Global Calcined Petroleum Coke Market

Global Calcined Petroleum Coke Market Size, Share, Growth Analysis, By Type(Anode Grade, Needle Grade), By End Use(Carburizing & Recarburizing Electric Arc & Induction Furnaces, Others) - Industry Forecast 2023-2030


Report ID: SQMIG10B2033 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 61 | Figures: 75

Global Calcined Petroleum Coke Market Insights

Calcined Petroleum Coke Market size was valued at USD 39.15 billion in 2021 and is poised to grow from USD 51.66 billion in 2022 to USD 75.3 billion by 2030, growing at a CAGR of 6.9% in the forecast period (2023-2030).

Green or raw petroleum coke is produced by delaying the coking of leftovers received from crude oil distillation units of oil refineries. Calcined Petroleum Coke is the name for the aforementioned Green or Raw Petroleum Coke that has been heated to a temperature of 12000 to 13000 degrees Celsius. Calcined petroleum coke is widely used in the production of various carbon and graphite products, as well as for the melting of alumina in the aluminum industry, as a carbon raiser in the production of special high carbon steel in foundries, as a conductive backfill in ground electrode stations, and for other purposes.

The rise in demand for petroleum coke in the steel industry, expansion in the cement and power generation sectors, expansion in the supply of heavy oils globally, and supportive government initiatives regarding a sustainable and green environment are the main factors propelling the global calcined petroleum coke market growth. For example, India, which accounts for approximately 7% of the world's installed capacity, is the second-largest cement manufacturer in the world. In FY22, India's total capacity for cement manufacturing was close to 545 million tonnes (MT). 98 percent of the overall capacity is held by the private sector, and the remaining 2 percent by the governmental sector. About 70% of all cement produced in India is produced by the top 20 businesses. India has extensive limestone reserves of excellent quality and quantity, which offers the cement sector tremendous expansion potential. Because of the rising demand for various sectors, such as housing, commercial development, and industrial construction, the demand for cement is predicted to reach 419.92 MT per annum (MTPA) by FY 27. In FY21, the total amount of cement produced was 294.4 million tonnes (MT), down from 329 million tonnes (MT) in FY20.

The primary reason for the growth of the global calcined petroleum coke market is an increase in construction spending coupled with a rise in the demand for pre-engineered buildings (PEB), particularly in the growing economies of Asia Pacific, including China, India, Japan, and Thailand among others. Over the projected period, economic growth and population growth in these economies are anticipated to have a further positive impact on the development of the global calcined petroleum coke market.

Nearly every business has been severely impacted by the COVID-19 epidemic, but the worldwide oil and gas sector may have taken the worst blow. Many oil and gas businesses have been forced by the virus's spread to scale back or stop their physical activities, which has had an impact on both upstream and downstream operations as well as output. Similar to the calcined petroleum coke, which was negatively impacted because it is a byproduct of petroleum and the oil and gas sector was not operating as it should. Lockdowns and instructions to stay at home caused a 10% drop in oil consumption in March and a 30% drop in April.

The International Energy Agency (IEA) predicts a 6-10% decline in demand in 2020 or a loss of 9.3 million barrels per day (bpd). Return to 2019 levels is not anticipated any time soon, even when limitations are relaxed and nations start to reopen. Demand fell by historic amounts as a result of COVID-19, and Saudi Arabia and Russia's pricing war led to a slump in crude oil prices. When the epidemic reached its height in Asia in early March, OPEC opened its taps, dumping cheap oil on the world. Despite a 28 million bpd decline in global demand, this persisted into April as OPEC raised output by 2.3 million bpd. The suspension of manufacturing is also anticipated to impede the global calcined petroleum coke market.

US Calcined Petroleum Coke Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2023-2030

Global Market Size

USD 39.15 billion

Largest Segment

Anode Grade

Fastest Growth

Anode Grade

Growth Rate

6.9% CAGR

Global Calcined Petroleum Coke Market 2022-2028 ($ Bn)
Country Share for Asia Pacific Region- 2021 (%)
Global Calcined Petroleum Coke Market Size By Type 2022-2028 ($ Bn)
Global Calcined Petroleum Coke Market Size By Type 2022-2028 (%)

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Global Calcined Petroleum Coke Market Segmental Analysis

Global calcined petroleum coke market is segmented based on the type, end-user, and region. Based on type, global calcined petroleum coke market is segmented into anode grade and needle grade. Based on end-user, global calcined petroleum coke market is segmented into carburizing & recarburizing electric arc & induction furnaces, and others. Based on region, Calcined Petroleum Coke Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Calcined Petroleum Coke Market Analysis by Type

