Petroleum Coke Market Report 2026

The petroleum coke market size has grown rapidly in recent years. It will grow from $35.5 billion in 2025 to $40.38 billion in 2026 at a compound annual growth rate (CAGR) of 13.8%. The growth in the historic period can be attributed to growth in aluminium production, expansion of steel manufacturing, availability of refinery by-products, demand for cost-effective fuel sources, industrial energy consumption.

The petroleum coke market size is expected to see rapid growth in the next few years. It will grow to $68.82 billion in 2030 at a compound annual growth rate (CAGR) of 14.3%. The growth in the forecast period can be attributed to increasing aluminium smelting capacity, demand for needle coke in electrodes, growth of cement industry, focus on high purity coke, industrial infrastructure expansion. Major trends in the forecast period include rising demand for calcined petroleum coke, growing use in aluminium and steel industries, shift toward low sulfur pet coke, increasing utilization in cement kilns, focus on energy cost optimization.

The increasing production of steel is expected to drive growth in the petroleum coke market in the coming years. Global steel output has risen due to growing demand from railways, highway construction, automobiles, and other transportation sectors. Petroleum coke is used as a feedstock in the iron and steel industry, blended with coking coal during the coke-making process, reducing coking coal use by around 16% and lowering energy intensity by just over 1%. For example, in February 2025, Census.gov, a U.S.-based government organization, reported that year-to-date steel imports through December 2024 totaled 26.2 million metric tons, up from 25.6 million metric tons through December 2023. Therefore, the rising steel production driven by infrastructure and transportation development is fueling growth in the petroleum coke market.

The rising demand for energy is expected to drive growth in the petroleum coke market in the coming years. Energy is the capacity to do work or cause change, and its increasing demand is fueled by industrialization, as expanding industries require more power to operate machinery and sustain production. Petroleum coke helps meet this demand by serving as a high-calorific fuel, providing a cost-effective and reliable power source for energy-intensive industries. For example, in December 2025, the Department for Energy Security and Net Zero, a U.S.-based government organization, reported that domestic energy consumption in 2024 rose 3.8% to 34 Mtoe compared with the record low in 2023. Therefore, growing energy demand is supporting the expansion 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.

Major companies operating in the petroleum coke market are BP PLC, Saudi Arabian Oil Co., Phillips 66 Company, Reliance Industries Limited, Valero Energy Corporation, Indian Oil Corporation Ltd., Chevron Corporation, Marathon Petroleum Corporation, HPCL - Mittal Energy Limited, Bharat Petroleum Corporation Ltd., Hindustan Petroleum Corporation Ltd., China National Petroleum Corporation, Sinopec, ExxonMobil, Lukoil-Zapadnaya Sibir, ConocoPhillips, Oxbow Brasil Energia Industries, Petrocoque: Indústria Petroquímica, Rain Carbon Inc., Rain CII Carbon, LA Ash Inc., Carbograf, Asbury Carbons, Carbon Graphite Materials Inc., Anker Industries, River Materials Inc., World Metal Alloys Fzc, Unimetal Industria Comercio E Empreendimentos Ltda, PBF Energy, WD Energy Group, Gazprom Pererabotka.

Asia-Pacific was the largest region in the petroleum coke market in 2025. The regions covered in the petroleum coke market report are Asia-Pacific, South East Asia, 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, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

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.

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