The petroleum coke market size was valued at USD 26.50 billion in 2022 and is expected to be worth USD 27.83 billion in 2023. The market is projected to reach USD 43.21 billion by 2030, recording a CAGR of 6.5% during the forecast period.
Petroleum coke, also known as pet coke, is a solid carbon-rich material derived from oil refining. Crude oil is coked, where high temperatures convert heavy hydrocarbons into lighter products, leaving behind solid carbon residues. The use of this product is rising at a remarkable rate in the manufacturing of anode, fuel, and steel, which is expected to impact the market growth positively.
Fortune Business Insights™ displays this information in a report titled, "Petroleum Coke Market Size Report, 2024-2030."
Petroleum Coke Segmentation:
Rising Demand from Cement & Energy Sectors Boosted Use of Fuel-Grade Coke
Based on type, the market is bifurcated into fuel grade and calcined coke. The fuel grade coke segment held the largest petroleum coke market share in 2022 due to the rapid expansion of cement and energy industries, where pet coke is used for a wide range of applications.
Product Adoption to Rise in Aluminum Manufacturing Due to Its High Demand in Different Industries
Based on application, the market is segmented into aluminum, cement, power, iron & steel, storage, and others. The aluminum segment is predicted to record the fastest CAGR during the forecast period due to the growing need for aluminum in industries such as aerospace and automotive due to its high-strength properties and lightweight nature.
With respect to region, the market covers North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
LIST OF KEY COMPANIES PROFILED IN THE REPORT: