Global Petroleum Needle Coke Market is segmented By Form (Green Petcoke, Calcined Petcoke), By Grade (Super-Premium Grade, Intermediate-Premium Grade, Premium Grade), By Application (Graphite Electrode, Silicon Metal & Ferroalloys, Carbon Anode, Rubber Compounds, Fuel, Others), By End-User (Steel, Brick & Glass, Paint, Aluminum, Fertilizers, Power Utilities, Cement Kilns, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Petroleum Needle Coke Market Overview
The Global Petroleum Needle Coke Market is expected to grow at a high CAGR during the forecast period (2024-2031).
Petroleum coke, or pet coke, is a product manufactured from all types of oil (light/heavy crudes) through the oil refining process. Many different products are derived from a barrel of crude oil, such as gasoline, diesel and jet fuels. Moreover, petroleum coke is an essential and valuable commercial product used directly in various applications. The physical and chemical characteristics of petcoke are a function of the refining technology and crude oil used by the refinery. In addition, petcoke can be relatively soft or hard. Physically, petcoke can resemble large sponges with various pores, or it can resemble small spheres, ranging in size from a grain of sand to a large marble. Chemically, petcoke can include a diversity of elements and metals in a wide range of concentrations. Depending on these physical and chemical characteristics, petcoke is typically used in either an energy application, as a source of British thermal units or an industrial application, as a carbon source.
Petroleum Needle Coke Market Summary
Metrics |
Details |
Market CAGR |
High |
Segments Covered |
By Form, By Grade, By Application, By End-User and By Region |
Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
Fastest Growing Region |
Asia Pacific |
Largest Market Share |
North America |
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Petroleum Needle Coke Market Dynamics
The growing demand aluminum and steel industry is expected to boost the market growth for petroleum needle coke during the forecast period. In addition, the increasing demand for durability, lightweight and malleability aluminum is a highly used metal in electronics, consumer goods and vehicle production. The trend towards high industrialization across the globe triggered a demand increase for all types of metals necessary for production. In 2018, the global aluminum market size was USD 159.6 billion and is expected to reach approximately USD 249 billion by 2026. Moreover, petcoke storage and handling facilities are governed by a wide range of federal and state environmental and safety regulations.
However, increased pollution controls are required during petcoke combustion to capture the excess sulfur found in low-grade petcoke. The heavy metal content of the petcoke has also left many worried, both at the effects of releasing it into the air when the petcoke is burned and the implications it has for the local environment during storage. Despite the environmental concerns related to the manufacture and use of pet coke, it remains popular due to its cost-effectiveness. It’s cheap to manufacture yet easily exported and gives an attractive source of cheap fuel for developing nations.
Petroleum Needle Coke Market Segmentation Analysis
By form, the market is segmented into green petcoke used as a fuel and calcined petcoke used as a feedstock by the manufacturer for a wide range of products. By grade, the market is segmented into super-premium grade, premium grade and intermediate-premium grade. By application, the market is segmented into graphite electrodes, silicon metal & ferroalloys, carbon anode, rubber compounds, fuel and others. By end-user, the market is segmented into steel, brick & glass, paint, aluminum, fertilizers, power utilities, cement kilns and others.
The calcined petroleum coke can be further treated in an anode baking oven to build anode coke of the wanted shape and physical properties. The anodes are mainly used in the steel and aluminum industry. Moreover, petcoke is over 80% carbon and emits 5% to 10% more CO2 than coal on a per-unit of energy when it is burned. As petcoke has a more excellent energy content, petcoke emits between 28 and 80% more CO2 than coal per unit of weight. The difference between coke and coal in CO2 production per unit of energy produced depends upon the coal's moisture, which increases the CO2 per unit of energy – the heat of combustion and on the volatile hydrocarbons in coke and coal, which decrease the CO2 per unit of energy. Petroleum coke, or petcoke, is a final carbon-rich solid material derived from oil refining and is one type of fuel referred to as cokes.
Global Petroleum Needle Coke Market Geographical Share
APAC is expected to grow fast during the forecast period due to heavy demand from the aluminum and steel industries. China is predicted to be a significant producer and consumer of petroleum needle coke in the APAC region. Production of petroleum needle coke in India is expected to rise due to increased demand from the construction and building industries. China produced the highest volume of refined aluminum across the APAC region, in which approximately 35.04 million tons of refined aluminum were produced.
Simultaneously, North America is expected to expand rapidly over the forecast period, owing to technological advancements in the region. The petroleum needle coke market in Europe is expected to be stable due to the steel industry's steady demand. The market in Latin America, and Middle East & Africa is expected to expand at a sluggish pace during the forecast period. Due to the petroleum coke's advancement, the average for electricity generation in the U.S. was USD 1.90 per million British thermal units in 2019, and this was a notable decrease compared to the previous year when costs amounted to USD 2.52.
Petroleum Needle Coke Market Companies and Competitive Landscape
The petroleum needle coke market is fragmented with the presence of regional and global players. The competitive contour lies with the increase in the regional company and growing investment in upstream application. Mitsubishi Chemical Corp., Indian Oil Corporation Ltd., C-Chem Co Ltd., Sumitomo Chemical Company, JX Nippon Oil & Energy Corp, Phillips 66, Petroleum Coke Industries, Sinopec Shanghai Petrochemical, Royal Dutch Shell Plc., Essar Oil Ltd. are the major player in the needle market. The major players adopt several growth strategies such as product launches, acquisitions, and collaborations, contributing to growing the petroleum needle coke market globally.