Calcined Petroleum Coke Market - Forecast(2023 - 2028)

Calcined Petroleum Coke Market size is forecast to reach $10 billion by 2025, after growing at a CAGR of 4.6% during 2020-2025. The key factors driving the calcined petcoke market growth include rising demand for petroleum coke in the steel industry as an additive in the electrodes or as a carburizer, development in the cement and power generation industries, growth in the supply of heavy oils globally and favorable government initiatives regarding the sustainable and green environment. In addition, the use of anode grade petcoke and needle coke during the production of steel and in graphite electrodes, respectively is expected to drive the market growth. 

The report: “Calcined Petroleum Coke Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Calcined Petroleum Coke Industry. 

By Type: Needle Coke, Shot Coke, Sponge Coke, Honeycomb Coke and others.

By Application: Fuel, Aluminum, Bricks & Glasses, Paints & Coatings, Titanium Dioxide, Steel, Fertilizer, and others.

By Geography: North America, South America, Europe, APAC, and RoW.

Needle coke held the largest share in the calcined petcoke market in 2019. Needle Petroleum Coke or needle petcoke is a premium grade calcined product. It contains needle-like crystals and is used in the manufacturing of electrodes, which are used in the steel industry, owing to its electrical conductivity and physical properties. Needle coke is used in the production of steel, it is employed in manufacturing graphite electrodes, which are used in electric arc and induction furnaces. Growing demand for steel and aluminum driven by flourishing construction, automobiles and transportation sector will stimulate the product demand. In addition, rapid commercialization & industrialization, primarily across developing countries will further augment the industry growth in the coming years.

Aluminum application held the largest share in the calcined petcoke market in 2019 and is growing at a CAGR of 5%, owning to increasing aluminum demand and increasing calcined petcoke usage in manufacturing aluminum. High ductility, anti-corrosion property, light weight and excellent thermal & electrical conductivity are some of the key properties of aluminum which makes it suitable for key industries including medical, electrical components and ceramics. In addition, rapid urbanization across emerging economies has created an incremental demand for the metal, which will drive the market growth over the forecast period. Calcined petcoke demand across power plants is expected to witness growth owing to increasing adoption of fuel with high energy content along with the growing demand for electricity across emerging economies. High fuel stability and less risk of combustion during transportation are some of the key factors driving the product adoption.

Asia Pacific held the largest share in the Calcined Petroleum Coke market in 2019 up to 40%. owing to the growing infrastructural activities such as building, roads, bridges and dams constructions in the countries such as India, China and Singapore due to economic reforms, infrastructural development, and rising per capita income of the individuals. Also, the population growth is resulting in the need for more residential and commercial sectors. The Indian government has initiated projects, such as ‘100 smart cities’ and ‘Housing for All by 2022,’ which are expected to drive the Indian residential construction market over the forecast period. According to Australian trade and investment commission, Singapore government spends at least S$2 billion on public infrastructure each month. Also, the government projected Singapore’s average construction demand for 2018 and 2019 between S$26 billion to S$35 billion. According to International Trade Administration (ITA), the construction value of China in 2018 was USD 893.58 and it is forecasted to reach USD 968.06 by 2019. Also, the Chinese construction industry is forecasted to grow at an annual average of 5% in real terms between 2019 and 2023. Government of India established the National Steel Policy (NSP) 2017, to create a globally competitive steel industry in India. NSP 2017 envisages 300 million tonnes (MT) steel-making capacity and 160 kg per capita steel consumption by 2030-31. Such investments and initiatives by the government in APAC region are anticipated to drive the calcined petcoke market during the forecast period. 

The demand for steel is substantially increasing due to which calcined petcoke are showing significant increase in their production rate. According to the world Steel Association, the steel output increased by 3.8 percent to 1,690 million tonnes and steel consumption increased by 5.1 percent to 1,693 million tonnes globally. The steel industry is expanding at a lucrative rate in Asia Pacific regions such as in India. India is the world’s second-largest steel producer, and its steel production capacity has expanded from 106.5 million tones in 2018 to 137.975 million tones in 2019. The steel industry is also showing a significant increase in the North American region such as in United States. During the North American Free Trade Agreement (NAFTA), the U.S. monthly steel consumption indicator increased by 3.7% during January to August 2018, year-on-year. The Steel consumption also increased in Argentina (1%) and Ecuador (4%) during January-November 2018. The rising demand for steel and steel related products acts a driver for the calcined petcoke market during the forecast period.

Calcined Petroleum Coke has a higher carbon content compared to coal containing almost more than 90 percent of carbon and, based on the calorific value, the Calcined Petroleum Coke has a value of more than 7,000 kcal / kg which is nearly double that of coal. As it is the by-product of the refineries the value of the Calcined Petroleum Coke is cheap as compared to the coal. Currently there is no other substitute available for the Calcined Petroleum Coke so the demand of the market is experiencing a substantial growth. High yield, cheap price have been the key benefits resulting in growing preference for Calcined Petroleum Coke by the end users over coal. 

The ban on coal mining is likely to hamper the supply, thereby creating a supply shortage in the industry as crude oil distillates and residues are the major sources for calcined petcoke derived from the petroleum industry. The fluctuating prices of crude oil have a similar impact on the prices of petcoke which has led manufacturers to incur unexpected losses at times. According to, BP Statistical Review of World Energy, in the recent year there is been an increase in the price volatility of crude oil, such as the crude oil price decreased from $98.95 in 2014 to $52.39 in 2015 and increased from $43.73 in 2016 to $71.31 in 2018.

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Calcined Petroleum Coke Market. In 2019, the market of Calcined Petroleum Coke Market has been consolidated by the top five players accounting for xx% of the share. Major players in the Calcined Petroleum Coke market includes Oxbow Corporation, Atha Group, Rain Industries Limited, HPCL-Mittal Energy Limited (HMEL), Essar Oil Ltd., Henze International LLC, BP, Chevron Corporation, and ArcelorMittal, among others.