%20Market.jpg "Global Petroleum Coke Market Size") |
| Global Petroleum Coke Market Size |
Petroleum coke or petcoke refers to a solid carbon material that is obtained
from oil refining and is largely used as a solid fuel or in the production of
industrial materials such as aluminum, metal, and other industrial products.
Petroleum coke is a by-product of the coker process, wherein residual oils from
crude oil refining are converted to less complex hydrocarbon structures in
several cracking steps with heat. Petroleum coke has a higher heating value and
lower ash content than coal and is thus an attractive alternative for several
industrial and power generation applications.
The global
petroleum coke market is estimated to be valued at US$ 32.66 Bn in 2024 and is
expected to exhibit a CAGR of 14.% over the forecast period 2024 to 2031, as highlighted
in a new report published by Coherent Market Insights.
Market Opportunity:
The key opportunity driving growth in the petroleum coke market include rising
steel production across the globe. Petroleum coke acts as an ideal substitute
for coal in steel production due to its higher energy content and lower ash
content. According to World Steel Association (WSA), global steel production
was around 1,965 MnT in 2021 and is projected to increase at a CAGR of 2.7%
from 2021 to 2031. Developing regions such as Asia Pacific, Latin America, and
Middle East are witnessing strong growth in infrastructure development and
construction activities which is propelling the demand for steel. As petroleum
coke is largely used in steel production as a source of heat, increasing steel
demand from key end-use industries will favor the growth of the petroleum coke
market over the forecast period.
Porter's Analysis
Threat of new entrants: The petroleum coke market requires substantial capital
investment in production facilities and distribution networks, which acts as a
deterrent for new companies entering this market. However, increasing demand
offers opportunities for new players.
Bargaining power of buyers: The presence of many established buyers negatively
impacts individual buyer bargaining power. However, large petroleum coke
consuming industries can negotiate prices based on volume.
Bargaining power of suppliers: Major petroleum coke producers have significant
control over supply, which gives them strong bargaining power against buyers.
However, the availability of alternative materials for energy generation may
reduce supplier dominance.
Threat of new substitutes: Alternatives like renewables present a growing
threat, while more efficient use of petroleum coke in existing applications may
also reduce demand growth over the long run.
Competitive rivalry: Large globally diversified petroleum coke producers
dominate supply and engage in price competition to gain market share.
SWOT Analysis
Strengths: Wide applications in cement manufacturing, power generation,
aluminum smelting and others drive steady demand. Established supply chains
ensure stable supplies.
Weaknesses: Heavy reliance on a few large petroleum refining companies exposes
producers to their investment cycles. Environmental concerns surrounding fossil
fuel-based materials pose a challenge.
Opportunities: Expanding cement and power industries in developing nations
offer significant potential for volume growth. Trade relations and logistics
networks boost access to new markets.
Threats: Tighter emission regulations can reduce petroleum coke consumption.
Rising adoption of alternative fuels threatens market share in the long run.
Volatile oil prices impact supply availability and price stability.
Key Takeaways
Global
Petroleum Coke Market Size is expected to witness high growth over the
forecast period, driven by expanding demand from cement and power industries
across major developing economies in Asia Pacific, Latin America, and Middle
East and Africa regions.
Regional
analysis shows that China, India, and countries in the Middle East have emerged
as dominant regional markets, owing to strong economic growth, rapid
urbanization, and increasing investments in infrastructure development.
Key players
operating in the petcoke market are Alma Laser, Hologic, Inc. (Cynosure),
Abbvie (Allergan), Solta Medical, Candela Medical, Merz Pharma GMBH, Revance
Therapeutics Inc., Lumenis, Galderma Pharmaceuticals S.A., and Johnson &
Johnson Services, Inc., among others. The petroleum coke industry is
consolidated, with leading petroleum refining companies controlling a major
share of global production capacity. Market participants are adopting strategic
expansions and acquisitions to consolidate regional presence and enhance
integrated supply capabilities.
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