Growth of Global Cement Industry to Benefit Petroleum Coke (fuel-grade) Market

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 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 has proved to be an essential asset for manufacturers in the chemical industry.

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.

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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Segmental Analysis

The MRFR report provides an extensive yet a comprehensive review of the global market, with respect to key segments that include application.

The primary application areas of petroleum coke (fuel-grade) include power plants, cement, foundries, brick and glass, paper and pulp, steel, and more.

The cement segment holds the top position in the global market and can continue to lead throughout the analysis period. The segment’s value in 2017 was USD 10,166.8 Mn while holding a share of close to 48 % that same year. Apart from this, it is also expected that the cement segment could record the fastest growth rate, thanks to the escalating cement production worldwide and the expanding application scope of petcoke as a fuel in the cement manufacturing process. Meanwhile, the second place belongs to the power plants segment, since petroleum coke is cost effective and is considered to be a safer alternative to conventional fuels in power plants. With its adoption, the dependency on coal and oil for power generation has reduced significantly across the world.

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Regional Outlook

The global market’s regional segmentation includes South America, Europe, APAC/Asia Pacific, MEA/Middle East & Africa and North America.

APAC has been the clear winner since 2017, commanding a share of over 56% in the global market. The APAC market’s size currently stands for more than USD 5,700 Mn and is continuously expanding on account of fast urbanization rate, escalating cement production, and the heightened energy demand. India and China are some of the leading importers of fuel-grade petroleum coke in the world, with India confirmed to have imported 12.49 million tons and China importing 7.20 million tons in the year 2017. Developing countries in the region are some of the most promising markets owing to the rapid industrialization and growing utilization of petroleum coke in electricity generation.

In North America, the US is one of the most significant exporters of fuel-grade petroleum coke. The country had exported roughly 35.44 million ton of petcoke (fuel grade) in 2017. The consistent growth of the metal industry and the high spending on the development of refineries has been favorable for the business growth. Refining sector in the region is characterized by the rising installation of delayed coker units and the U.S. Mid-West and Gulf Coast, which is also expected to stimulate the demand for petroleum coke (fuel-grade) in the ensuing years.

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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.

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.

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