Petroleum Coke Market Overview -
Petroleum Coke can be obtained while going through the refining process of the oil as its byproduct. Manufacturers and industrialists, across the world, are trying to operate more efficiently by gaining access to more gasoline and other fuel-related products from a barrel of crude oil.
The process reveals petcoke. The product has multifarious application that includes electrodes and anodes. The application also includes as fuel for the metal and brick industries. The global petroleum coke market is eyeing for a significant hike over the review period of 2021 to 2030. Market Research Future (MRFR) makes statements related to the future market in the petroleum coke market report with proper backups from analysts.
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Petroleum Coke Market - Prominent Players:-
Indian Oil Corporation Ltd., - India, Nayara Energy Ltd. - India, Petrobras, - Indonesia, Royal Dutch Shell PLC, -the Netherlands, Exxon Mobil Corporation,- USA, Citgo Petroleum Corporation, - the USA, Marathon Petroleum Corporation, - the USA, Valero Energy Corp., - the USA, Motiva Enterprises LLC., - the USA, Phillips 66 Company.- USA, and others.
Market Potential and Pitfalls
The global petroleum coke market is expected to accrue revenues at a CAGR exceeding 6% over the forecast period. Its value stood at USD 25 billion in 2018. In addition, fuel grade petcoke consumption in the region is estimated to surpass 54,500 tons by the year 2025.
Persistent crude oil extraction and refining will continue to influence the petroleum coke industry. The crude oil by-product finds application in processing of various industrial materials. Developments in novel techniques such as gasification can culminate in low weight of raw pet coke. The application of the coke as aviation fuel and development of metals such as cobalt and nickel can bode well for the market. Huge demand for hydrogen can entice petroleum coke producers and boost the market growth.
The COVID-19 pandemic had hit the production lines in the U.S. and other major producers. Shutdown of cement plants in Spain and Brazil had affected the market negatively. But the easing of lockdown operations in certain countries has led to a surge in petcoke prices. This is further assisted with the procurement by customers in India and China.
Factors like the growth in the construction industry, in cement industry, in power plants, steel, and foundries are expected to influence the global petroleum coke market. The APAC market is also slated to influence the global market in the coming years with its high traction from diverse industries. However, its anti-environmental impact can curb the natural growth rate. However, regulatory pressures are dampening the market prospects of the product.
On the other hand, the high costs of Petroleum Coke production are likely to be a major restraint against the market in the coming years. Developing countries are likely to hold the high costs of Petroleum Coke production against the technology, leading to the market being centered on North America and Western Europe, as well as leading economies in Asia Pacific.
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Segment Study of Petroleum Coke Market :-
The Petroleum Coke Market share’s rise is being attributed to the exceptional performance of the market segments that are mentioned as follows:
Based on the Type
By type, it is segmented into shot coke, needle coke, sponge coke, honeycomb coke, and others.
By grade, it is divided into fuel grade and calcined grade. Fuel grade petcoke demand remains concentrated in the cement industry owing to its innate nature and very high heating value. In 2017, close to 44% of the total petroleum coke (fuel-grade) produced was consumed by the cement industry.
Major application areas (foundries, cement, brick and glass, power plant, steel, paper and pulp,) for fuel grade petcoke are discussed in detail in the report. Cement is expected to exhibit the highest growth rate over the forecast period. It accounted for 48% market share in 2018. The burgeoning construction industry and development in urban and suburban areas can drive the segment growth till 2025. On the other hand, the power plant segment is set to achieve a value of USD 5,313.6 million by the end of the forecast period. This can be attributed to its demand for petroleum coke and lowering carbon emissions.
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Petroleum Coke Market Market - Geographical Analysis :-
The APAC had 56% of the global petroleum coke market share in 2017 which was of USD 5,700 Mn worth. This is expecting strong growth in the coming years with high urbanization and increasing cement production. Various countries in the region like China and India are maintaining this high intake to support their construction sector and power supply sector. Easy availability of the product and cost affordability are some of the major features to help the market in making an easy ingress in myriad industries. India’s import was recorded as 12.49 million tons of petroleum coke in 2017, whereas, China scored 7.20 million tons in 2017.
North America and Europe are trying to curb the application of this product to adhere to various environmental laws. But their production to export has not slackened much. For instance, the US exported around 35.44 million-ton petcoke in 2017. However, various industries in the region are restricting their intake of petcoke and moving towards more sustainable sources.
In August 2019, Numaligarh Refinery, North East India’s largest refiner, announced that they would invest more in Assam region. The exploration would find a significant hike in the chances of finding petrochemical coke, which would assist associated markets.
Oct 2018- Rain Carbon, Rain Industries’ subsidiary is all set to resume petroleum coke shipments to its Vizag facility. This company uses GPC (green petroleum coke) as its chief feedstock for producing CPC (calcined petroleum coke).
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