The petroleum coke market is comprising of various grades of petroleum coke such as fuel grade coke and calcined petroleum coke. Petroleum coke which is a byproduct of the oil refining process has high carbon content and is predominantly used to produce carbon anodes in the aluminum and steel industry. Petroleum coke has high calorific value and is an important ingredient for electric arc furnaces (EAF) used in steel production. The growing steel and aluminum industry has been driving the demand for petroleum coke over the years.

Key Takeaways
Key players operating in the petroleum coke 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 highly concentrated with few players capturing majority of the market share.

Key opportunities in the petroleum coke market include growing prominence of calcined petroleum coke in aluminum smelting. Calcined petroleum coke contributes over 80% of total carbon use for aluminum production, hence growing aluminum demand will boost calcined petroleum coke market. The graphite electrode manufacturing sector is projected to provide new growth avenues for petroleum coke in the forecast period.

Expansion of steel manufacturing facilities especially in Asia Pacific region will aid global expansion of Petroleum Coke (Petcoke) Market Growth in coming years. Countries such as China, India and other Southeast Asian countries are witnessing exponential steel demand growth, hence calcined petroleum coke market will also expand to cater requirement of carbon anodes from these emerging economies. New fabrication units for aluminum and steel will come up in regions having abundance of bauxite and iron ore reserves, facilitating regional petroleum coke trade.

Market drivers and Restrain
The growing steel industry is one of the major drivers for the petroleum coke market. As mentioned earlier, petroleum coke is extensively used as a fuel and reducing agent in electric arc furnaces used for steel production. According to World Steel Association, global crude steel production increased by 4.6% to reach 1,869.9 million tonnes (MT) in 2021. Expanding electric arc furnace steel capacity will positively impact petroleum coke consumption.

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