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Petroleum Coke Market

Petroleum Coke Market

Petroleum Coke Market Analysis By Grade (Fuel Grade Coke & Calcined Coke) By Application (Calcining, Power Plants, Cement Kilns & Blast Furnaces) By Region – Global Market Insights 2022 to 2032

Petroleum Coke Market

Petroleum Coke Market Outlook (2022-2032)

Global consumption of petroleum coke is set to reach US$ 25.27 billion in 2022 and further expand at a CAGR of 9.6% to reach a market size of US$ 63.10 billion by the end of 2032.

Petroleum coke is the final solid product of oil refining, and it occurs in two varieties: fuel grade petroleum coke and calcined grade petroleum coke. In addition to gasoline, diesel, and jet fuel, a barrel of crude oil yields a range of products.

Report Attributes


Petroleum Coke Market Size (2021A)

US$ 23.51 Billion

Estimated Market Value (2022E)

US$ 25.27 Billion

Forecasted Market Value (2032F)

US$ 63.10 Billion

Global Market Growth Rate (2022-2032)

9.6% CAGR

North America Market Share (2022)


North America Growth Rate (2022-2032)

10.6% CAGR

U.S. Market Growth Rate (2022-2032)

10.7% CAGR

Key Companies Profiled

  • BP Plc
  • Chevron Corporation
  • Essar Oil Ltd.
  • ExxonMobil Corporation
  • HPCL - Mittal Energy Limited
  • Indian Oil Corporation Limited
  • Reliance Industries Limited
  • Royal Dutch Shell Plc
  • Saudi Arabian Oil Co.
  • Valero Energy Corporation

Petroleum coke is used in several industries, including energy production, construction, aluminium and other metals, and so on. Around 80% of global petroleum coke production is 'fuel grade petroleum coke', which is utilised in power plants and cement kilns.

Graphite petroleum coke is made in a graphitization furnace at a temperature of around 3000°C. Although graphite petroleum coke can be found naturally, it is mostly made professionally by processing petroleum coke.

Graphitized petroleum coke is widely utilised in the steel business as a fuel, in the precision casting industry as a reduction inoculant, in the metallurgy sector as a refractory material, and various other fields.

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Global Petroleum Coke Market Overview (2017-2021) Vs. Forecast Outlook (2022-2032)

A carbonaceous solid substance or raw petroleum coke is generated from oil refinery coker units or other cracking processes. This coke can be either anode grade/low sulphur petroleum coke (low in sulphur and metals) or fuel grade (rich in sulphur and metals). Green coke is the raw petroleum coke that comes straight out of the coker.

Global petroleum coke sales were valued at around US$ 17.25 billion at the end of 2017. The market expanded at a CAGR of 8% and reached a valuation of US$ 23.51 billion at the end of 2021.

  • In July 2019, Arabian Cement Company (ACC) declared that it had signed a contract with the Egyptian Refining Company to provide local petroleum coke in volume tonnes starting in July 2019. The purpose of this agreement was to lower petcoke production costs.

Owing to refinery production restrictions and dropping gasoline and jet fuel use due to the coronavirus pandemic, some refineries had restricted their supply of petroleum coke. Because of this, petroleum coke suppliers faced tremendous losses.

However, now petcoke distribution and supply agreements are a prominent trend in the industry, and this is expected to act as a catalyst for market growth.

Cocaine laced with needles is known as acicular cocaine. It's a highly crystalline petroleum coke used in the aluminium and steel industries to make needle coke electrodes.

Electrodes for needle coke are valuable since they must be replaced regularly, this boosts sales growth of the petroleum needle coke market.

The global petroleum coke market is anticipated to progress at a CAGR of 9.6% to reach US$ 63.10 billion by 2032. Petroleum coke market size will be driven by rapid industrialization and rising demand for aluminium smelter anodes for manufacturing purposes.

Petroleum coke market forecast by Fact.MR

Will Global Exports of Petroleum Coke Keep Rising?

“Increased Exports & High Demand from Cement & Power Generation Industries

The petroleum coke market is primarily driven by rising demand from the cement and power generation industries. Cement and power generation industries both employ fuel grade petroleum coke.

Rising cement and power generation industries in developing nations such as China and India are also helping to boost petroleum coke demand. Furthermore, increased exports of petroleum coke are boosting the market growth.

Which Sectors are Driving Sales Growth of Petroleum Coke Market?

“Use of Petcoke in Various Sectors Due to Numerous Benefits”

The market is expected to develop due to the changing trend of employing petcoke in medicinal, electrical components, and ceramics applications due to its numerous benefits.

Petcoke is anti-corrosion, lightweight, and ductile, as well as having excellent electrical and thermal conductivity. Furthermore, the increasing rise of the electronic industry is expected to boost the market for petcoke.

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Which Factors Can Negatively Affect Sales of Petroleum Coke?

“'Negative Environmental & Health Impacts of Petcoke”

Because of its high sulphur content, which has negative consequences for both aquatic and terrestrial habitats, the government has implemented several rigorous regulations to limit the use of petcoke. The misuse of petcoke can affect the natural environment, which may result in hazardous effects.

