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North America Petcoke Market was valued at USD 8 billion in 2022 and is predicted to expand at over 2.7% CAGR from 2023 to 2032. The increasing need to process heavy oil, resulting in a substantial expansion of refinery capacity, is poised to boost regional demand for petroleum coke. Petcoke has found widespread use in the cement and aluminum manufacturing sectors due to its high calorific value and minimal ash content which in turn will complement the industry dynamics owing to increasing spending in improving the regional infrastructure. For instance, the government of Canada, through its Infrastructure Program, will invest around USD 33 billion to improve the country ‘s infrastructure.
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The product has received non-hazardous waste classification from several government agencies, including the EPA, leading to an increased demand. The burgeoning steel applications, driven by swift industrialization and commercialization, are set to drive the industry forward. Currently, petcoke has emerged as the favored raw material for steel manufacturers, owing to its affordability and abundant supply. It is being widely employed in electrode production within the steel industry. The enforcement of strict emission regulations pertaining to coal usage in power generation and other manufacturing facilities will further contribute to the growth of the petcoke market.
Report Attribute | Details |
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Base Year: | 2022 |
North America Petcoke Market Size in 2022: | USD 8 Billion |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 2.7% |
2032 Value Projection: | USD 10.5 Billion |
Historical Data for: | 2019 to 2022 |
No. of Pages: | 165 |
Tables, Charts & Figures: | 167 |
Segments covered: | Grade, Physical Form, & Country |
Growth Drivers: |
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Pitfalls & Challenges: |
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The U.S. Environmental Protection Agency (EPA) has introduced more stern and novel legislations for distinct aspects of coal combustion, including waste disposal, water usage, and harmful emissions under the Clean Air Act. The EPA has initiated significant amends to its regulation of emissions of conventional pollutants, consequently elevating the cost of coal-fired power production. The regulation of carbon dioxide emissions from coal-fired power plants is addressed by various recent EPA rules.
The COVID- 19 outbreak has impacted the overall petcoke market along with cement industries. The market experienced demand fluctuations during the pandemic. As various countries implemented lockdowns and travel restrictions, economic activities slowed down, leading to reduced energy consumption and industrial production. This resulted in lower demand for petcoke in certain sectors, such as cement and aluminum.
The regional growth in refining capacity is creating favorable conditions for the petcoke industry. Petroleum coke is one of the byproducts derived from the refining process and a significant portion of U.S. crude oil refineries employs a coking process to transform heavy oil into refined petroleum products, and this trend is expected to continue with more refineries adopting similar methods. In addition, petcoke production in the U.S. is experiencing substantial growth as domestic refineries continue to expand their coking capacities to take advantage of cost-effective crude oil from sources such as Canada's oil sands and other heavy oil reservoirs, thereby contributing to market expansion.
Cement, power, and steel industries stand as the primary users of petcoke, as they progressively shift away from coal in favor of more cost-effective fuels. The attractiveness of petroleum coke lies in its economical price, high heating value, and minimal ash content, making it a compelling alternative. It serves primarily as a carbon source for industrial needs and as an energy source as a result, petcoke finds extensive use as a fuel source in both electric power plants and cement kilns.
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Based on grade, the fuel grade petcoke is anticipated to grow at a CAGR of over 2.6% through 2032. The increasing focus on adopting cleaner fuels has prompted cement manufacturers to elevate their utilization of petcoke in cement production. Many cement industries opt for a blend of petcoke and coal in their kiln fuels to reduce transportation costs and lower residual ash content. The higher calorific value of petcoke ensures efficient combustion, enabling the production of superior-grade cement using the same quantity of raw materials.
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Based on application, the cement application is set to register 3.4% CAGR up to 2032. Growing infrastructure needs coupled with escalating construction practices have significantly influenced the growth of cement industries. Robust investments are being made by existing players to increase their production capacity in response to the increased demand from the real estate sector. Rapid urbanization in growing economies has increased the adoption of power generating plants.
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The U.S. petcoke market poised to witness around 2.7% CAGR through 2032. The region is closely linked to a set of driving factors that encompass economic growth, industrial advancements, environmental considerations, technological advancements, and the emergence of new applications. These applications extend to industries such as renewable energy and electric vehicles, which in turn will fuel the North America petcoke market outlook.
The industry is marked by both established global players and regional companies, where the competition is driving innovation and efficiency, benefiting customers in terms of better technology and competitive pricing across the end use segment:
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By Grade
By Physical form
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The above information has been provided for the following countries across the region.