The global petroleum coke market size was US$ 40.4 billion in 2021. The global petroleum coke market is forecast to grow to US$ 71.3 billion by 2030 by registering a compound annual growth rate (CAGR) of 6.1% during the forecast period from 2022 to 2030. 

Petroleum coke is the final solid material obtained after the oil refining process. It is available in fuel grade and calcined grade. Fuel Grade petroleum coke production accounts for nearly 80% of worldwide petroleum coke production. It is used for electricity generation and in cement kilns.

Factors Influencing the Market

• The rapidly growing steel production industry is forecast to fuel the growth of the global petroleum coke market. 
• The growing infrastructure development leading to the development of transportation, highway, railway, automobile, and construction industries, is forecast to fuel the growth of the petroleum coke market. 
• Petroleum coke is considered cost-effective and an efficient alternative fuel to manufacture certain chemicals. Apart from that, it is also used as a confined power generation fuel, which will benefit the global petroleum coke market.
• Rising concerns related to pollution may impede the growth of the petroleum coke market during the forecast period. 
• Petroleum coke has a relatively low ash content and minimal toxicity, which will benefit the overall market during the forecast period. 

COVID-19 Impact Analysis

The wake of the COVID-19 pandemic has limited transportation activities. In addition, activities leading to infrastructural development were significantly halted. As a result, it hampered the growth of the global petroleum coke market.  Industrial production of petroleum coke and disrupted supply chains also negatively impacted the global market. Due to the wake of the pandemic, the industry players registered significant drop in profit margins. Furthermore, social distancing norms resulted in a limited workforce. As a result, it hampered the growth of the global petroleum coke market. 

Regional Analysis

The Asia-Pacific petroleum coke market is forecast to have a strong foothold in the global market., owing to the rapidly growing developing economies like China and India. Furthermore, the cement sector of India is growing abruptly, which will benefit the global petroleum coke market in the coming years. 

Steeply growing population and industrialization in the Asia Pacific are likely to contribute to the growth of this regional petroleum coke market. In addition, Europe is projected to be another major contributor to the petroleum coke industry, owing to the rising use of petroleum coke instead of natural gas and coal in the region. 

Competitors in the Market

• Oxbow Corporation
• Suncor Energy Inc.
• Phillips 66 Company
• Aminco Resources LLC
• Nippon Coke & Engineering. Co., Ltd.
• Petroleum Coke Industries Company
• Renelux Cyprus Ltd.
• Graphite India Limited
• British Petroleum
• Marathon Petroleum Corporation
• Other Prominent Players

Market Segmentation

The global petroleum coke market segmentation focuses on Type, Application, and Region. 

By Type

• Fuel Grade
• Calcined Coke

By Application

• Aluminum & Other Metals
• Cement
• Storage
• Steel
• Power
• Others

By Region

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America