Due to its outstanding physical and electrical conductivity, the anode grade sector had the greatest share of the global calcined petroleum coke market. A product with a high carbon concentration is called anode grade. As refineries in key producing countries approach the autumn maintenance season, the price of anode-grade green petroleum coke (GPC) is projected to increase throughout the remainder of 2020. China is the world's largest producer of anode-grade coke, with around 22 million t/yr of green coke production capacity at state-owned refiner Sinopec alone. Only around 60% of this capacity is really being used by the refinery. Another significant source of anode-grade GPC for China and the US Gulf is South America. However, the International Maritime Organization restrictions regulating bunker sulphur limits that went into effect at the beginning of the year have made it more difficult to generate coke there, in addition to the interruptions caused by Covid.

India's calcium market has been impacted by China's competitive environment. However, dealing with decreased GPC quantities and shifting quality standards is nothing new in this business. As it has done with prior supply movements, the business will be able to minimize these fluctuations in supply by making purchases from many geographic areas and collaborating closely with its smelter clients. This is expected to boost the growth of the global calcined petroleum coke market during the forecast period.

Calcined Petroleum Coke Market Analysis by End User

The global calcined petroleum coke market's largest share was accounted for by the sector of electric arc and induction furnaces. Calcined petroleum coke is used to make the electrodes used in the construction of electric and induction furnaces. These furnaces are frequently employed in the production of steel, the rapid growth of the steel industry is boosting this segment and will continue to do so during the forecast period. For example, the All India Induction Furnaces Association (AIIFA), the country's leading association for electric induction furnace manufacturers, represents a significant portion of the steel production facilities using this method. All fifty states in the US are home to more than 1000 induction furnace units and more than 1200 steel rolling mill units. Around 27 percent of the nation's domestic crude steel production—30 million tonnes (MT)—is produced by these mills each year.

Furthermore, the Department of Heavy Industries announced the launch of the Samarth Udyog Bharat 4.0 initiative in 2021 with the goal of accelerating the adoption of innovative technologies and process automation to expand the manufacturing sector across India by the end of 2025, according to the India Brand Equity Foundation (IBEF). Numerous efforts are anticipated to increase demand in the market since induction furnaces help reduce metal melting times and boost productivity throughout the metallurgy and metal-producing sectors.

Global Calcined Petroleum Coke Market By Type 2021 (%), 2021 (%)

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Global Calcined Petroleum Coke Market Regional Insights

In 2021, Asia-Pacific accounted for a majority of global calcined petroleum coke market owing to the region's increased investment in infrastructure projects in nations like China, India, and Singapore. Additionally, the increase in population is driving up the demand for new residential and commercial infrastructure. For example, in India, the government is always attempting to improve India's infrastructure. Additionally, Budget 2020 gave infrastructure development a boost to increase expenditure on roads, highways, railroads, airports, and ports. The government designated over 6500 projects under the National Infrastructure Pipeline (NIP) to create a $5 trillion economy by 2025, allocating over 103 lakh crores for infrastructure projects.

Furthermore, in 2017, the Indian government announced an investment of INR 6,920 billion to build 83,677 km of roads over the next five years. The new FY2021 budget also includes funds for expedited road and highway development. ICRA expects that road improvements will be completed in around 9000Km, which is 10% less than the previous year owing to the impact of COVID-19. However, toll collections on national roads increased to 87 percent of pre-COVID levels in the second half of July 2020, indicating a recovery that is still in its early stages. Increased investment in constructing roads and highways raises the demand for labor, mining equipment, and other resources, which helps put money into the hands of the general public.

According to estimates, the U.S. exports more calcined petcoke than any other country. In December 2021, 2,096,496 metric tonnes of petcoke were exported from Delaware, Louisiana, Mississippi, Texas, and Virginia combined. This number exceeds December 2020 by 192,244 MT, overall exports were 100,213 MT more than the 12-month average, and petcoke exports for December 2021 were 193,974 MT higher than the 6-month average, representing a 30% rise from November 2021. Since a sizable amount of electricity may be produced at an affordable rate, the cheap cost of calcined petroleum coke is anticipated to be a key draw for its import. This will help the North American region to observe significant growth during the forecast period in the global calcined petroleum coke market.

