North America Petcoke Market Size

North America Petcoke Market Size

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

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.