In 2023, the volume of petroleum coke available for final consumption in the UK stood at 6.52 thousand terajoules. Moving into 2024, the forecasted value is 5.75 thousand terajoules, marking a significant year-on-year decline of approximately 11.8%. This downward trend is expected to continue, with the forecast indicating subsequent yearly decreases: 13.0% in 2025, 14.6% in 2026, 16.6% in 2027, and 19.7% in 2028. The compound annual growth rate (CAGR) over the five-year forecast period suggests an average annual decrease of 13.43%.
Future trends to watch for include:
- Declining reliance on fossil fuels as the UK transitions toward renewable energy sources.
- Potential policy changes or regulatory measures aimed at reducing carbon emissions, which could further impact petroleum coke consumption.
- Technological advancements in energy efficiency and alternatives to petroleum coke in industrial applications.