North America Petcoke Market Size - By Grade, By Physical form, By Application, Analysis, Share, & Growth Forecast, 2025 - 2034

North America Petcoke Market Size

The North America petcoke market was estimated at USD 8.6 billion in 2024 and is expected to reach USD 11.3 billion by 2034, growing at a CAGR of 2.8% from 2025 to 2034. The rising need to process heavy crude oil is fueling a notable increase in refinery capacity, which in turn is set to boost regional demand for petroleum coke. Petcoke has gained widespread use in industries like cement and aluminum manufacturing, thanks to its high energy content and low ash levels.
 

This increase in use is anticipated to improve market dynamics, particularly with the increase of infrastructure spending in different areas. The EPA and other governmental agencies have deemed petcoke waste as non-hazardous, which further supports its use. Further, the market is benefiting from the increase in steel production due to increased industrial and commercial activities, and petcoke’s crucial role in electrode production for the steel industry.
 

In addition, the introduction of stricter emission limits on coal supervised burning in the power and manufacturing sectors will further accelerate the use of petcoke as a cleaner fuel substitute and will aid continuing petcoke market expansion.
 

North America Petcoke Market Trends

Petcoke is a byproduct of the coking process used in refining and is generated in significant amounts by many U.S. refineries that deal with heavy crude oil. These practices are increasingly becoming common, and more and more refineries are expected to begin adopting these methods in recent years.
 

In the U.S., the increase in petcoke production is directly linked to the domestic refineries increasing the outputs of their coking units. These changes stem from the additional profit that can be obtained from lifting the supply of cheaper heavy crude oil from Canadian oil sands and other regions globally, which enhances the value.
 

The Department of Environmental Protection (EPA) has also implemented more rigid regulations for the coal industry, specifically regarding waste, water use and emissions under the Clean Air Act. These updates include substantial changes to the discharge of effluent industrial waste containing contaminants which increases the cost of coal-based electricity generation.
 

In addition, a number of new policies from EPA also deal with the management of carbon dioxide emitted by coal burning power plants which will most likely deepen the contraction of coal-based electricity generation while petcoke will be increasingly used as an alternative fuel.
 

North America Petcoke Market Analysis

• The North American market for petcoke was valued at USD 8.3 billion, USD 8.4 billion, and USD 8.6 billion in 2022, 2023, and 2024, respectively. Based on the grade the industry has been bifurcated into fuel grade and calcinated.
   
• The fuel grades segment is projected to exceed USD 6.9 billion by 2034, owing to an increasing emphasis on cleaner fuel sources. Cement manufacturers are shifting to petcoke for use in kiln burning due to its operational and economic advantages. Manufacturers opt for a mix of petcoke and coal to lower transportation expenses and also to reduce residual ash levels during production. This change in preferred fuels is expected to greatly increase the demand for petcoke in recent years.
   
• The market for calcined grade petcoke is expected to grow tremendously starting as the aluminum, steel, and chemical industries continue to depend on these sectors. Prismal calcined pet coke is well known for its high purity and low sulfur content. It serves as a vital feedstock for manufacturing anodes used in aluminum smelting and electrodes for steelmaking, making it an essential resource.
   
• The surge in industrial growth and extensive infrastructure developments across the globe continue to boost the demand for performance materials, thus positioning calcined petcoke as a major driver of innovation and technological advancement in heavy industry.
   

• Based on application, the segment is classified into power plants, cement industry, steel industry, aluminum industry and others. The cement industry application dominated market share of 25.5% in 2024 owing to the surge in infrastructure development and the expansion of construction activities have significantly contributed to the growth of the cement industry. In response to rising demand from the real estate sector, major industry players are investing heavily to scale up their production capabilities.
   
• The power plant industry is projected to reach over USD 2 billion by 2034, owing to the emerging demand for cheaper, highly efficient fuel alternatives. Due to petcoke’s greater heat value and lower cost relative to coal, many power plants are starting to use it as a replacement. The demand for petcoke in power generation is likely to increase in the next few years because of intensifying industrialization and energy requirements in developing economies.
   
• steel sector is expected to reach over USD 500 million by 2034 due to its predominant application as a carbon bearing material in blast furnaces and electric arc furnaces. Its high carbon purity along with its low cost makes petcoke a suitable material to replace conventional carbon sources for efficient steel production processes.
   
• The aluminum industry's consumption of petroleum coke is forecasted to showcase about 2% CAGR till 2034. This growth is mainly supported by the rising requirement of calcined petcoke, an important ingredient used in manufacturing anodes for aluminum smelting. Along with the expanding construction, automotive, packaging, and aerospace sectors, the global aluminum industry is poised to grow, thereby increasing the demand for high-quality, low sulfur petcoke.
   

• The U.S. petroleum coke market was valued at USD 8 billion, USD 8.2 billion, and USD 8.4 billion, respectively. The market’s expansion is propelled by petcoke’s cost effectiveness coupled with its high energy yield and its importance as a carbon constituent in blast furnaces, especially in the steel and power generation industries. Furthermore, a flurry of M&A activity in the energy markets suggests a fundamental change in strategy by petroleum and natural gas companies to consolidate and improve resource allocation productivity.
   
