Green Petroleum Coke Market Forecast To Register CAGR Of Over 6.10% during the forecast period 2024 – 2033

As per the current market research conducted by the CMI Team, the global Green Petroleum Coke Market size is expected to record a CAGR of 6.1% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 18,204.7 Million. By 2033, the valuation is anticipated to reach USD 31,018.7 Million.

Green Petroleum Coke Market: Growth Factors and Dynamics

• Increasing Demand from Aluminum Industry: The aluminum industry is one of the primary consumers of green petroleum coke. As the demand for aluminum products, particularly in sectors like automotive, construction, and packaging, continues to rise globally, the demand for green petroleum coke, used as a key raw material in the aluminum smelting process, is also increasing.

• Growing Steel Production: The steel industry is another significant consumer of green petroleum coke, primarily as a fuel in the production process. With the growing construction and infrastructure development activities worldwide, especially in emerging economies, the steel demand is on the rise, consequently boosting the demand for green petroleum coke.

• Expansion of Cement Manufacturing: Green petroleum coke is also used as a fuel in cement kilns, providing high energy content. With urbanization and infrastructure development projects underway in various parts of the world, the cement industry is witnessing steady growth. This expansion in cement manufacturing activities is driving the demand for green petroleum coke.

• Advancements in Production Technologies: Advancements in refining technologies have led to increased production of green petroleum coke. Furthermore, innovations in the conversion of green petroleum coke into higher-value products like calcined coke are enhancing market growth. These technological advancements contribute to the increased availability and quality of green petroleum coke, driving market expansion.

• Regional Economic Development: Economic growth in emerging markets, particularly in Asia-Pacific and Latin America, is driving industrial activities, including aluminum smelting, steel production, and cement manufacturing. This economic development is fueling the demand for green petroleum coke in these regions, propelling market growth.

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Green Petroleum Coke Market: Partnership and Acquisitions

• In 2022, Sanvira Carbon FZC LLC completed Oman’s inaugural calcined coke project, a $150 million initiative aiming to bolster calcined petroleum coke production. With an annual capacity of 600,000 tonnes, it supports Oman’s goal of fostering domestic manufacturing and reducing reliance on imports.

• In 2022, ExxonMobil collaborates with Texas A&M University researchers to repurpose petroleum coke, a refining byproduct, into graphene via electrochemical exfoliation. This innovative method promises to transform waste into a valuable material with diverse applications.

Green Petroleum Coke Market: COVID-19 Analysis

The COVID-19 pandemic has significantly impacted the Green Petroleum Coke Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

• Disruption in Supply Chains: During the COVID-19 pandemic, restrictions on movement and trade disruptions caused significant disruptions in supply chains across industries, including the petroleum sector. This disruption impacted the availability of raw materials like green petroleum coke, leading to fluctuations in production and distribution.

• Decline in Industrial Activities: The implementation of lockdowns and restrictions to curb the spread of COVID-19 resulted in a decline in industrial activities worldwide. Industries such as aluminum smelting, steel manufacturing, and cement production, which are major consumers of green petroleum coke, experienced slowdowns or shutdowns, leading to reduced demand for the product.

• Resumption of Economic Activities: As countries gradually lift restrictions and economies reopen, industrial activities, including aluminum smelting, steel manufacturing, and cement production, are expected to resume. This resumption of economic activities would drive the demand for green petroleum coke, aiding in the market’s recovery.

List of the prominent players in the Green Petroleum Coke Market:

• Chevron Corporation
• Exxon Mobil Corporation
• Royal Dutch Shell plc
• BP plc (British Petroleum)
• Reliance Industries Limited
• Marathon Petroleum Corporation
• Valero Energy Corporation
• Indian Oil Corporation Limited (IOCL)
• Phillips 66 Company
• Oxbow Corporation
• PBF Energy Inc.
• Repsol S.A.
• Petrobras (Petroleo Brasileiro S.A.)
• CITGO Petroleum Corporation
• CNPC (China National Petroleum Corporation)
• Others

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