Petroleum Coke Global Market Opportunities and Strategies to 2032

This report describes and explains the petroleum coke market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.

The global petroleum coke market reached a value of nearly $23,910.7 million in 2022, having grown at a compound annual growth rate (CAGR) of 6.0% since 2017. The market is expected to grow from $23,910.7 million in 2022 to $45,915.0 million in 2027 at a rate of 13.9%. The market is then expected to grow at a CAGR of 14.6% from 2027 and reach $90,915.5 million in 2032.

Growth in the historic period resulted from strong economic growth in emerging markets, growth in cement production industries, and rapid expansion of steel production. Factors that negatively affected growth in the historic period were the coronavirus pandemic, stringent environmental regulations and volatility in crude oil prices.

Going forward, the rising demand for energy, the increasing demand for aluminum, and rising infrastructure development will drive the growth. Factors that could hinder the growth of the petroleum coke market in the future include the Russia-Ukraine war and the rising interest rates.

The petroleum coke market is segmented by type into fuel grade and calcined coke. The fuel grade market was the largest segment of the petroleum coke market segmented by type, accounting for 74.8% of the total in 2022. Going forward, the fuel grade segment is expected to be the fastest growing segment in the petroleum coke market segmented by type, at a CAGR of 14.1% during 2022-2027.

The petroleum coke market is segmented by physical form into needle coke, sponge coke, shot coke, and honeycomb coke. The sponge coke market was the largest segment of the petroleum coke market segmented by physical form, accounting for 41.0% of the total in 2022. Going forward, the needle coke segment is expected to be the fastest growing segment in the petroleum coke market segmented by physical form, at a CAGR of 14.4% during 2022-2027.

The petroleum coke market is segmented by application into power plants, cement kilns, steel, aluminum, fertilizer, and other applications. The power plants market was the largest segment of the petroleum coke market segmented by application, accounting for 28.1% of the total in 2022. Going forward, the power plants segment is expected to be the fastest growing segment in the petroleum coke market segmented by application, at a CAGR of 14.8% during 2022-2027.

Asia Pacific was the largest region in the petroleum coke market, accounting for 37.2% of the total in 2022. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the petroleum coke market will be Asia Pacific and Western Europe where growth will be at CAGRs of 17.4% and 13.1% respectively. These will be followed by North America and Eastern Europe where the markets are expected to grow at CAGRs of 12.0% and 10.4% respectively.

The global petroleum coke market is highly concentrated, with a few large players. The top ten competitors in the market made up to 73.08% of the total market in 2021. BP PLC was the largest competitor with 11.95% share of the market, followed by Saudi Arabian Oil Co. with 11.27%, Phillips 66 Company with 10.25%, Reliance Industries Limited with 8.49%, Valero Energy Corporation with 7.44%, Indian Oil Corporation Ltd. with 5.82%, PJSC Luke Oil with 5.42%, Chevron Corporation with 5.17%, Marathon Petroleum Corporation with 4.98%, and HPCL - Mittal Energy Limited with 2.28%.

The top opportunities in the petroleum coke market segmented by type will arise in the fuel grade segment, which will gain $16,643.8 million of global annual sales by 2027. The top opportunities in the petroleum coke market segmented by physical form will arise in the sponge coke segment, which will gain $9,050.4 million of global annual sales by 2027. The top opportunities in the petroleum coke market segmented by application will arise in the power plant segment, which will gain $6,684.6 million of global annual sales by 2027. The petroleum coke market size will gain the most in the USA at $3,121.3 million.

Market-trend-based strategies for the petroleum coke market include environmentally friendly coke production, rising investments, research and development activities and strategic partnerships and collaborations.

Player-adopted strategies in the petroleum coke market include focus on three-pillar strategy, investing in transition growth engines and, at the same time, investing in present energy system and integration to connect it all, focus on introducing brands to existing domestic and international marketing businesses, focus on their joint ventures’ ability to capture growth opportunities, utilizing new technologies and managing business responsibly to meet the world’s growing demand for reliable and affordable energy.

To take advantage of the opportunities, the publisher recommends the petroleum coke companies to focus on focus on environment-friendly coke production, focus on increasing investments in petroleum coke production, focus on fuel grade coke, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships and collaborations, provide competitively priced offerings, participate in trade shows and events, continue to use b2b promotions, and continue to target fast-growing application areas.