Petroleum Coke Market to Witness Remarkable Growth by 2030

Market Insight

Market Research Future/MRFR confirms that the Petroleum Coke (Fuel-Grade) Market 2020 can record a decent growth between 2018 and 2025 (evaluation period). MRFR reveals that the market was worth more than USD 10,100 Mn in 2017. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.

Top Contenders

The top contenders in the global market are Royal Dutch Shell PLC, Motiva Enterprises LLC., Nayara Energy Ltd., Phillips 66 Company, Petrobras, Marathon Petroleum Corporation, Valero Energy Corp., Indian Oil Corporation Ltd., Citgo Petroleum Corporation, Exxon Mobil Corporation, and more.

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Top Boosters and Challenges

Fuel grade petroleum coke has gained massive traction in cement kilns and power sectors. Its escalating demand across various industries can be accredited to its unique ability of blending with conventional coal-fired boilers. Fuel grade petcoke will also benefit from the continuous replacement of steam coal with technically innovative boiler designs. The petroleum coke (fuel-grade) market is expected to be complemented by the rapid growth of steel production, in the wake of expanding transportation, railways, construction, automobile, and highways industries. Apart from its use as a cost-effective alternative to traditional fuel, petroleum coke Market Overview has proved to be an essential asset for manufacturers in the chemical industry.

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In recent years, the cement industry has become one of the key end-users of fuel-grade petcoke. The worldwide demand for cement is quite strong with countries like Brazil, India, Mexico and China observing stellar growth in industrialization and urbanization, reflecting positively on the petroleum coke (fuel-grade) industry. The remarkable economic progress across these countries has bolstered the number of construction activities, leading to a higher adoption of processed materials such as steel, cement, brick and glass. These factors can be quite conducive to the market growth for petroleum coke (fuel grade) over the following years.

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Major vendors are continuously adopting growth strategies such as product launch, agreement, merger and expansion to remain competitive in the global industry. For instance, in January 2020, ExxonMobil Catalysts entered an agreement with Licensing LLC and Axens, which entails Axens providing ExxonMobil’s FLEXICOKING technology to ExxonMobil Catalysts. The alliance will leverage the combined expertise of both the companies to cater to the customer requirements by offering a resid conversion solution that reduces waste from pet-coke production.

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