Calcined Petroleum Coke Market Size, Share, Growth Analysis, By Type(Anode Grade, Needle Grade), By End Use(Carburizing & Recarburizing Electric Arc & Induction Furnaces, Others), By Region - Industry Forecast 2024-2031

Calcined Petroleum Coke Market size was valued at USD 39.15 billion in 2019 and is poised to grow from USD 51.66 billion in 2023 to USD 75.3 billion by 2031, growing at a CAGR of 6.9% in the forecast period (2024-2031).

The 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 scale. The production of electrodes for use in electric arc and induction furnaces in the metal industry uses calcined petroleum coke extensively.

The 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 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.