The global petroleum coke market is expected to witness exponential demand from the cement and power generation industries over the forecast period. The growth of the petroleum coke industry is directly linked to the petroleum refining, cement, and power industry. Growing power and cement industry in emerging economies such as India, China, and Vietnam are anticipated to drive the market over the forecast period. Approval to use petroleum coke in industrial applications by agencies such as EPA and CRS is anticipated to drive the market over the foreseeable future on account of its nontoxic nature.
On the basis of product type, the petroleum coke market has been segmented into fuel grade coke and calcined coke. Fuel grade coke dominated the market and is expected to witness rapid growth over the forecast period on account of high calorific value associated with the product. Fuel grade coke finds application in cement and power industry on account of low product costs and high calorific value. Growing cement and power industries in emerging economies such as India, China, and Japan is anticipated to drive the product market over the foreseeable future. Calcined coke finds application in paints and colorings, aluminum, steel, and fertilizer industries for titanium dioxide production. Rising demand from aluminum and steel industries is anticipated to propel petroleum coke demand over the forecast period. Calcined coke is anticipated to witness significant growth over the forecast period on account of increasing application scope of needle calcinated coke in battery electrodes.
Asia Pacific dominated the petroleum coke market and is expected to remain the largest regional market in terms of demand in the near future. Emerging economies such as India and China employ a large percentage of petroleum coke in power plants and cement kilns. The majority of petroleum coke in China is used mainly in the generation of electricity in power plants. India employs a large amount of the product in the cement industry owing to rapid industrialization in the country. Growing cement and power industries in the region are anticipated to augment product demand over the foreseeable future. Europe is anticipated to witness a high growth rate in the market over the forecast period on account of low costs associated with electricity production. Petroleum coke is becoming a preferred fuel over natural gas and coal on account of easy and abundant availability. Growing infrastructure development in Middle East & Africa is expected to drive the petroleum coke demand in the region over the forecast period. Crude oil refining companies are setting up delayed coking units to produce petroleum coke domestically. The North America market is mature and is expected to witness an average growth rate over the forecast period and has been the major exporter of petroleum coke.
Major companies operating in the global petroleum coke market include Chevron Corporation, BP, Essar Oil Ltd., HPCL - Mittal Energy Limited, ExxonMobil Corporation, Indian Oil Corporation Limited, Royal Dutch Shell Plc, Reliance Industries Limited, Saudi Arabia Oil Company, Valero Energy Corporation, and Conco Philips.
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