Global Petroleum Coke Market Set For Rapid Growth, To Reach Value Around USD 33.31 Billion By 2032

Zion Market Research has published a new report titled “Petroleum Coke Market by Product (Calcined Coke and Fuel Grade Coke), and by End-User (Calcining, Power Plants, Cement Kilns, and Blast Furnace): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024 - 2032”. According to the report, the global petroleum coke market was valued at approximately USD 22.78 billion in 2023 and is expected to generate revenue of around USD 33.31 billion by 2032, growing at a CAGR of around 4.31% between 2024 and 2032. 

  
The rapid industrialization and urbanization are expected to boost the global petroleum coke market. This development is mainly happening in developing countries across the globe. Countries like India and China are experiencing an upsurge down the line. In addition, the rapid industrialization has increased the demand for energy consumption. In China, more than 50% of petroleum coke is utilized for electricity generation in power plants. This is because; an extensive amount of electricity can be produced by utilizing petroleum coke as it is cost-effective and economical in terms of operating and shipment costs. Also, it has a high calorific value as compared to traditional fuels such as coal. In India, a large amount of petroleum coke is used in cement plants and manufacturing factories. Rapid growth in population can be considered as a factor that results in urbanization. Such factors are expected to drive the petroleum coke market growth over the forecast period.  

Browse the full "Petroleum Coke Market by Product (Calcined Coke and Fuel Grade Coke) and by End-User (Calcining, Power Plants, Cement Kilns, and Blast Furnace): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024 - 2032" report at https://www.zionmarketresearch.com/report/petroleum-coke-market

The government initiatives regarding a greener and more sustainable environment are another factor that is fueling the market growth. According to the Environmental Protection Agency, petroleum coke is hazardous in nature. So, the governments of many developing countries are planning to provide eco-friendly fuel that has a low carbon content in order to reduce air pollution. The shipment charges of the petroleum coke coupled with the reduced carbon emissions can be considered as an imperative feature that will cultivate the petroleum coke market growth. Moreover, the usage of eco-friendly fuel will enhance the tank and engine efficiency of any vehicle which will have a positive impact on the growth of the market. Thus, government norms to reduce air pollutants such as nitrogen dioxide, carbon dioxide, and sulfur dioxide will further set off the industry growth. In 2023, the European Union formulated a regulation named 2016/2284 with the aim to reduce air pollutants in the atmosphere including sulfur dioxides, VOC, ammonia, and fine particulate matter by 2032.

The petroleum coke market is categorized on the basis of products into fuel grade coke and calcined coke. The calcined coke segment held a major revenue share in 2023. The growth is attributed to the assembling and production of graphite cathodes and anodes from the steel and aluminum industries. Low sulfur content and unparalleled fuel properties are a few properties that will enhance the dominance of the product in the market.  

Based on end-users, the petroleum coke market has been segmented as calcining, power plants, cement kilns, and blast furnaces. Cement kilns contributed a significant revenue share in 2023. The increasing infrastructure development because of the rising population is the major driving factor that will boost the growth of the market. 

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa are regional segments of the global petroleum coke market. The Asia Pacific held a substantial revenue share of the global petroleum coke market in 2023 and the region is anticipated to continue with its regional supremacy over the forecast period. The growth of this regional market is attributed to the growing population and rapid industrialization in developing countries. Moreover, the increasing number of government initiatives for a clean, green, and sustainable environment will drive market growth. Europe is the second largest contributor to the petroleum coke market. This is due to the growing and increasing demand for electricity in the region.

Some of the industry players operating in the petroleum coke market include ExxonMobil, Reliance, Royal Dutch Shell, Chevron, Husky Energy, Atha Group, Carbograf, Oxbow Corporation, Aminco Resources, Saudi Aramco, Essar Oil, Bharat Petroleum, Indian Oil, Valero Energy, HPCL-Mittal Energy (HMEL), Rain CII, Cocan Graphite Trammo, Marathon Petroleum, Shamokin Carbons, and others.

This report segments the global petroleum coke market as follows:

Global Petroleum Coke Market: Product Segment Analysis

• Fuel Grade Coke
• Calcined Coke

Global Petroleum Coke Market: End-user Segment Analysis

• Calcining
• Power Plants
• Cement Kilns
• Blast Furnace

Global Petroleum Coke Market: Regional Segment Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

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