Market Trends of Green Petroleum Coke and Calcined Petroleum Coke Industry
This section covers the major market trends shaping the Green & Calcined Petroleum Coke Market according to our research experts:
Aluminium Segment to Drive the Market Growth
- The increasing focus on lightweight construction in the automotive industry and the booming aerospace industry fuels the global demand for primary aluminum.
- According to the World Bank, the average price of aluminum in 2022 was USD 2,700 nominal per metric ton.
- The increasing pressure to utilize lightweight materials to protect the environment is expected to drive the growth of aluminum in the automotive sector.
- In Europe, Germany is the largest producer of aluminum. For instance, according to the Statistisches Bundesamt, in 2022, the revenue of the industry of aluminum production in Germany was USD 18.05 billion. The revenue from aluminum production in Germany is expected to be over USD 19.36 billion by 2025.
- However, there is growth in the automobile industry, thus, enhancing the market studied. According to the International Aluminium Institute, in 2022, China's total aluminum consumption in trucks was 0.72 million tons. It is expected to increase to 1.4 million tons by 2030. This rise was due to the expected increase in truck manufacturers in China.
- Moreover, growing construction activities in the Asia-Pacific region, especially in ASEAN countries, increased adoption of new technology, and innovative construction procedures are some of the factors driving the growth of the market studied.
- According to the Office of Economic Adviser (India), the wholesale price index of aluminum in India was 134 at the end of the fiscal year 2022.
- In light of megatrends, such as electro-mobility and additive manufacturing, new applications involving aluminum materials are increasingly used at a higher pace.
- Although aluminum is facing intense competition from other materials, such as plastic composites, its growth areas are expected to remain more extensive than its substitute areas.
- The increasing focus on energy-saving cars and aluminum's excellent reusability, which allows the energy invested in its production to be entirely reclaimed, is expected to increase aluminum consumption in the coming years.
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Asia-Pacific to Dominate the Market
- Asia-Pacific dominates the green and calcined petroleum coke market in terms of market share and revenue. The region will continue to flourish in its dominance over the forecast period.
- Globally, China and India are significant consumers of petroleum coke. According to the Ministry of Statistics and Programme Implementation, in 2022, the revenue of the industry "Manufacture of coke and refined petroleum products" in India was USD 141.79 billion by segment. The revenue from manufacturing coke and refined petroleum products in India is expected to be over USD 161,7 billion by 2024.
- Due to strict environmental norms, the consumption of fuel-grade coke decreased reasonably. Initially, China amended its standards to allow pet coke with 3-5% sulfur into the system for anode-grade coke. However, the country adapted to the recognized industry standard of 3% sulfur as the cut-off point. The country is finding it more challenging to source CPC due to low supply and high demand for low-sulfur coke from Chinese smelters.
- China continues to be the primary driver of growth in the aluminum industry, and e-mobility is a significant factor.
- According to the National Bureau of Statistics of China, in October 2022, China's alumina (aluminum oxide) output volume was around 7.11 million metric tons. The output volume was relatively steady during the monitored period, varying between 5.9 and 7.3 million metric tons per month.
- New applications are coming up, such as pedestrian bridges, aluminum formwork, and aluminum furniture, which are also likely to be an additional source of aluminum consumption growth, which, in turn, will aid in driving the market through the forecast period.
- As a result, all the causes above are projected to increase demand for the green and calcined petroleum coke market in the Asia-Pacific region in the future years.
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