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Petroleum Coke Market Size, Share & COVID-19 Impact Analysis, By Type (Fuel Grade Coke and Calcined Coke), By Application (Aluminum, Cement, Power, Iron and Steel, Storage, and Others), and Regional Forecast, 2023-2030

Last Updated: July 08, 2024 | Format: PDF | Report ID: FBI108984



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The petroleum coke market size was valued at USD 26.50 billion in 2022 and is projected to grow from USD 27.83 billion in 2023 to USD 43.21 billion by 2030, exhibiting a CAGR of 6.5% during the forecast period. Asia Pacific dominated the petroleum coke market with a market share of 62.53% in 2022.

Petroleum coke, also known as pet coke, is a carbon-rich solid material derived from oil refining. It is produced when crude oil undergoes a cooking process, where high temperatures break down heavy hydrocarbons into lighter products, leaving behind solid carbon residue. The rising adoption of this material in the production of fuel, anode, and steel is expected to boost market growth. Further, the product’s high adoption is attributed to its excellent characteristics, such as high calorific content and ability to remove impurities during refining. Moreover, rapidly growing construction and power industries, and rising demand for aluminum from the automotive and aerospace industries will stimulate the market’s growth during the forecast period.


Severe Impact of COVID-19 Pandemic Hampered Production and Consumption of Pet Coke

The severe impact of the pandemic on the global economy affected the overall production and supply of pet coke. Disruptions in the supply chain affected the availability of raw materials, further impacting the product’s manufacturing. Additionally, delays in transportation as well as logistics influenced the market dynamics. Furthermore, lockdowns and restrictions decreased industrial activity, affecting power generation, cement, and steel industries that consume petroleum coke. Moreover, fluctuation in crude oil prices further impacted the product's production, cost structures, and supply chain, mainly caused by the decreasing demand for crude oil and various geopolitical factors.

The growing focus on renewable energy and rising environmental concerns during the pandemic affected the adoption of carbon-intensive fuels, such petroleum coke, resulting in long-term shifts in energy preferences. However, after the pandemic, many governments worldwide are trying to improve the growth of their economies. Hence, the market is expected to stabilize and grow positively in the coming years.

Petroleum Coke Market Trends

Growing Steel Industry to Influence Market Growth

The major factors influencing the product's demand are the growing technological advancements in steelmaking, shift in reliable processes, such as Electric Arc Furnaces (EAFs), rising introduction of supportive environmental regulations, and changing global trade dynamics. Additionally, steel consumption is growing rapidly in leading industries, such as construction, electrical & electronics, automotive, and aerospace owing to its superior characteristics, especially corrosion resistance. As a result, the use of pet coke in steelmaking is on the rise. The market’s growth is mainly attributed to the product’s cost-effectiveness, high carbon & energy content, and improved quality. These properties help steel create an overall energy balance, resulting in seeking efficient & high-energy inputs, reducing iron oxide to iron during the smelting process, and aiding in cost-saving. Hence, the growing steel industry will augment the product’s adoption.

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Petroleum Coke Market Growth Factors

Growing Construction Industry to Drive Product Adoption in Cement Application

The construction industry is growing at a rapid pace and is likely to grow more efficiently in the coming years. The major factors contributing to this industry’s expansion include growing population & urbanization, rapid growth of the real estate industry, infrastructure development, and technological advancements. These factors are increasing the adoption of cement for the construction of buildings, thereby promoting the demand for pet coke in cement manufacturing. The product is used as a fuel and as a source of carbon for the production of cement kilns during the clinker manufacturing process. Additionally, cost-effectiveness, easy accessibility & availability, and high-energy content will surge the adoption of petroleum coke in the construction industry. Thus, rapid growth of the construction sector will drive the product’s adoption during the forecast timeline.


Environmental Impact Caused by Product to Hinder Market Growth

Combustion of petroleum coke releases greenhouse gases along with high levels of sulfur and heavy metals. The high sulfur content further leads to sulfur dioxide emissions, impacting air quality and potentially causing health issues. It also inhibits plant growth, damages waterways & sensitive ecosystems, and harms trees and plants. Furthermore, strict government regulations, improper waste management, and rising health concerns further pose a threat to the petroleum coke market growth.

Petroleum Coke Market Segmentation Analysis

By Type Analysis

Fuel-Grade Coke Gains Momentum in Demand Due to Growing Need from Energy and Cement Applications

Based on type, the market is bifurcated into fuel grade and calcined coke.

The fuel grade coke segment accounted for the highest petroleum coke market share in 2022. The growing global energy demand, particularly in emerging economies, may drive the adoption of fuel-grade coke as an energy source in several industries including power generation and manufacturing. Additionally, the growing demand for cement on account of the rapid expansion of the construction industry can boost the use of fuel-grade coke in cement kilns as a source of heat and carbon.

The rapidly growing aluminum industry, rising product demand from the steel sector, and technological advancements will bolster the calcined segment’s growth during the forecast period.

By Application Analysis

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Product to be Widely Used in Aluminum Production Owing to High Demand from Various Industries

On the basis of application, the market is segmented into aluminum, cement, power, iron & steel, storage, and others.

The aluminum segment is expected to record the highest CAGR during the forecast timeframe. The rising demand for aluminum from industries, such as automotive and aerospace owing to its lightweight nature and high-strength capabilities is boosting the consumption of petroleum coke in the production of aluminum.

