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 or pet coke, is a carbon-rich solid material derived from refining crude oil. Crude oil undergoes a coking process, wherein the high temperatures transform heavy hydrocarbons into lighter products, creating residue of solid carbon. The growing adoption of this material in producing steel, fuel, and anode is predicted to favor market growth.
Fortune Business Insights™ displays this information in a report titled, "Petroleum Coke Market Size Report, 2024-2032."
Segmentation:
Fuel-Grade Coke Gained Immense Traction Due to Increasing Rising Demand from Cement & Energy Industries
Based on type, the market is divided into fuel grade and calcined coke. The fuel-grade coke segment captured the biggest petroleum coke market share in 2022 due to the strong growth of the cement and energy industries. These sectors use petroleum coke for several applications.
High Demand in Various Industries to Increase Product Use in Aluminum Production Process
Based on application, the market is segregated into aluminum, cement, power, iron & steel, storage, and others. The aluminum segment might register the highest CAGR during the forecast timeframe as aluminum is being widely demanded by sectors such as automotive and aerospace due to its lightweight nature and high-strength properties.
With respect to region, the market covers North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report has analyzed the market in depth and given crucial information on critical areas, such as top product applications, types, and leading market players. It also offers valuable insights about the top industry developments and the latest market trends. In addition to the factors listed above, the report covers several other factors contributing to the market’s growth.
Source- https://www.fortunebusinessinsights.com/petroleum-coke-market-108984
Drivers and Restraints:
Strong Growth Observed in Steel Industry to Fuel Market Progress
Due to its superior properties, the steel sector is experiencing strong growth as this material is being extensively used in industries such as electrical & electronics, construction, aerospace, and automotive. One of steel's key characteristics is its high corrosion resistance. Pet coke is widely used in the steel industry as it can boost the carbon content of steel and enhance the quality of molten steel.
However, pet coke production has created some serious environmental concerns, which can restrain its use.
Regional Insights:
Rising Presence of Crude Oil Refining Firms Helped Asia Pacific Lead Global Market Growth
Asia Pacific held a dominant position in the global market in 2022 as the region is witnessing a notable rise in the presence of crude oil refining companies. Moreover, rapid industrialization in different countries across the region will further fuel the market’s growth.
North America may also exhibit appreciable growth due to the rising demand for electricity and growing focus on affordable energy sources.