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2024-2033 Petroleum Coke Market: What Growth Rate is Predicted?

The size of the petroleum coke market has experienced a rapid expansion in the past few years. The market, which is predicted to surge from $27.64 billion in 2023 to a substantial $31.53 billion in 2024, is set to witness a compound annual growth rate (CAGR) of 14.1%. The noteworthy growth in the previous duration can be linked to robust economic development in burgeoning markets, an increase in the cement manufacturing industries, and a quick upsurge in steel production. On the downside, the growth during the historic period was negatively impacted by the outbreak of the COVID-19 pandemic, rigorous environmental regulations, and instability in crude oil prices.

Predicted to experience a swift expansion in the forthcoming years, the petroleum coke market is projected to reach a size of $53.8 billion by 2028, with a compound annual growth rate (CAGR) of 14.3%. The escalation projected for this period is primarily due to increasing energy demand, a surge in aluminium requirement, and advance in infrastructure development. The anticipated trends for the forecast period encompass eco-friendly coke production, augmented investments, R&D operations, and strategic partnerships and collaborations.

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What Aspects Are Driving the Expansion of the petroleum coke Market?

The growing production of steel could drive the expansion of the petroleum coke market in the future. The global increase in steel production can be attributed to the burgeoning demand from sectors such as railways, highway constructions and vehicles. In the process of producing coke, petroleum coke, or petcoke, is mixed with coking coal and serves as a feedstock in the iron and steel industry. This use of petcoke leads to a 16% decrease in the use of coking coal and an overall decrease in energy intensity slightly above 1%. The IBEF, a body of the Indian Government responsible for aiding the international sale and distribution of Indian goods, reported that in December 2021, the production of finished and crude steel amounted to 94.66 million tonnes (MT) and 102.49 million tonnes (MT) respectively. Furthermore, it’s expected that production of crude steel will reach 112-114 million tonnes in the fiscal year of 2022, reflecting an 8-9% YoY increase. Hence, the growth of sectors such as railways, highway constructions, automobiles and transportation, leading to increased production of steel, is promoting the expansion of the petroleum coke market.

What Are the Significant Segments of the Petroleum Coke Market?

1) By Type: Fuel Grade, Calcined Coke

2) By Physical Form: Needle Coke, Sponge Coke, Shot Coke, Honeycomb Coke

3) By Application: Power Plants, Cement Kilns, Steel, Aluminum, Fertilizer, Other Applications

What Trends Are Influencing the Evolution of the Petroleum Coke Market?

Firms active in the petroleum coke industry are forging strategic alliances and partnerships to broaden their product range and tap their resources for market diversification. Case in point, Emirates Global Aluminum (EGA), an aluminum company based in UAE, agreed on a memorandum of understanding with BP in May 2023. The partnership aims to explore potential initiatives and opportunities that might reduce the carbon content in EGA’s supply of calcined petroleum coke. This partnership may potentially set up a calcined petroleum coke blending facility in the UAE. BP is an oil and gas company based in England.

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Which Geographic Areas Are Influencing the Growth of the Petroleum Coke Market?

Asia-Pacific was the largest region in the petroleum coke market in 2023. The regions covered in the petroleum coke market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Petroleum Coke Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the petroleum coke market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Petroleum Coke Market Include

1. Petroleum Coke Market Executive Summary

2. Petroleum Coke Market Segments

3. Petroleum Coke Market Size And Template Market Growth Rate

4. Key Petroleum Coke Market Trends

5. Major Petroleum Coke Market Drivers

……

25. Key Mergers And Acquisitions In The Petroleum Coke Market

26. Top Petroleum Coke Companies

27. Petroleum Coke Market Opportunities And Strategies

28. Petroleum Coke Market, Conclusions And Recommendations

29. Appendix

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