North America Petcoke Market Size - By Grade (Fuel Grade, Calcined Petcoke), By Physical Form (Sponge Coke, Purge Coke, Shot Coke, Needle Coke), By Application & Growth Forecast, 2024 – 2032

North America Petcoke Market Size

North America Petcoke Market was valued at USD 8.5 billion in 2023 and is set to grow at 2.7% CAGR from 2024 to 2032. The growing demand to process heavy oil, leading to a significant expansion of refinery capacity, is expected to drive up regional demand for petroleum coke. Over the past decade, petcoke has been extensively utilized in the cement and aluminum manufacturing industries due to its high calorific value and low ash content. This trend is likely to enhance industry dynamics, supported by increased investment in regional infrastructure.

The product has been classified as non-hazardous waste by several government agencies, including the EPA, resulting in increased demand. The expanding steel applications, fueled by rapid industrialization and commercialization, are poised to propel the industry forward. In addition, the product is extensively used in electrode production within the steel industry. Additionally, the enforcement of stringent emission regulations related to coal usage in power generation and other manufacturing facilities will further drive the petcoke market growth.
 

North America Petcoke Market Trends

The regional increase in refining capacity is creating favorable conditions for the petcoke industry. Petroleum coke, a byproduct of the refining process, is produced in significant quantities by many U.S. crude oil refineries that use a coking process to convert heavy oil into refined petroleum products. This trend is expected to continue as more refineries adopt similar methods. Additionally, petcoke production in the U.S. is experiencing substantial growth as domestic refineries expand their coking capacities to capitalize on cost-effective crude oil from sources such as Canada's oil sands and other heavy oil reservoirs, thereby contributing to market expansion.
 

The U.S. Environmental Protection Agency (EPA) has implemented stricter and new regulations covering various aspects of coal combustion, such as waste disposal, water usage, and harmful emissions, under the Clean Air Act. The EPA has made substantial amendments to its regulation of conventional pollutant emissions, which has consequently increased the cost of coal-fired power production. Additionally, the regulation of carbon dioxide emissions from coal-fired power plants is addressed by several recent EPA rules.
 

North America Petcoke Market Analysis

Based on grade, the fuel grade petcoke market is anticipated to surpass USD 6.2 billion by 2032. The growing emphasis on adopting cleaner fuels has led cement manufacturers to increase their use of petcoke in cement production. Many cement industries choose a blend of petcoke and coal for their kiln fuels to reduce transportation costs and minimize residual ash content, thereby increasing the product demand.
 

Based on application, the cement application is set to register about 3% growth rate till 2032. Rising infrastructure demands and expanding construction practices have greatly impacted the growth of the cement industry. Established players are making substantial investments to boost their production capacity in response to the increased demand from the real estate sector.
 

The U.S. petcoke market is anticipated to exceed over USD 10.2 billion by 2032, due to the expanding beyond domestic demand, increased exports to countries where it is used in industrial applications. The expansion of refining capacity in the U.S. is contributing to increased petcoke production, particularly driven by the efficient processing of heavy crude oil from sources such as the Canadian oil sands.
 

North America Petcoke Market Share

Exxon Mobil, Shell plc, Saudi Aramco, BP, Chevron Corporation, among others are the few of the dominating market players in the North America petcoke industry. The industry features both established global players and regional companies, fostering competition that drives innovation and efficiency. This benefits customers by providing better technology and competitive pricing across various end-use segments.
 

North America Petcoke Market Companies

Some of the key market players operating across the North America Petcoke industry are:

• Aminco Resources
• BP
• Chevron Corporation
• cocangraphite
• Exxon Mobil
• HF Sinclair Corporation
• Husky Energy
• Marathon Petroleum Corporation
• Oxbow Corporation
• Phillips 66 Company
• Reliance Industries
• Saudi Aramco
• Shamokin Carbons
• Shell plc
• Valero Energy Corp
   

North America Petcoke Industry News

• In March 2024, the U.S. Department of Energy decided to allocate over USD 1.2 billion in funding for four member companies of the Portland Cement Association (PCA) to support the decarbonization of the cement industry. This initiative is expected to significantly influence petcoke consumption, given its crucial role as a feedstock in the industry.
   
• In February 2024, the Government of Canada announced a USD 50 million allocation for Ontario to expand clean, reliable, and affordable nuclear energy. This funding will support the use of low-grade petcoke consumption to fuel power plants aligning with the federal Electricity Predevelopment Program's objectives. The initiative includes exploring a project capable of generating electricity for up to 4,800,000 homes and businesses in Ontario.
   

This North America petcoke market research report includes an in–depth coverage of the industry with estimates & forecast in terms of volume in ‘MT and revenue in ‘USD Billion’ from 2021 to 2032, for the following segments:

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Market, By Grade

• Fuel Grade
• Calcined Petcoke

Market, By Physical form

• Sponge Coke
• Purge Coke
• Shot Coke
• Needle Coke

Market, By Application

• Power Plants
• Cement Industry
• Steel Industry
• Aluminum Industry
• Others

The above information has been provided for the following countries:

• U.S.
• Canada