The cement segment will also showcase promising growth due to the growing infrastructure development and rapid urbanization. These factors are expected to boost the demand for the construction of buildings, thereby driving the product’s adoption. Rising demand for low-grade coke to boost power plants or industrial heating applications will augment the power segment’s growth in the market.

The iron and steel segment is anticipated to grow at a significant CAGR during the review period. The increasing adoption of lightweight, reliable, and cost-effective products in various sectors is boosting the demand for iron and steel. The demand for this material is increasing at a rapid pace in several industries, such as automotive, construction, electronics, consumer goods, and aerospace, thereby augmenting the use of pet coke.


Regionally, the market is studied across Asia Pacific, Europe, North America, South America, and the Middle East & Africa.

Asia Pacific Petroleum Coke Market Size, 2022 (USD Billion)

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Asia Pacific dominated the market with a valuation of USD 16.57 billion in 2022. The regional market’s growth is mainly associated with the increasing presence of companies that refine crude oil, growing industrialization, and sustained economic growth in China, resulting in the high demand for energy and raw materials, including pet coke. Moreover, growing steel production in the region due to large-scale construction and infrastructure development is further surging the product’s usage as a carbon source in the steel-making process.

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Europe petroleum coke market is anticipated to show significant growth owing to the robust expansion of the cement industry. The growing demand for residential spaces in Germany, Italy, and France due to rising population has surged the product’s adoption in the region.

The growing electricity demand and high focus on cost-effective energy sources in North America drive product use in power plants across the region. The U.S. is a leading contributor to the regional market’s growth. The expansion of this market is mainly attributed to rapid urbanization and infrastructure development.

Latin America is projected to record a sustainable growth rate due to increasing demand for pet coke from the steelmaking process. The rising introduction of advanced technologies in steel to make it more reliable and stronger, and growing research & development activities will support the market’s growth in the region.

The rising use of petroleum coke as a byproduct in the oil refining process is fueling its adoption in the Middle East & Africa. The growing oil & gas industry, rising industrial expansion, and increasing power generation needs will fuel the market’s growth in the region.

List of Key Companies in Petroleum Coke Market

Key Market Players to Strengthen their Position by Operating Production Plants

Key producers operating in the market are Petroleum Coke Industries Company (PCIC), Phillips 66 Company, Aminco Resources LLC, and Suncor Energy Inc. These companies are focused on capacity improvement, product innovations, acquisitions, and collaborations. For instance, PCIC is the leading single-kiln coke calciner with 350,000 tons of calcined petroleum coke capacity. The company’s plant is constructed inside the Shuaiba port for export purposes and to facilitate logistical advantages.



  • July 2023 - Venezuela's state oil firm PDVSA signed two new contracts with Latif Petrol, a Turkish company, and Reussi Trading, a St. Vincent and the Grenadines-based firm, to export up to 1.6 million metric tons of petroleum coke.


An Infographic Representation of Petroleum Coke Market

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The report provides a detailed market analysis and focuses on crucial aspects, such as leading companies, types, and applications. Also, the report offers insights into market trends and highlights vital industry developments. In addition to the abovementioned factors, the report encompasses various factors that have contributed to the market’s growth in recent years.

Report Scope & Segmentation



Study Period


Base Year


Estimated Year 


Forecast Period


Historical Period


CAGR (2023-2030)

CAGR of 6.5% from 2023-2030


Value (USD Billion), Volume (Kiloton)


By Type

  • Fuel Grade Coke

  • Calcined Coke

By Application

  • Aluminum

  • Cement

  • Power

  • Iron and Steel

  • Storage

  • Other

By Region

  • North America (By Type, Form, Application, and Country)

    • U.S. (By Application)

    • Canada (By Application)

  • Europe (By Type, Form, Application, and Country)

    • Germany (By Application)

    • U.K. (By Application)

    • France (By Application)

    • Italy (By Application)

    • Russia (By Application)

    • Rest of Europe (By Application)

  • Asia Pacific (By Type, Form, Application, and Country)

    • China (By Application)

    • Japan (By Application)

    • India (By Application)

    • Rest of Asia Pacific (By Application)

  • South America (By Type, Form, Application, and Country)

    • Brazil (By Application)

    • Mexico (By Application)

    • Rest of Latin America (By Application)

  • Middle East & Africa (By Type, Form, Application, and Country)

    • Saudi Arabia (By Application)

    • South Africa (By Application)

    • Turkey (By Application)

    • Rest of the Middle East & Africa (By Application)

Frequently Asked Questions

Fortune Business Insights says that the market size was valued at USD 26.50 billion in 2022 and is projected to reach USD 43.21 billion by 2030.

In 2022, the market value in Asia Pacific stood at USD 16.57 billion.

Recording a CAGR of 6.5%, the market will exhibit steady growth during the forecast period of 2022-2030.

Fuel-grade coke is the leading segment in this market.

The growth of the construction and automotive industries is set to drive the market growth.

Petroleum Coke Industries Company, Phillips 66 Company, Aminco Resources LLC, and Suncor Energy Inc. are a few of the leading players in the global market.

Asia Pacific dominated the market in 2022.

Rapid infrastructure development and a growing construction industry are expected to drive the product’s adoption.

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