• In particular, the U.S. Department of Energy earmarked funding of more than USD 1.2 billion in March 2024 for four members of the Portland Cement Association (PCA) for the purpose of supporting the decarbonization of cement industry. This policy is likely to have an important impact on the consumption of petcoke, especially as it is utilized as a raw material by the cement industry.
   
• The expanding demand for fuel across Canada’s manufacturing industries is expected to increase the value of Canada’s petcoke industry to over USD 0.2 billion by 2034. This growth is expected from multiple industrial sectors, which includes manufacturing, metal, and cement industry. There is a constant supply of petcoke that is produced due to the high oil refining industry. This is further supported by the country’s infrastructure investments and the use of fuel-efficient energy technologies.
   
• For example, The Government of Canada issued a statement in February 2024 which allocated USD 50 million for the development of clean and reliable nuclear energy. The funding will enable the use of low-grade petcoke as fuel in the power plants and is consistent with the Federal Electricity Predevelopment Program’s aims. The initiative includes exploring a project capable of generating electricity for up to 4,800,000 homes and businesses in Ontario.
   

North America Petcoke Market Share

Top 5 players in the North American petroleum coke industry include ExxonMobil, Shell plc, Saudi Aramco, BP, and Chevron Corporation, among others. The industry is defined by the presence of dominant multinationals in addition to local players, which needs competition and innovation to be fostered. Enhanced competition enables efficient operations, which benefits the end users in terms of technological access and lower prices for various products and services.
 

Petroleum coke market players are changing their strategies to adapt to global demand changes, environmental policies, and shifts in the crude oil slate. The strategic focus on refining capability enhancements entails increasing the versatility of crudes processed to include more heavy sour crudes, which has the potential to increase petcoke production, though often at a higher ash level. There's also a shift towards new coking and upgrading units for improved product quality and yield.
 

North America Petcoke Market Companies

• ExxonMobil Corporation is projected to generate an excess of USD 339 billion in revenues by 2024 and remains a significant participant in the petroleum coke market. The company specializing in the aluminum industry focuses on the production of high quality calcined petcoke and is known for being a leader in the production of low sulfur petcoke. Moreover, it is known for their high quality derived from advanced refining technologies.
   
• Shell plc is a powerful force in the worldwide petcoke market owning a greater share of the market due to their fully developed network of refineries and their diversified business in energy. As a result, the company uses their infrastructure towards the production of fuel-grade petcoke, and the secondary products that come from processing heavy oil, adding value for high-demand markets such as cement, power, and metallurgy.
   
• Phillips 66 Company produces both fuel-grade and calcined-grade petcoke, supplying a range of industries including power generation, cement, and aluminum manufacturing. With a strong emphasis on operational efficiency and product quality, Phillips 66 capitalizes on advanced coking technologies to process heavy crude oils into valuable byproducts like petcoke.
   

Major industry players operating across the North America petcoke market include:

• Aminco Resources
• BP
• Chevron Corporation
• cocangraphite
• Exxon Mobil
• HF Sinclair Corporation
• Husky Energy
• Marathon Petroleum Corporation
• Oxbow Corporation
• Phillips 66 Company
• Reliance Industries
• Saudi Aramco
• Shamokin Carbons
• Shell plc
• Valero Energy Corp
   

North America Petcoke Industry News

• In April 2025, Chevron is ramping up the use of an advanced drilling method known as "triple-frac" in the Permian Basin, aiming to fracture three wells simultaneously to slash production time and costs. This action highlights the firm’s efforts to strengthen production in the country’s principal oilfield, even while beginning to scale back overall expenditure in the area. The increase of this method marks the further development of shale drilling.
   
• In December 2024, Exxon Mobil published the expansion plans for the oil and gas company until 2030. The company aims to produce 5.4 million barrels of oil equivalent with 60% of the production coming from Exxon’s upstream assets. This strategy includes getting more contracts in the Permian basin and starting two more projects in Guyana. This expansion will dramatically increase the supply of petroleum coke in fuel grade which will be utilized for different industrial processes during the forecast period.
   
• In December 2024, Chevron upgraded its Pasadena refinery in Texas, which boosted its capacity to process 125,000 barrels a day. This expansion allows the company to increase its capacity, product and feedstock flexibility by 15%. The company has plans of boosting equity crude processing from the Permian Basin, which will increase product supply to the clients situated in the Gulf Coast of the U.S., thus meeting the demand. The expansion is projected to increase the production of petroleum coke which will aid in market expansion.
   
• In February 2024, ExxonMobil's 522,500 b/d refinery in Baton Rouge, Louisiana, has started producing petroleum coke with a higher shot content following a project aimed at broadening the range of crude oils processed at the facility. The change in output quality is affecting the demand from some Chinese customers in the anode-grade coke market. This represents a change in strategy for one of the largest refineries in the country as it responds to changing crude slates but, at the same time, seems to be losing some appeal in particular forward markets.
   

This North America petcoke market research report includes in-depth coverage of the industry with estimates & forecast in terms of “MT” & “USD Million” from 2021 to 2034 for the following segments:

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Market, By Grade

• Fuel grade
• Calcined petcoke

Market, By Physical form

• Sponge coke
• Purge coke
• Shot coke
• Needle coke

Market, By Application

• Power plants
• Cement industry
• Steel industry
• Aluminum industry
• Others

The above information has been provided for the following countries:

• U.S.
• Canada