The global Petroleum Coke (Petcoke) Market is estimated to be valued at US$ 28.35 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Petroleum coke, also known as petcoke, is a final carbon-rich solid material that derives from oil refining and is becoming an economical alternative fuel for power plants. It has a higher heating value than coal and produces fewer sulfur emissions.
Petroleum coke is a by-product of the oil refining process. It is mainly used as a cost-effective fuel in electric utilities and cement kilns due to its energy content. The rising electricity demand along with enhanced focus on renewable energies has boosted the usage of petcoke in power plants.
Market key trends:
One of the key trends in the petroleum coke market is its increasing use in electricity generation. Petcoke produces lesser sulfur emissions and particulate matter as compared to coal. It also has a higher heating value, which makes it a more economical fuel for power plants. Moreover, tightening emission regulations have compelled utility companies and industrial facilities to shift from coal to petcoke to reduce air pollution. This rising demand from the electricity sector is expected to drive the petroleum coke market over the forecast period.
The global petroleum coke market is segmented on the basis of type and application. Based on type, the market is segmented into fuel grade and calcined grade. The fuel grade segment is dominating the market as fuel grade petcoke is widely used as a cost effective fuel in various industries like cement, steel, utilities etc due to its high calorific value.
The global Petroleum Coke (petcoke) Market Size is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing demand from cement and power industries.
Asia Pacific region is currently dominating the global petcoke market and is expected to witness the highest growth owing to strong presence of cement and power industries in countries like China and India.
Key players operating in the petroleum coke (Petcoke) market are BP Plc, Chevron Corporation, Essar Oil Ltd., ExxonMobil Corporation, HPCL – Mittal Energy Limited, Indian Oil Corporation Limited, Reliance Industries Limited, Royal Dutch Shell Plc, Saudi Arabian Oil Co., and Valero Energy Corporation. The market leaders are focusing on capacity expansion plans to leverage opportunities in developing countries.