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Petcoke Market Trends

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

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Petcoke Market Trends

The global refining capacity is accelerating at a rapid rate, thereby paving way for the petcoke industry. Petroleum coke is obtained as one of the several products obtained during the refining process. Nearly half of the U.S. crude oil refineries employ a cooking process to convert heavy oil into refined petroleum products, with more number of refineries to follow. In addition, the U.S. petcoke production is increasing substantially as the domestic refineries are consistently adding coking capacities to leverage from the efficiently priced crude produced from the oil sands of Canada and other heavy oil sources, thereby adding to the petcoke market growth.

Cement, power, and steel industries are the predominant consumers of petcoke which are gradually transitioning from coal to cheaper fuels. Petroleum coke offers a viable alternative on account of its lower cost, high heating value, and low ash content. It is primarily used as a carbon source for industrial applications, or as an energy source. The product is widely used as a source of fuel for electric power plants and cement kilns.

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.