Global Petroleum Coke (Petcoke) Market is estimated to be valued at US$ 26.87 Billion in 2022, By Product Type (Fuel Grade Coke and Calcined Coke), By End-use (Calcining Industry, Power Plants, Cement Kilns, Blast Furnaces, and Others), By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), published by Coherent Market Insights.
- The global petroleum coke (petcoke) market was valued at US$ 26.87 Billion in 2022. Petroleum coke (petcoke) market is expected to register a CAGR of 5.5% over the forecast period (2023-2030), to reach US$ XX Billion by 2030.
Petroleum coke is a final solid product obtained from oil refining. It is available in two forms: fuel grade and calcined grade. The power generation, construction, and metal industries are some of the major end users of petroleum coke. It is also used in the production of titanium and fertilizers. Petroleum coke, often known as coke or petcoke, is a final carbon-rich solid substance derived from oil refining and is one of the coke fuels. Petcoke is the coke derived specifically from a final cracking process, a thermo-based chemical engineering process that separates long chain hydrocarbons of petroleum into shorter chains that occurs in coker units. Residual oils from previous distillation processes used in petroleum refining are handled at high temperatures and pressure in petroleum coker units, leaving the petcoke after driving out fumes and volatiles and separating remaining light and heavy oils. These are known as "coking processes," and they most commonly use chemical engineering plant operations for the specific process of delayed coking.
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https://www.coherentmarketinsights.com/market-insight/petroleum-coke-petcoke-market-4031
Key Trends and Analysis of the Petroleum Coke (petcoke) Market:
- The growing popularity of calcined petroleum coke among consumers is expected to drive the market growth of the petroleum coke (petcoke) market. Increasing investments in the development of refineries and metal manufacturing industries across emerging regions is contributing to the market growth of petcoke. The growing trend of using coke as a substitute for coal in boilers and furnaces is further projected to accelerate the market growth of petroleum coke (petcoke) market.
Impact of COVID-19 on the Petroleum Coke Market
Due to the COVID-19 pandemic, transportation restrictions were established, resulting in lower industrial production and disrupted supply chains, which had a significant influence on the global economic growth and market expansion. COVID-19 is an unprecedented worldwide public health emergency that impacted practically every business, and its long-term consequences are projected to impact the industry growth throughout the projection period. Companies are not making any money as a result of the work stoppage, and not only are they losing money, but they are also losing suppliers who supply the necessary materials to various companies for use in the construction sector, and all of those suppliers are also losing money. Furthermore, as a result of social distancing norms during the COVID-19 pandemic, manufacturing companies are working with limited workforce; thus, negatively impacting the production processes.
Key Takeaways of the Petroleum Coke Market:
- Among region, North America dominated the global petroleum coke (petcoke) market in 2022 with a 35.6% of market share in terms of value, followed by Europe and Asia Pacific
- On the basis of product type, fuel grade coke dominated the global petroleum coke (petcoke) market in 2021 with a 75.2% of market share in terms of value
- New product launches, mergers & acquisitions, strategic partnership expansion, and research and development activities of petroleum coke are the key strategies adopted by market players operating in the global petroleum coke market
