According to TechSci Research report, “Petroleum Coke Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Petroleum Coke Market (Pet Coke) stood at USD 26.54 billion in 2022 and is anticipated to grow with a CAGR of 5.26% in the forecast period, 2023-2028. The initiatives taken by the government based on petroleum coke have led to favorable market conditions for the Global Petroleum Coke Market (Pet Coke). Several factors contribute to the growth of various petroleum coke market products.
The Indian government has implemented various initiatives and policies concerning pet coke over the years. In October 2018, the government granted permission for the import of specific quantities of pet coke, specifically for anode production in the aluminum industry. However, in May 2021, India’s Ministry of Environment, Forest, and Climate Change proposed a comprehensive nationwide ban on the import of pet coke as fuel, due to its detrimental impact on air quality and the environment. This proposed ban aims to address the concerns associated with the use of pet coke and promote cleaner alternatives.
Furthermore, in March 2019, a bill was introduced in the US Congress, highlighting the need for the federal government to assess potential health risks arising from exposure to petroleum coke. This bill emphasizes the importance of understanding the potential implications and ensuring the well-being of individuals who may come into contact with petroleum coke. These measures indicate a growing recognition of the environmental and health concerns surrounding pet coke and a commitment to addressing them at both national and international levels.
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The increasing need for energy to perform various tasks among the masses across the globe is driving the growth of the market. As the demand for energy continues to rise, petroleum coke has emerged as a crucial player in meeting this demand, particularly in power generation and heavy industries. With its ability to provide a stable and abundant energy source, petroleum coke has become an essential component, especially in regions with limited access to alternative fuels.
Additionally, as renewable energy sources like wind and solar power continue to evolve, petroleum coke serves as a complementary energy source during times of intermittent renewable energy supply. This ensures a consistent power supply, thus offering a positive market outlook. The versatility and reliability of petroleum coke make it a valuable asset in the global energy landscape.
The Global Petroleum Coke Market (Pet Coke) is segmented into type, application, regional distribution, and company.
Based on its type, the fuel grade segment held the largest share of the market. Fuel-grade coke, known for its low product costs and high calorific value, finds extensive application in the cement and power industry. As the demand for cement and power continues to grow in emerging economies like India, China, and Japan, the petroleum coke market is poised to experience significant growth in the near future. This growth can be attributed to the increasing infrastructure projects, urbanization, and industrialization in these regions, which further fuel the demand for fuel-grade coke. With its favorable characteristics and versatile applications, fuel-grade coke is expected to play a crucial role in meeting energy needs and driving the progress of these industries.
Based on region, the Asia Pacific segment is expected to grow during the forecast period. Petroleum coke, a carbon-rich solid material, finds extensive usage in power plants and cement kilns, particularly in emerging economies like India and China. In China, a significant portion of petroleum coke is utilized for electricity generation in power plants, contributing to the nation’s energy production and infrastructure development. This versatile fuel source plays a crucial role in meeting the growing energy demands and supporting the industrial growth of these countries.
Major companies operating in the Global Petroleum Coke Market (Pet Coke) are:
- Aminco Resources LLC
- BP PLC
- GRAPHITE INDIA LIMITED
- Marathon Petroleum Corporation
- Nippon Coke and Engineering Co., Ltd
- Oxbow Corporation
- PETROLEUM COKE INDUSTRIES COMPANY
- Phillips 66 Company
- Renelux Cyprus Ltd
- Suncor Energy Inc
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“Growing application of petroleum coke in various end-user industries are key drivers of the petroleum coke market. Growth in the competitive landscape and the presence of well-established companies in the market who are dedicated to enhancing their productivity of petroleum coke with every passing year are anticipated to register impressive growth in the Global Petroleum Coke Market (Pet Coke) in the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Petroleum Coke Market By Type (Fuel Grade, Calcined Coke), By Application (Aluminum & Other Metals, Cement, Storage, Steel, Power, and Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Petroleum Coke Market (Pet Coke) and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Petroleum Coke Market (Pet Coke).
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Table of Content-Petroleum Coke Market
- Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.2.1. Markets Covered
1.2.2. Years Considered for Study
1.2.3. Key Market Segmentations
- Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, Trends
- Global Petroleum Coke Market (Pet Coke) Outlook
4.1. Market Size & Forecast
4.1.1. By Value
4.2. Market Share & Forecast
4.2.1. By Type (Fuel Grade, Calcined Coke)
4.2.2. By Application (Aluminum & Other Metals, Cement, Storage, Steel, Power, and Others)
4.2.3. By Region
4.2.4. By Company (2022)
4.3. Market Map
4.3.1. By Type
4.3.2. By Application
4.3.3. By Region
- Asia Pacific Petroleum Coke Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Type
5.2.2. By Application
5.2.3. By Country
5.3. Asia Pacific: Country Analysis
5.3.1. China Petroleum Coke Market Outlook
5.3.1.1. Market Size & Forecast
5.3.1.1.1. By Value
5.3.1.2. Market Share & Forecast
5.3.1.2.1. By Type
5.3.1.2.2. By Application
5.3.2. India Petroleum Coke Market Outlook
5.3.2.1. Market Size & Forecast
5.3.2.1.1. By Value
5.3.2.2. Market Share & Forecast
5.3.2.2.1. By Type
5.3.2.2.2. By Application
5.3.3. Australia Petroleum Coke Market Outlook
5.3.3.1. Market Size & Forecast
5.3.3.1.1. By Value
5.3.3.2. Market Share & Forecast
5.3.3.2.1. By Type
5.3.3.2.2. By Application
5.3.4. Japan Petroleum Coke Market Outlook
5.3.4.1. Market Size & Forecast
5.3.4.1.1. By Value
5.3.4.2. Market Share & Forecast
5.3.4.2.1. By Type
5.3.4.2.2. By Application
5.3.5. South Korea Petroleum Coke Market Outlook
5.3.5.1. Market Size & Forecast
5.3.5.1.1. By Value
5.3.5.2. Market Share & Forecast
5.3.5.2.1. By Type
5.3.5.2.2. By Application
- Europe Petroleum Coke Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Type
6.2.2. By Application
6.2.3. By Country
6.3. Europe: Country Analysis
6.3.1. France Petroleum Coke Market Outlook
6.3.1.1. Market Size & Forecast
6.3.1.1.1. By Value
6.3.1.2. Market Share & Forecast
6.3.1.2.1. By Type
6.3.1.2.2. By Application
6.3.2. Germany Petroleum Coke Market Outlook
6.3.2.1. Market Size & Forecast
6.3.2.1.1. By Value
6.3.2.2. Market Share & Forecast
6.3.2.2.1. By Type
6.3.2.2.2. By Application
6.3.3. Spain Petroleum Coke Market Outlook
6.3.3.1. Market Size & Forecast
6.3.3.1.1. By Value
6.3.3.2. Market Share & Forecast
6.3.3.2.1. By Type
6.3.3.2.2. By Application