decade.
Restraints:
- Implementation of stringent norms to limit the usage of petcoke due to its high sulfur content might hamper the growth in the market.
- Adverse effects of petroleum coke on aquatic and terrestrial environment might limit the sales in the market.
- Volatile fuel prices of petcoke is another key factor expected to hinder the growth in the market.
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Competitive Landscape:
Key players operating in the petroleum coke market are seeking to expand their production capacity to meet demand and increase their revenue. Some of the key players are focusing on product development and mergers to strengthen their footprint in the industry.
For instance,
- In November 2021, Sanvira Carbon FZC, a prominent manufacturer of Calcinated Petroleum Coke (CPC) established an investment of around $150 Mn in the aluminum smelters in Oman. The new plant is being readied for operations in Sohar freezone.
Key Companies Profiled by Fact.MR
- BP Plc
- Chevron Corporation
- Saudi Arabian Oil Co.
- ExxonMobil Corporation
- HPCL – Mittal Energy Limited
- Indian Oil Corporation Limited
- Reliance Industries Limited
- Royal Dutch Shell Plc
- Valero Energy Corporation
- Essar Oil Ltd.
More Valuable Insights on Petroleum Coke Market
In its latest study, Fact.MR highlights crucial factors steering growth in the global petroleum coke market for the forecast period of 2022 to 2032. The study also provides key insights into drivers that are expected to create growth prospects in the petroleum coke market through detailed segmentation as follows:
By Grade:
- Fuel Grade Coke
- Calcined Coke
By Application:
- Calcining
- Power Plants
- Cement Kilns
- Blast Furnaces
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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Key Questions Covered in the Petroleum Coke Market Report
- What is the estimated revenue of the petroleum coke market during the forecast period?
- Which are the challenges faced in the petroleum coke market?
- Which region is estimated to exhibit fastest growth rate in the global petroleum coke market during 2022-2032?
- What is the projected market valuation of the petroleum coke market in 2022?
- Which are the factors driving the petroleum coke during 2022-2032?
- What is the expected growth rate of the petroleum coke market until 2032?
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