Petcoke Market Growth Analysis, Industry Outlook, & Forecast by 2024
Date: 2018-12-18   Author: Rahul Sankrityayan  Category: #market

Petcoke Market Growth Analysis, Industry Outlook, & Forecast by 2024

The pressing need to reduce the dependency on fossil fuels and the increasing demand for clean fuel is set to stir up Petroleum Coke Market demand in the coming years. Petroleum coke, also known as petcoke, is usually used as a carbon or a source of energy in industrial applications. The high calorific value, and high carbon & low ash content of petroleum coke makes it quite preferable when compared with other available counterparts. Owing to these characteristics, petcoke is being increasingly used as a low-price alternative to coal, finding a plethora of applications in in coal-fired power plants.

Presently, the petroleum coke market size is proliferating phenomenally, subject to the rising demand for fuel grade coke in the industrializing economies of Asia Pacific. India and China are likely to experience sizable growth pertaining to petroleum coke industry share, owing to the rapid commercialization and the unprecedented demand of power in these countries. As per the report, India petroleum coke market is pegged to witness lucrative growth avenues, subject to growing demand for coke from cement and aluminum industries across the region.

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The surging measures to reduce the dependency on coal, and replace it with petcoke is set to amplify the regional industry share. Estimates claims that petroleum coke market demand in the country will register an annual growth rate of 8% over coming seven years. According to the recent statistics compiled by the Ministry of Petroleum and Natural Gas, India is the second largest petroleum coke consuming country in Asia, after China. The annual consumption of petcoke in India is around 14 mnt and the product in the region is however at 12 mnt, which also indicates the supply demand gap in this region.

In contrast, the environmental concerns and pollution-causing traits due to growing industrialization is in a way affecting the growth of petroleum coke market. Stringent governmental regulations to reduce carbon emissions have made negative impacts on the use of petroleum coke. Nevertheless, to counter this, petroleum coke industry players are engaging in gasification of petcoke, which will lead to the production of clean power. This economical, efficient, and environmentally safe utilization of petcoke has become imperative in the present-day petroleum refining scenario. In regard to this, the gasification process of petroleum coke has emerged as one of the most popular options and is gaining mass popularity as a viable option to convert the petcoke to clean value-added products.

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The recent deal of Reliance Industries (RIL) and the British energy major BP jointly investing USD 6 billion (Rs 40,000 crore) in commercial gas production and across the entire energy value chain in India, is one such instance quoting the active involvement of industry participants in enhancing the energy value chain. The company’s petcoke gasification project of Jamnagar, touted as the largest petcoke gasification project in the world, is in its advancing stage and is set to ensure energy efficiency by converting petcoke into high-value fuels.

Considering the application scope, power plants, steel, cement, and aluminum industries are the predominant end-users of petroleum coke market. Amongst these, power plant application is one of the leading segments, accounting for more than 18% of overall petroleum coke industry share in 2016. Cement industry is another lucrative end-user that is poised to witness rapid growth in the coming seven years.

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Owing to petcoke’s low freight costs and better resource conservation ability, petroleum coke industry is likely to witness remarkable growth avenues in the ensuing years. As per a report compiled by Global Market Insights, Inc., the global petroleum coke market size was worth USD 11 billion in 2016 and is projected to surpass USD 25 billion by 2024. Furthermore, the industry analysts have also estimated the total annual capacity to outdo 190 MMT by 2024.

The major companies partaking in petroleum coke industry share include Saudi Aramco, BP, ExxonMobil, Essar Oil, Indian Oil, Royal Dutch Shell, Bharat Petroleum, Husky Energy, and Marathon Petroleum, Reliance, Aminco Resources, and HPCl-Mittal Energy.

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Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for AlgosOnline, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in t...

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