Growing power and cement industries is the major factor driving the market growth. However, rising demand for petcoke from steel and aluminum industries is another factor propelling the market demand over the forecast period. The other vital advantage that pet coke carries is its high calorific value as compared to natural gas and coal. It is regarded as being more cost competitive than natural gas and coal. Approval by regulatory agencies such as EPA and CRS to use petcoke in various industrial applications is projected to drive the market over the coming years due to its non-toxic nature.
The market for petcoke is growing substantially due to rising demand from emerging economies in Asia Pacific and RoW regions. Asia Pacific dominates the petcoke market in terms of demand and is the largest importer of petcoke. Most of the petcoke in countries such as China and India is used in power plants for generating electricity and in cement kilns due to rapid industrialization. Even in the Latin America and Middle East, substantial demand for petcoke exist owing to rising population and increasing infrastructure developments in the regions.Europe is another lucrative market for petcoke owing to rising demand of electricity in the region. Many crude oil company in Europe had delayed the cooking units to produce petcoke locally. The market for petcoke in North America is mature and is projected to witness average growth rate over the next six years. However, North America has become the major exporter of petcoke.
The report titled “Global Petcoke Market- Growth, Share, Opportunities and Competitive Analysis, 2015 – 2023” offers strategic insights into the global petcoke market along with the market size and estimates for the duration 2014 to 2023. The said research study covers in-depth analysis of multiple market segments based on application type, product type and cross-sectional study across different geographies. The study covers the comparative analysis of different segments for the years 2014 & 2023. The report also provides a prolific view on market dynamics such as market drivers, restraints and opportunities.
In order to help the strategic decision makers, the report also includes profiles of the leading petcoke manufacturers, their SCOT (Strength, Challenges, Opportunities and Weaknesses) analysis and key developments. The major players profiled in the report areChevron Corporation, BP Plc, Essar Oil Ltd., ExxonMobil Corporation, Indian Oil Corporation Limited, Royal Dutch Shell Plc, Reliance Industries Limited, Saudi Arabia Oil Company, Valero Energy Corporation and Conco Philips. Further, the report also covers market positioning of the key players operating in the petcoke market. Other in-depth analysis provided in the report includes:
Overall, the research study provides a holistic view of the global petcoke market, offering market size and estimates for the period from 2015 to 2023, keeping in mind the above mentioned factors.
The petcoke market is growing significantly and is gradually taking over the power and cement industry. It has started giving strong competition to coal. Petcoke industry is directly linked to demand and growth of steel, aluminium, electricity generation industry. Growth in all these industries will have a subsequent impact on the petcoke industry. Aluminum and other metals, cement kilns and power generation are the three prominent consumers of petcoke. Together they accounted for more than 72% share of the global market demand in 2014.
Cement and power are the two fastest growing applications of petcoke. Growing cements and power industries in emerging economies such as India, China and Japan is projected to drive the petcoke market over the forecast period.In 2014, aluminum and other metals segment accounted for more than 27% share of the global market demand of petcoke. Rising demand from aluminum and steel industries is anticipated to propel petcoke demand over the forecast period. Other Industry such as paints and coating, fertilizers among others is another lucrative market forpetcoke.
Asia Pacific dominated the petroleum coke market and accounted for 37% share of the global market demand. It is also projected to maintainits dominanceover the next six years. India and China are the chief contributors towards the market growth in Asia Pacific region. In these regions, the power and cement industries account for bulk consumption of petcoke. Europe is another significant market for petcokeand projected to grow at a CAGR of 5.1% over the forecast period in terms of demand. Petroleum coke is becoming a preferred fuel over coal and natural gas on account of easy and abundant availability.
RoW regions such as Africa and Middle East are also projected to witness high growth rate due to growing infrastructure development. To produce petcoke domestically, crude oil refining companies are setting up delayed coking units.North America is a mature market and is projected to witness moderate growth rate over the forecast period. North America has been the major exporter of petroleum coke and plays an important part in China’s growing use of petcoke.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Petroleum Coke (Petcoke) market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
