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Petcoke Market Size

Report ID: GMI1186
Published Date: May 2023
Report Format: PDF

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Petroleum Coke Market Size

Petcoke Market size was valued at USD 21.4 billion in 2023 and is set to grow at 5.7% CAGR from 2024 to 2032. Rising demand to process heavy oil which leads to significant refinery capacity will augment the petroleum coke demand across the globe. Over the past decade petcoke has witnessed extensive application in cement and aluminum manufacturing industries due to its high calorific value and low ash content.

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The product has also been qualified as a non-hazardous waste by various government agencies including EPA which in turn is further raising its demand. Growing steel applications due to rapid industrialization and commercialization will also propel in the business landscape. At present petcoke has become the preferred raw material for steel manufactures due to its low price and abundant availability. It is extensively being used for electrode production in steel industries. Imposition of stringent emission norms pertaining to usage of coal in various power generating other manufacturing stations will further pave way for the petcoke market growth.

Petcoke Market Report Attributes
Report Attribute	Details
Base Year:	2023
Petcoke Market Size in 2023:	USD 21.4 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	4.1%
2032 Value Projection:	USD 35.2 Billion
Historical Data for:	2019 to 2023
No. of Pages:	500
Tables, Charts & Figures:	698
Segments covered:	Grade, Physical Form, Application, & Region
Growth Drivers:	Stringent regulations toward coal Expansion of refinery capacity Growing demand for low emission fuel
Pitfalls & Challenges:	Environmental impact and health hazards

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The coal industry is immensely facing regulatory and economic pressures which are affecting its cost competitiveness. Subsequently, petcoke is extensively being used as one of the major replacements for coal across various applications in order to economically comply with the changing emission regulations. Increasingly stringent regulations imposed by the environmental authorities associated with coal combustion and coal mining are incapacitating the coal sector.

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.

Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

The market size of petcoke surpassed USD 21.4 billion in 2023 and is set to grow at over 5.7% CAGR through 2032, on account of expanding refinery capacity to the rising demand for processing heavy oil, along with extensive product application in cement and aluminum manufacturing industries.

The steel industry application is likely to grow during 2023 to 2032. The burgeoning demand of steel to supplement the infrastructure growth has led to an increased steel production, which makes use of calcines petcoke.

North America market size will grow substantially through 2023, owing to the stringent government norms related to carbon emission, ongoing infrastructure development in the U.S., and expansion of existing refineries for offering the product at competitive price.

Exxon Mobil, Shell plc, Saudi Aramco, BP, Reliance Industries, Chevron Corporation, Valero Energy Corp, Indian Oil Corporation, Marathon Petroleum Corporation, OXBOW CARBON, Aminco Resources, Bharat Petroleum, Shamokin Carbons, Husky Energy, and Cocan Graphite.