The Pet Coke Market Size was valued at USD 39.1 Billion in 2022. The Pet Coke market industry is projected to grow from USD 40.4 Billion in 2023 to USD 75.2 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.7% during the forecast period (2024 - 2032). petroleum coke is considered as the solid residue, which is the leftover of oil refining. Usually, petroleum coke is available in two grades such as calcined grade and fuel grade. Petroleum coke applies to different industries like aluminum, building, power generation, and other metals. The production of petroleum coke is inextricably tied to the production of oil as it is an oil refineries product. The Pet Coke Market is considered extremely price sensitive. The worldwide petroleum coke demand is strongly dependent on competitive fuel prices.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The energy demand is increasing across the world, which is strongly driving the use of petroleum coke in power plants as an energy source. Also, the demand for Pet Coke Market is growing because of the expansion of the building and cement industries. Moreover, technological advancements are involved in these industries, which have fuelled oil output in the industry.
The pet coke market is estimated to grow in the review period because of the rising development in the power generation and cement industries and the rising supply of heavy oils across the world.
Additionally, The worldwide Pet Coke Market has anticipated showing lucrative growth opportunities because of the presence of the leading segment fuel grade, which has more demand among the population of Asia pacific.
Moreover, the growing research and developmental activities in the pet cock industry are projected to bring significant opportunities for the Pet Coke Market’s key players.
The Pet Coke market segmentation, based on type, includes anode grade and needle grade. The Anode grade segment accounted for the major share of the market, owing to its excellent electrical conductivity and physical properties. Anode grade is a low-quality product with a high content of carbon.
Based on end-user, the Pet Coke market segmentation includes carburizing & recarburizing electric arc & induction furnaces, and others. Among these, the electric arc and induction furnaces segment accounted for the major share of the market. Electrodes used in the manufacturing of electric and induction furnaces are manufactured using calcined pet-coke. These furnaces are widely used in steel manufacturing. Calcined petroleum coke is widely used in carburizing and recarburizing process, owing to its lower grade of coke and high carbon content.
Figure 2: Pet Coke Market, by Type, 2023 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. the Asia Pacific region is projected to account for the largest Pet Coke Market Share during the research period due to the rising globalization and urbanization in the region. In this region, the major contributor countries are China and India. This region is fuelling the demand for pet coke due to the rising need for energy among the most populated economies, rising demand from the gas and oil industry, and increasing application in power generation. Moreover, this regional market is growing because of the rising investment from the government in the sector of construction. Along with this region, the North American region is also predicted to grow the CAGR as well as predicted to lead the market. This region is expanding because of several reasons, like increasing oil and gas activities and the presence of developed end-user industries. The countries like Canada and the U.S. are contributing majorly to this regional market development. Thus, the demand for pet coke is growing due to the rising application in the cement industry.
Figure 3: PET COKE MARKET SHARE BY REGION 2023 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
the European regional market is projected to enhance its market growth during the assessment timeframe because of the well-developed industrial and power generation sector. Apart from that, some of the factors like the increasing preference for petroleum coke over coal and rising stringent E.U. regulations about greenhouse gas emission in the region are fuelling the market growth during the forecast period.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Pet Coke market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Pet Coke industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Pet Coke. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Pet Coke industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Pet Coke industry to benefit customers and expand the market sector. The Low-Profile Additives market has recently given medicine some of the most important advantages. Major Pet Coke market players, including British Petroleum (London), Chevron Corporation (U.S.), Hindustan Petroleum Corporation Limited (India), Conoco Philips (U.S.), Essar Oil Ltd. (India), and others, are attempting to increase market demand by funding R&D initiatives.
Chevron is an energy and technology company. It explores, produces, and transports crude oil and natural gas, refines, distributes, and markets transportation fuels and other energy products, and manufactures and sells lubricants, additives, and petrochemicals. In addition, Chevron produces geothermal energy and coal, generates electricity, as well as develops energy resources including biofuels and other renewables.
Also, Essar Oil is a downstream energy company. It offers services such as refinery operations, cross-country pipelines, road terminals, international supply, trading, etc. The company produces transport fuels.
In February 2022, the prominent market player in India known as Reliance Industries Ltd. announced the plan to repurpose a USD 4 billion facility to generate blue hydrogen to convert petroleum coke to synthesis gas.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD Â 39.1 Billion |
| Market Size 2023 | USD 40.4 Billion |
| Market Size 2030 | USD 75.2 Billion |
| Compound Annual Growth Rate (CAGR) | 6.7% (2024 - 2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, End-user, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Chevron Corporation (U.S.), British Petroleum (London), Essar Oil Ltd. (India), Hindustan Petroleum Corporation Limited (India), Exxon Mobil Corporation (U.S.), Indian Oil Corporation Limited (India), Royal Dutch Shell Plc (Netherlands), Reliance Industries Limited (India), Saudi Arabia Oil Company (Saudi Arabia), Valero Energy Corporation (U.S.), Conoco Philips (U.S.) |
| Key Market Opportunities | The fuel grade is the leading segment of the market and is anticipated to continue its dominance over the forecast period. |
| Key Market Dynamics | The growing consumption of the product in power plants and steel & cement industries account for the growth of the segment. |
Pet Coke Market Highlights:
Frequently Asked Questions (FAQ) :
The Pet Coke market size was valued at USD 39.1 Billion in 2022.
The Pet Coke market is projected to grow at a CAGR of 6.7% during the forecast period, 2024 - 2032.
Asia Pacific had the largest share of the Pet Coke market.
The key players in the Pet Coke market are Chevron Corporation (U.S.), British Petroleum (London), Essar Oil Ltd. (India), Hindustan Petroleum Corporation Limited (India), Exxon Mobil Corporation (U.S.), Indian Oil Corporation Limited (India), Royal Dutch Shell Plc (Netherland), Reliance Industries Limited (India), Saudi Arabia Oil Company (Saudi Arabia), Valero Energy Corporation (U.S.), Conoco Philips (U.S.)
The Anode grade categories dominated the Pet Coke market in 2023.
The electric arc and induction furnaces had the largest share in the market for Pet Coke.
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Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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