Which Regional Markets Generate High Revenue for Petroleum Coke Suppliers?

“High Exports of Petroleum Coke from North Americas Market”

The North America petroleum coke market is expected to hold a dominant position in the global landscape. With the largest export of petroleum coke, North America is expected to account for 32.3% of the global market share, in 2022.

Expanding at a CAGR of 8.5%, the Asia Pacific petroleum coke market is projected to increase from a valuation of US$ 7.35 billion in 2022 to US$ 16.85 billion by 2032.

New market opportunities are expected to emerge soon as the Asia Pacific region's infrastructure develops. As a result, the construction sector in the Asia Pacific region is likely to drive petcoke market expansion.

Major businesses' increased investment in improving crude oil production capacity is projected to provide lucrative prospects.

In 2022, Europe is expected to account for 24.8% of the global market share. Due to the rising demand for petroleum coke in the region, Europe is expected to be a significant importer of petcoke. Because of its timely and easy availability, petroleum coke is viewed as a better alternative to natural gas and coal.

The petroleum coke market in Latin America and the MEA region is expected to expand at a slighter lower rate than other regions, but this trend is expected to change over the forecast period. In 2022, Latin America and MEA are likely to hold 8.2% and 5.5% of the global market share.

Country-wise Analysis

How is Demand for Petroleum Coke Evolving in China & India?

“High Consumption from Power Plants & Cement Industry”

The Asia Pacific petcoke market is likely to gain a lot of traction in the coming years, due to the spectacular development in China and India's market growth.

Petroleum coke is anticipated to play a big part in India's cement industry. China's power plants are expected to employ a large share of petroleum coke to generate electricity.

In 2022, China and India are expected to account for 30.4% and 22.1% of the Asia Pacific market share, respectively.

The increase in population and aggressive modernization in these countries is projected to boost the prospects of petroleum coke suppliers.

Which Factors are Assisting Petroleum Coke Market Growth in the U.S.?

“High Production of Petroleum Coke in the United States”

Currently, the United States is expected to hold a strong presence in the export of petroleum coke. In 2022, the U.S. is likely to hold 95.3% of the North America market share.

Low petcoke production cost is anticipated to be a major USP for its acquisition, as it allows for the production of a large amount of power at a low cost. Apart from that, a small amount of petroleum coke can generate a big amount of heat.

Category-wise Analysis

Which Petroleum Coke Application Accounts for High Revenue Generation?

“High Demand from Power & Cement Kiln Industries”

The global petroleum coke market can be divided into two categories: fuel grade coke and calcined coke (green coke). Calcined petroleum coke is a dark-coloured solid made up mostly of carbon, sulphur, metals, and nonvolatile inorganic chemicals.

According to research, the aluminium industry is a major purchaser of calcined coke. By 2032, it might account for 75% to 80% of the global demand for calcined coke. Steel, paper, paint, and chemical industries are expected to secure the remaining percentage of calcined coke demand.

In these industries, calcined coke could be used to produce titanium dioxide pigments. Calcined coke is also widely used in the fertiliser, glass, brick, and colourings industries. Because of the increasing crude oil supply around the world, the worldwide calcined petroleum coke market is rapidly expanding.

On the other hand, fuel grade petroleum coke is expected to play a significant role in the power and cement kiln industries. Because of its capacity to combine with typical coal-fired boilers, this type of petroleum coke may be in high demand.

The total substitution of steam coal by technologically advanced boiler designs is predicted to benefit fuel grade petroleum coke. Currently, fuel grade coke is predicted to account for 84.6% of the global market share.

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Competitive Landscape

The petroleum coke market is predicted to increase due to expanding opportunities from several end-use industries. Paints and coatings, steel, fertilisers, and other sectors' growth are projected to generate significant potential for the industry.

Key competitors in the global petcoke market are seeking to expand their production capacity to meet global demand and capture a higher market share.

Key Segments Covered in Petroleum Coke Industry Research

  • Petroleum Coke Market by Grade :

    • Fuel Grade Coke
    • Calcined Coke
  • Petroleum Coke Market by Application :

    • Calcining
    • Power Plants
    • Cement Kilns
    • Blast Furnaces
  • Petroleum Coke Market by Region :

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • MEA

- FAQs -

Petroleum coke market predicted to rise as heavy oil supply increases around the world and cement and power generating industries flourish.
Market value of global petroleum coke market projected to reach US$ 63.10 billion by 2032.
BP Plc, Chevron Corporation, Essar Oil Ltd., ExxonMobil Corporation, HPCL - Mittal Energy Limited, Indian Oil Corporation Limited, Reliance Industries Limited, Royal Dutch Shell Plc, Saudi Arabian Oil Co., and Valero Energy Corporation are key market play
Increase in steel production and rising highway building, auto, and transportation industries are driving demand growth.
Global sales of petroleum coke are expected to increase at 9.6% CAGR through 2032.
North America and Asia Pacific predicted to be most profitable regions for petroleum coke suppliers.

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