The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, July 7, 2023 /PRNewswire/ -- As per The Business Research Company Petroleum Coke Global Market Report 2023, the global petroleum coke market size will grow from $25.7 billion in 2022 to $29.8 billion in 2023 at a compound annual growth rate (CAGR) of more than 15%. The petroleum coke market size is then expected to grow to $54.2 billion in 2027 at a CAGR of more than 16%.
The increasing demand for energy will propel the growth of the petroleum coke market during the forecast period. For example, according to the US Energy Information Administration, in percentage terms, the industrial and transportation sectors' energy usage is most susceptible to shifting underlying conditions. Between 2022 and 2050, the industrial sector will experience an energy demand growth of 5% to 32%. Therefore, the increasing demand for energy is expected to drive the petroleum coke market going forward.
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Environmentally friendly coke production is a key trend in the petroleum coke market. As concerns about climate change and environmental impacts have grown, there is an increasing focus on reducing the carbon footprint and emissions associated with coke production. Major players are adopting environmentally friendly coke production techniques to combat the harmful environmental impacts of petroleum coke. For instance, in April 2019, Gazprom Neft's Omsk Oil Refinery, one of the largest oil refineries in Russia, completed the installation of the main section of its new delayed coking unit. The new delayed coke plant is designed to facilitate the full processing of heavy oil fractions, allowing the Omsk refinery to produce more oil and diesel per ton of refined oil.
Petroleum coke companies are entering into strategic partnerships and collaborations to expand their offerings and leverage their resources for diversifying in new markets. For example, in May 2023, Emirates Global Aluminum (EGA), a UAE-based aluminum producer, signed a memorandum of understanding with BP. The goal of the collaboration is to investigate prospective initiatives and chances that could lower the carbon content of EGA's supply of calcined petroleum coke. The collaboration could result in the establishment of a calcined petroleum coke mixing factory in the UAE. BP is an England-based oil and gas company.
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The global petroleum coke market is segmented -
1) By Type: Fuel Grade, Calcined Coke
2) By Physical Form: Needle Coke, Sponge Coke, Catalyst Coke, Shot Coke, Purge Coke
3) By Application: Power Plants, Cement Kilns, Steel, Aluminium, Fertilizer, Other Applications
According to petroleum coke market analysis, the top opportunities in the petroleum coke market segmented by type will arise in the fuel grade segment, which will gain $16.6 billion of global annual sales by 2027.
The Business Research Company recommends players in the petroleum coke market to adopt strategies such as focus on three-pillar strategy, investing in transition growth engines, introducing brands to existing domestic and international marketing businesses, adopting new technologies and managing business responsibly to meet the world's growing demand for reliable and affordable energy.
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