Global Calcined Petroleum Coke Market By Geography, 2022-2028, 2023-2030
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Global Calcined Petroleum Coke Market Dynamics

Calcined Petroleum Coke Market Driver

  • Due to the expanding steel sector, advancements in the cement and power generation industries, expansion in the supply of heavy oils, and supportive government activities addressing the environment, demand for calcined coke is fast increasing on a global scale. The production of electrodes for use in electric arc and induction furnaces in the metal industry uses calcined petroleum coke extensively.
  • Over the projected period, the demand for the product is anticipated to be impacted by the rising imports and exports around the world. It is anticipated that increasing steel output in the Middle East, Africa, and Asia Pacific would have an impact on the demand for CPC. In addition, it is anticipated that the growing economies of China and India, which are both urbanizing and industrializing quickly, would propel market expansion.

Calcined Petroleum Coke Market Restraint

  • Since crude oil distillates and residues are the main sources for calcined petroleum coke obtained from the petroleum sector, the prohibition on coal mining is anticipated to hinder the supply, leading to a supply constraint in the industry. Similar effects of crude oil price fluctuations on petroleum coke pricing have occasionally caused producers to suffer unanticipated losses. This may prove to be a barrier to the global calcined petroleum coke market expansion.

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Global Calcined Petroleum Coke Market Competitive Landscape

The global calcined petroleum coke market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. For example, for €66.6 million, Oxbow Carbon LLC (Oxbow) announced that it has successfully acquired 50.1 percent of OVET Holding B.V. (OVET) from H.E.S. Beheer N.V. (HES). Southwest Netherlands' Terneuzen and Flushing dry bulk terminals are owned and managed by OVET. Additionally, OVET owns a 50% stake in OBA Group B.V. (OBA), which runs the OBA dry bulk port in Amsterdam, the Netherlands. Steam coal, coking coal, petroleum coke, anthracite, agribulk, minerals, biomass, and other solid bulk goods are handled at the OVET and OBA terminals, mostly for usage in the Netherlands, Germany, Belgium, and France. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions.

Top Players in the Global Calcined Petroleum Coke Market

  • Oxbow Corporation
  • Rain Carbon Inc
  • Petrobras
  • ExxonMobil Corporation
  • Saudi Arabian Oil Company (Aramco)
  • BP plc
  • Indian Oil Corporation Ltd.
  • Essar Oil Ltd.
  • Phillips 66 Company
  • Chevron Corporation
  • Reliance Industries Limited
  • Royal Dutch Shell plc
  • Valero Energy Corporation
  • Sinoway Carbon Co. Ltd.
  • Goyal MG Gases Pvt. Ltd.
  • Atha Group
  • Goa Carbon Limited
  • Mitsubishi Chemical Corporation
  • Nippon Coke & Engineering Company, Ltd.
  • China Petroleum & Chemical Corporation (Sinopec)

Calcined Petroleum Coke Market Recent Developments

  • In May 2022, an agreement was struck by Metso Outotec and Vulcan Pelletizing LLC for the delivery of engineering and essential equipment for an iron ore Grate Kiln pellet plant. The factory is situated in Sohar, the Sultanate of Oman's industrial port. The order, which has an estimated value of EUR 33 million, has been recorded in Metals' Q2 2022 orders received. The Oman-based Jindal Shadeed Iron & Steel LLC will receive pellets from the pellet facility.
  • In May 2022, Tesab, a business established in Northern Ireland that specializes primarily in mobile crushing equipment for aggregates applications such as quarrying, recycling, asphalt, and concrete, has been fully acquired by Metso Outotec. The product line from Tesab will enhance Metso Outotec's in the mobile crushing and screening industries. With its more than 60 workers merging into the Metso Outotec group, Tesab continues to operate as an independent product brand inside the company.

Global Calcined Petroleum Coke Key Market Trends

  • The global calcined pet coke market is anticipated to increase as possibilities in the end use sector expand. Strong prospects for the market are anticipated to arise in the near future as a result of industry growth in areas such as paints & coatings, steel, fertilizer, etc. To meet worldwide demand and raise their market share as much as possible, major companies in the calcined pet coke market are preparing to expand their production capabilities.
  • To increase their worldwide reach, the major manufacturers are also interested in forming a long-term collaboration with direct end consumers. According to the value chain network, effective supply is seen to be important, and smart partnerships with end-use businesses and distributors can result in steady sales.

Global Calcined Petroleum Coke Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our global calcined petroleum coke market analysis, in terms of type, due to its outstanding physical and electrical conductivity, the anode grade sector had the greatest share of the global calcined petroleum coke market. Based on end-use, the electric and induction furnaces segment held the largest share in the global calcined petroleum coke market as these furnaces are frequently employed in the production of steel, the rapid growth of the steel industry is boosting this segment and will continue to do so during the forecast period. And by region, the Asia-Pacific region held the largest share in the global calcined petroleum coke market because of the region's increased investment in infrastructure projects in nations like China, India, and Singapore. Additionally, the increase in population is driving up the demand for new residential and commercial infrastructure.

