Petroleum coke (petcoke) is a by-product of the refining process of crude oil, and it has a high carbon content. It is commonly used as a fuel in power plants, cement kilns, and other industrial processes. The global petcoke market is driven by the increasing demand for energy and fuel, particularly in emerging economies such as China and India. However, environmental concerns related to emissions from petcoke combustion, coupled with the increasing focus on renewable energy sources, may hamper market growth. Additionally, fluctuations in crude oil prices can impact the petcoke market, as the availability and pricing of crude oil can influence the production and supply of petcoke.
Global Petroleum Coke (petcoke) Market was valued at US$ 25631.59 Million in 2021 in terms of revenue, exhibiting a CAGR of 5.4% during the forecast period (2022 to 2030).
Market Players in the Petroleum Coke (petcoke) Industry:
1. BP Plc
BP Plc, formerly known as British Petroleum, was founded in 1909 and has its headquarters in London, UK. The company operates in over 70 countries, with a primary focus on oil and gas exploration, production, refining, and marketing. In March, 2023 Iberdrola and bp sign a strategic alliance to accelerate the deployment of electric mobility.
2. Chevron Corporation
Chevron Corporation, founded in 1879 and headquartered in San Ramon, California, is another major energy company with operations in over 180 countries. The company is primarily involved in the production, refining, and marketing of oil and natural gas, as well as petrochemicals and other related products. In February, 2023, Chevron New Ventures PTE. LTD. and the Egyptian Ministry of Petroleum and Mineral Resources (MOPMR) have signed a memorandum of understanding (MoU) to share best practices and expertise related to the reduction of methane emissions.
3. Essar Oil Ltd.
Essar Oil Ltd. was founded in 1969 and has its headquarters in Mumbai, India. The company is primarily involved in the refining and marketing of petroleum products and operates in multiple countries, including India, the UK, and the United Arab Emirates.
4. ExxonMobil Corporation
ExxonMobil Corporation, founded in 1999 through a merger of Exxon and Mobil, has its headquarters in Irving, Texas. The company operates in over 70 countries and is primarily involved in the exploration, production, refining, and marketing of oil and gas, as well as petrochemicals and other related products.
5. HPCL - Mittal Energy Limited
HPCL - Mittal Energy Limited is a joint venture between Hindustan Petroleum Corporation Limited (HPCL) and Mittal Energy Investments Private Limited. The company was founded in 2007 and has its headquarters in Mumbai, India. It is primarily involved in the refining and marketing of petroleum products and operates in India.
6. Indian Oil Corporation Limited
Indian Oil Corporation Limited, founded in 1964 and headquartered in New Delhi, India, is the largest oil company in India in terms of revenue. The company operates in multiple countries and is primarily involved in the refining, transportation, and marketing of petroleum products.
7. Reliance Industries Limited
Reliance Industries Limited, founded in 1960 and headquartered in Mumbai, India, is a conglomerate with interests in multiple sectors, including energy. The company operates in over 50 countries and is primarily involved in the exploration, production, refining, and marketing of oil and gas, as well as petrochemicals and other related products. Reliance Industries is one of the largest companies in India by market capitalization.
8. Royal Dutch Shell Plc
Royal Dutch Shell Plc, commonly known as Shell, was founded in 1907 and has its headquarters in The Hague, Netherlands. The company operates in over 70 countries and is primarily involved in the exploration, production, refining, and marketing of oil and gas, as well as petrochemicals and other related products. In February, 2023 Shell Petroleum NV, a wholly owned subsidiary of Shell plc (Shell), has completed the acquisition of 100% of the shares of Nature Energy Biogas A/S (Nature Energy).
9. Saudi Arabian Oil Co.
Saudi Arabian Oil Co., commonly known as Saudi Aramco, was founded in 1933 and has its headquarters in Dhahran, Saudi Arabia. The company is primarily involved in the exploration, production, refining, and marketing of oil and gas, and is one of the largest oil companies in the world. Saudi Aramco operates in multiple countries. In March, 2023 The Saudi Arabian Oil Company has completed the acquisition of the Valvoline Inc. global products business (‘Valvoline Global Operations’) for $2.65 billion, through one of its wholly-owned subsidiaries.
10. Valero Energy Corporation
Valero Energy Corporation, founded in 1980 and headquartered in San Antonio, Texas, is primarily involved in the refining and marketing of petroleum products. The company operates in multiple countries, including the United States, Canada, the United Kingdom, and Ireland.
*Definition- Petroleum coke (petcoke) is a solid carbon by-product of the oil refining process. It has high carbon content and is used as a fuel in various industries, such as power generation and cement manufacturing.
