Petroleum Coke Global Market Report 2024

The petroleum coke market size has grown rapidly in recent years. It will grow from $27.64 billion in 2023 to $31.53 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. The expansion observed in the historical period can be ascribed to robust economic growth in emerging markets, the flourishing cement production industries, and the rapid expansion of steel production. Factors that posed challenges to growth in the historic period included the impact of the COVID-19 pandemic, stringent environmental regulations, and the volatility in crude oil prices.

The petroleum coke market size is expected to see rapid growth in the next few years. It will grow to $53.8 billion in 2028 at a compound annual growth rate (CAGR) of 14.3%. The anticipated growth in the forecast period can be attributed to the increasing demand for energy, a rising need for aluminum, and the upsurge in infrastructure development. Key trends expected in the forecast period involve the promotion of environmentally friendly coke production, growing investments, research and development activities, as well as strategic partnerships and collaborations.

The anticipated increase in steel production is set to drive the growth of the petroleum coke market in the future. Global steel output has witnessed a rise, fueled by growing demands in sectors such as railways, highway construction, and automobiles. Petcoke plays a vital role in the iron and steel industry, where it is blended with coking coal during the coke-making process. The utilization of pet coke leads to a 16% reduction in coking coal usage and a net decrease in energy intensity by just over 1%. For example, as per the Indian Government's export promotion agency IBEF, in December 2021, finished steel production and crude steel production reached 94.66 million tonnes (MT) and 102.49 million tonnes (MT) respectively. Furthermore, the financial year 2022 is expected to see an 8-9% year-on-year increase in crude steel production, reaching 112-114 million tons. Thus, the surge in steel production driven by developments in railways, highway construction, automobiles, and transportation is fueling the growth of the petroleum coke market.

The petroleum coke market is also expected to be propelled by the escalating infrastructure development. As countries focus on modernizing infrastructure, expanding transportation networks, and developing urban areas, there is a significant increase in the demand for construction materials such as steel and cement. Petroleum coke, serving as a crucial fuel and carbon additive in steel and cement production, becomes an indispensable component in infrastructure development. For instance, in 2022, a White House report on the progress of the Bipartisan Infrastructure Law highlighted the initiation of 2,800 bridge repair and replacement projects across America. Additionally, in March 2022, the South African government, under the Department of Public Works and Infrastructure, announced the National Infrastructure Plan 2050 (Nip 2050) Phase I, aimed at enhancing critical infrastructure in the country. Such advancements in infrastructure development are poised to drive the growth of the petroleum coke market.

Companies within the petroleum coke market are actively engaging in strategic partnerships and collaborations to expand their offerings and leverage resources for diversification into new markets. In May 2023, Emirates Global Aluminum (EGA), a UAE-based aluminum producer, signed a memorandum of understanding with BP to explore initiatives that could reduce the carbon content of EGA's calcined petroleum coke supply. The collaboration may lead to the establishment of a calcined petroleum coke mixing facility in the UAE. BP, an oil and gas company based in England, is part of this strategic collaboration.

An emerging trend in the petroleum coke market is the increasing investments by key manufacturers. Major companies in the sector are directing their investments towards expanding petroleum coke production capacity to meet the growing demand from end-use industries. For instance, in November 2021, Oman, the world's largest crude exporter outside of OPEC, announced the completion of Sanvira Carbon FZC, the country's first petroleum coke calcining (CPC) project at the Sohar Freezone. Sanvira Carbon FZC, established with a $150 million investment, is expected to assist Omani refineries by adding value to the significant amounts of petroleum coke produced as a by-product of the refining process. The full capacity of Sanvira Carbon is projected to be around 600,000 tons of calcined pet coke per year.

In September 2022, Maroil Trading, a South American corporation specializing in physical energy products and dry bulk commodities, acquired PDVSA for an undisclosed amount. This acquisition enables Maroil Trading to expand its client base and exports in Venezuela's oil industry. The strategic relationship between Maroil and PDVSA is expected to be enhanced, particularly in sustaining pet coke shipments, a byproduct of crude upgrading and refining commonly used by cement producers to fuel kilns. PDVSA is an oil and natural gas company engaged in petroleum coke production.

Major companies operating in the petroleum coke market report are BP PLC, Saudi Arabian Oil Co., Phillips 66 Company, Reliance Industries Limited, Valero Energy Corporation, Indian Oil Corporation Ltd., PJSC Luke Oil, Chevron Corporation, Marathon Petroleum Corporation, HPCL - Mittal Energy Limited, Bharat Petroleum Corporation Ltd (BPCL), GAIL India Ltd., Hindustan Petroleum Corporation Ltd (HPCL), Indian Oil Corporation Ltd., Linde India Ltd., Oil and Natural Gas Corporation Ltd (ONGC), Reliance Industries Ltd., China National Petroleum Corporation, China National Offshore Oil Corporation, Vasundhra Enterprises, Psk Kirzinskii, Monolit, Esproenko LLC, Servistransneftegaz, M/S Ram Janam Singh & Company, Amw Trade, Keshav Traders, S V Ispat Private Limited, Haibo Lupu Business Consulting Co Ltd., Sinopec, BPA British Pipelines Agency, CLH Compañía Logística de Hidrocarburos, GPSS Government Pipelines and Storage System, LCC Lissan Coal Company, OPA Oil and Pipelines Agency, ExxonMobil, Valero, Chevron, British Petroleum, PBF Energy, Phillips 66, Lukoil-Zapadnaya Sibir, Novatek-Yurkharovneftegaz, Oil Tekhnolodzhis, Gazprom Pererabotka, SAE Manufacturing Specialties Corp, WD Energy Group, Atmos Technologies, Carbon Graphite Materials Inc., ReGo Trading Inc., Anker Industries, River Materials Inc., Rain Carbon Inc., Saint Jean Carbon, Shamokin Filler Co Inc., Rain CII Carbon, LA Ash Inc., Carbograf, Asbury Carbons, ConocoPhillips, Unimetal Industria Comercio E Empreendimentos Ltda, Oxbow Brasil Energia Industries, Petrocoque: Indústria Petroquímica, Green Light Agenciamentos De, Shurooq Al Shams International Fzco, World Metal Alloys Fzc, Petroleum Coke, Rawa Chemicals, Fahad International Trade Company, Tajanos Group, Production Plus Co, Durrans RMS, MOL Group.

Asia-Pacific was the largest region in the petroleum coke market in 2023. The regions covered in the petroleum coke market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the petroleum coke market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary categories of petroleum coke are fuel grade and calcined coke. The production of calcined coke involves subjecting high-quality raw green petroleum coke to rotary kilns, where it is heated to temperatures ranging from 1200 to 1350 degrees Celsius (2192 to 2460 degrees Fahrenheit). Calcined petroleum coke holds significance in the aluminum manufacturing process. Various physical forms of petroleum coke include needle coke, sponge coke, catalyst coke, shot coke, and purge coke, all of which find applications in power plants, cement kilns, steel and aluminum production, fertilizer manufacturing, and other industrial processes.

The petroleum coke market research report is one of a series of new reports that provides petroleum coke market statistics, including petroleum coke industry global market size, regional shares, competitors with a petroleum coke market share, detailed petroleum coke market segments, market trends and opportunities, and any further data you may need to thrive in the petroleum coke industry. This petroleum coke market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The petroleum coke market consists of sales of needle coke, honeycomb coke, sponge coke, and shot coke. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.