Dublin, Ireland, Aug. 25, 2022 (GLOBE NEWSWIRE) -- By the end of 2032, the global petroleum coke market is predicted to reach US$ 63.10 billion in valuation. Worldwide sales of petroleum coke are expected to increase at a noteworthy CAGR of 9.6% from 2022 to 2032, as per detailed industry analysis by Fact.MR, a market research and competitive intelligence provider.
The developing steel industry, advancements in the cement and power-generating industries, rise in the supply of heavy oils, and positive government actions regarding the environment are all driving up demand for calcined coke across the world.
Calcined petroleum coke is widely utilised in the aluminium industry and the production of electrodes for use in induction furnaces and electric arcs in the metal industry. The market is expected to be driven by rising iron and steel output, especially in emerging economies of Asia Pacific and the Middle East Africa.
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Key Takeaways from Market Study
- Global petroleum coke market to reach valuation of US$ 63.10 billion by 2032.
- Market in North America projected to increase at 10.6% CAGR over forecast period.
- Currently, APAC market accounts for 29.1% share of global market.
- Demand for calcined petroleum coke expected to rise at 9.4% CAGR from 2022 to 2032.
Winning Strategy
Petroleum coke is produced in around 140 refineries across the world. ExxonMobil, Chevron, Valero, British Petroleum, Marathon Petroleum Corporation, and others are among the biggest petroleum coke producers.
To expand their global reach, prominent manufacturers are interested in forming long-term partnerships with direct end customers. According to the value chain network, efficient supply is expected to be critical, and strategic partnerships with end-use companies and distributors can help stabilise sales.
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Category-wise Analysis
“High Demand from Power & Cement Kiln Industries”
The global petroleum coke market can be divided into two categories: fuel grade coke and calcined coke (green coke). Calcined petroleum coke is a dark-coloured solid made up mostly of carbon, sulphur, metals, and nonvolatile inorganic chemicals.
According to research, the aluminium industry is a major purchaser of calcined coke. By 2032, it might account for 75% to 80% of the global demand for calcined coke. Steel, paper, paint, and chemical industries are expected to secure the remaining percentage of calcined coke demand.
In these industries, calcined coke could be used to produce titanium dioxide pigments. Calcined coke is also widely used in the fertiliser, glass, brick, and colourings industries. Because of the increasing crude oil supply around the world, the worldwide calcined petroleum coke market is rapidly expanding.
Key Segments Covered in Petroleum Coke Industry Research
- Petroleum Coke Market by Grade :
- Fuel Grade Coke
- Calcined Coke
- Petroleum Coke Market by Application :
- Calcining
- Power Plants
- Cement Kilns
- Blast Furnaces
- Petroleum Coke Market by Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global petroleum coke market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market on the basis of grade (fuel grade coke, calcined coke), application (calcining, power plants, cement kilns, blast furnaces) across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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