Petroleum Coke Market Report 2025

The petroleum coke market size has grown rapidly in recent years. It will grow from $31.3 billion in 2024 to $35.71 billion in 2025 at a compound annual growth rate (CAGR) of 14.1%. The growth in the historic period can be attributed to strong economic growth in emerging markets, growth in cement production industries, and rapid expansion of steel production.

The petroleum coke market size is expected to see rapid growth in the next few years. It will grow to $61.07 billion in 2029 at a compound annual growth rate (CAGR) of 14.4%. The growth in the forecast period can be attributed to the rising demand for energy, the increasing demand for aluminum, and rising infrastructure development. Major trends in the forecast period include environmentally friendly coke production, rising investments, research and development activities, and strategic partnerships and collaborations.

The anticipated increase in steel production is expected to drive the growth of the petroleum coke market in the coming years. The global rise in steel output is primarily due to heightened demand from sectors such as railways, highway construction, and the automotive industry. Petroleum coke (petcoke) serves as a feedstock in the iron and steel sector, where it is combined with coking coal during the coke-making process. Utilizing petcoke can lead to a 16% decrease in coking coal consumption and a net reduction in energy intensity of slightly more than 1%. For instance, according to IBEF, an Indian government export promotion agency for the international distribution and sale of Indian products, the production figures for finished steel and crude steel reached 125.32 million tons (MT) and 121.29 million tons (MT), respectively, in August 2022. Moreover, steel production is projected to grow by 4-7%, reaching 123-127 MT in FY24. Thus, the increase in steel production, driven by advancements in railways, highway construction, automotive, and transportation sectors, is propelling the growth of the petroleum coke market.

The petroleum coke market is also expected to be propelled by the escalating infrastructure development. As countries focus on modernizing infrastructure, expanding transportation networks, and developing urban areas, there is a significant increase in the demand for construction materials such as steel and cement. Petroleum coke, serving as a crucial fuel and carbon additive in steel and cement production, becomes an indispensable component in infrastructure development. For instance, in 2022, a White House report on the progress of the Bipartisan Infrastructure Law highlighted the initiation of 2,800 bridge repair and replacement projects across America. Additionally, in March 2022, the South African government, under the Department of Public Works and Infrastructure, announced the National Infrastructure Plan 2050 (Nip 2050) Phase I, aimed at enhancing critical infrastructure in the country. Such advancements in infrastructure development are poised to drive the growth of the petroleum coke market.

Companies within the petroleum coke market are actively engaging in strategic partnerships and collaborations to expand their offerings and leverage resources for diversification into new markets. In May 2023, Emirates Global Aluminum (EGA), a UAE-based aluminum producer, signed a memorandum of understanding with BP to explore initiatives that could reduce the carbon content of EGA's calcined petroleum coke supply. The collaboration may lead to the establishment of a calcined petroleum coke mixing facility in the UAE. BP, an oil and gas company based in England, is part of this strategic collaboration.

Rising investments by key manufacturers have become a significant trend in the petroleum coke market. Leading companies in the petroleum coke sector are prioritizing investments to enhance their production capacity and satisfy the increasing demand from end-use industries. For example, in 2022, the country imported approximately $531 million worth of calcined petroleum coke, accounting for about 9.82% of global imports. The United States emerged as a major supplier, with exports to Australia totaling $284 million. Australia plays a crucial role as an importer of calcined petroleum coke, indicating robust demand and active participation in the market. These figures highlight Australia's industrial requirements and refining capabilities, which are driving its involvement in the petroleum coke market.

In September 2022, Maroil Trading, a South American corporation specializing in physical energy products and dry bulk commodities, acquired PDVSA for an undisclosed amount. This acquisition enables Maroil Trading to expand its client base and exports in Venezuela's oil industry. The strategic relationship between Maroil and PDVSA is expected to be enhanced, particularly in sustaining pet coke shipments, a byproduct of crude upgrading and refining commonly used by cement producers to fuel kilns. PDVSA is an oil and natural gas company engaged in petroleum coke production.

Major companies operating in the petroleum coke market include BP PLC, Saudi Arabian Oil Co., Phillips 66 Company, Reliance Industries Limited, Valero Energy Corporation, Indian Oil Corporation Ltd., PJSC Luke Oil, Chevron Corporation, Marathon Petroleum Corporation, HPCL - Mittal Energy Limited, Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Ltd (HPCL), China National Petroleum Corporation, Vasundhra Enterprises, Psk Kirzinskii, Monolit, Esproenko LLC, M/S Ram Janam Singh & Company, Amw Trade, Keshav Traders, S V Ispat Private Limited, Sinopec, GPSS Government Pipelines and Storage System, LCC Lissan Coal Company, ExxonMobil, Valero, PBF Energy, Lukoil-Zapadnaya Sibir, Oil Tekhnolodzhis, Gazprom Pererabotka, WD Energy Group, Carbon Graphite Materials Inc, ReGo Trading Inc, Anker Industries, River Materials Inc, Rain Carbon Inc, Shamokin Filler Co Inc, Rain CII Carbon, LA Ash Inc, Carbograf, Asbury Carbons, ConocoPhillips, Unimetal Industria Comercio E Empreendimentos Ltda, Oxbow Brasil Energia Industries, Petrocoque: Indústria Petroquímica, Shurooq Al Shams International Fzco, World Metal Alloys Fzc, Petroleum Coke, Fahad International Trade Company, Tajanos Group, Production Plus Co, Durrans RMS, MOL Group.

Asia-Pacific was the largest region in the petroleum coke market in 2024. The regions covered in the petroleum coke market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the petroleum coke market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

Petroleum coke, commonly known as pet coke, is a by-product generated during the processing of tar sands bitumen into crude oil. Initially referred to as green coke, it undergoes thermal processing to transform into crystalline or calcined pet coke, which plays a crucial role in the production of electrodes for steel and aluminum extraction.

The primary categories of petroleum coke are fuel grade and calcined coke. The production of calcined coke involves subjecting high-quality raw green petroleum coke to rotary kilns, where it is heated to temperatures ranging from 1200 to 1350 degrees Celsius (2192 to 2460 degrees Fahrenheit). Calcined petroleum coke holds significance in the aluminum manufacturing process. Various physical forms of petroleum coke include needle coke, sponge coke, catalyst coke, shot coke, and purge coke, all of which find applications in power plants, cement kilns, steel and aluminum production, fertilizer manufacturing, and other industrial processes.

The petroleum coke market research report is one of a series of new reports that provides petroleum coke market statistics, including petroleum coke industry global market size, regional shares, competitors with a petroleum coke market share, detailed petroleum coke market segments, market trends and opportunities, and any further data you may need to thrive in the petroleum coke industry. This petroleum coke market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The petroleum coke market consists of sales of needle coke, honeycomb coke, sponge coke, and shot coke. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

This product will be delivered within 3-5 business days.