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IMARC Group, a leading market research company, has recently releases report titled “Petroleum Coke Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, The study provides a detailed analysis of the industry, including the petroleum coke market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
The global petroleum coke market size reached US$ 23.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 36.5 Billion by 2028, exhibiting a growth rate (CAGR) of 7.4% during 2023-2028.
Petroleum coke is a cost-effective, carbon-rich solid product derived from oil refining. It contains hydrocarbons, carbon, hydrogen, nitrogen, chlorine, and sulfur. It has high calorific power, low ash content, low volatile matter, and results in no evaporation losses during application. At present, it is used in construction, electronics, steel and aluminum, and fertilizer industries across the globe.
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The rising production of steel due to the development of railways, highway construction, automobiles, and transportation systems represents one of the key factors positively influencing the market around the world. In addition, petroleum coke is employed as a carbon source for synthetic graphite, aluminum anodes, silicon carbide, and electrode production due to its low ash content. This is offering lucrative growth opportunities to manufacturers operating in the industry. Furthermore, calcined petroleum coke is used in the production of titanium dioxide (TiO2), which is employed as a substitute for lead in paint and as a pigment in sunscreen, plastic, and food coloring. This, in turn, is propelling the growth of the market. Furthermore, petroleum coke is gasified to produce ammonia and urea ammonium nitrate for fertilizer production. This, coupled with the rising usage of fertilizer on account of the surging global population, is creating a favorable market outlook.
The report has segmented the market into the following categories:
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The report covers the major market players including:
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