Report Metric Details
Market size value in 2021 USD 39.15 billion
Market size value in 2030 USD 51.66 billion
Growth Rate 6.9%
Base year 2021
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Anode Grade, Needle Grade
  • End Use
    • Carburizing & Recarburizing Electric Arc & Induction Furnaces, Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Oxbow Corporation
  • Rain Carbon Inc
  • Petrobras
  • ExxonMobil Corporation
  • Saudi Arabian Oil Company (Aramco)
  • BP plc
  • Indian Oil Corporation Ltd.
  • Essar Oil Ltd.
  • Phillips 66 Company
  • Chevron Corporation
  • Reliance Industries Limited
  • Royal Dutch Shell plc
  • Valero Energy Corporation
  • Sinoway Carbon Co. Ltd.
  • Goyal MG Gases Pvt. Ltd.
  • Atha Group
  • Goa Carbon Limited
  • Mitsubishi Chemical Corporation
  • Nippon Coke & Engineering Company, Ltd.
  • China Petroleum & Chemical Corporation (Sinopec)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Calcined Petroleum Coke Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Calcined Petroleum Coke Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Calcined Petroleum Coke Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Calcined Petroleum Coke Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

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Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Calcined Petroleum Coke Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Calcined Petroleum Coke Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

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FAQ's

Calcined Petroleum Coke Market size was valued at USD 39.15 billion in 2021 and is poised to grow from USD 51.66 billion in 2022 to USD 75.3 billion by 2030, growing at a CAGR of 6.9% in the forecast period (2023-2030).

The global calcined petroleum coke market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. For example, for €66.6 million, Oxbow Carbon LLC (Oxbow) announced that it has successfully acquired 50.1 percent of OVET Holding B.V. (OVET) from H.E.S. Beheer N.V. (HES). Southwest Netherlands' Terneuzen and Flushing dry bulk terminals are owned and managed by OVET. Additionally, OVET owns a 50% stake in OBA Group B.V. (OBA), which runs the OBA dry bulk port in Amsterdam, the Netherlands. Steam coal, coking coal, petroleum coke, anthracite, agribulk, minerals, biomass, and other solid bulk goods are handled at the OVET and OBA terminals, mostly for usage in the Netherlands, Germany, Belgium, and France. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions. 'Oxbow Corporation', 'Rain Carbon Inc ', 'Petrobras', 'ExxonMobil Corporation', 'Saudi Arabian Oil Company (Aramco)', 'BP plc', 'Indian Oil Corporation Ltd.', 'Essar Oil Ltd.', 'Phillips 66 Company', 'Chevron Corporation', 'Reliance Industries Limited', 'Royal Dutch Shell plc', 'Valero Energy Corporation', 'Sinoway Carbon Co. Ltd.', 'Goyal MG Gases Pvt. Ltd.', 'Atha Group ', 'Goa Carbon Limited', 'Mitsubishi Chemical Corporation', 'Nippon Coke & Engineering Company, Ltd.', 'China Petroleum & Chemical Corporation (Sinopec)'

Due to the expanding steel sector, advancements in the cement and power generation industries, expansion in the supply of heavy oils, and supportive government activities addressing the environment, demand for calcined coke is fast increasing on a global scale. The production of electrodes for use in electric arc and induction furnaces in the metal industry uses calcined petroleum coke extensively.

The global calcined pet coke market is anticipated to increase as possibilities in the end use sector expand. Strong prospects for the market are anticipated to arise in the near future as a result of industry growth in areas such as paints & coatings, steel, fertilizer, etc. To meet worldwide demand and raise their market share as much as possible, major companies in the calcined pet coke market are preparing to expand their production capabilities.

In 2021, Asia-Pacific accounted for a majority of global calcined petroleum coke market owing to the region's increased investment in infrastructure projects in nations like China, India, and Singapore. Additionally, the increase in population is driving up the demand for new residential and commercial infrastructure. For example, in India, the government is always attempting to improve India's infrastructure. Additionally, Budget 2020 gave infrastructure development a boost to increase expenditure on roads, highways, railroads, airports, and ports. The government designated over 6500 projects under the National Infrastructure Pipeline (NIP) to create a $5 trillion economy by 2025, allocating over 103 lakh crores for infrastructure projects.

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Global Calcined Petroleum Coke Market

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