Pet Coke Market Analysis by Demand, Growth Factors, Current Rising Trend & Forecast To 2023
The global pet coke market has been segmented on the basis of product type, grade and application.
Based on product type, the pet coke market has been segmented into needle coke, sponge coke, catalyst coke, shot coke, purge coke. Based on grade, the pet coke market has been segmented into fuel grade and calcined grade.
Based on application, the pet coke market has been segmented into power plants, cement industry, steel industry, aluminum industry, and others. The aluminum industry segment is forecasted to create dominance over the global pet coke market owing to the increasing demand for aluminum as carbon and energy source for generation of electricity to fire cement kilns.
Leading Market Players:
The leading players profiled by MRFR that are operating in the global pet coke market are
- Chevron Corporation (the U.S.),
- British Petroleum (London),
- Essar Oil Ltd. (India),
- Hindustan Petroleum Corporation Limited (India),
- Exxon Mobil Corporation (the U.S.),
- Indian Oil Corporation Limited (India),
- Royal Dutch Shell Plc (Netherland),
- Reliance Industries Limited (India),
- Saudi Arabia Oil Company (Saudi Arabia),
- Valero Energy Corporation (the U.S.),
- Conoco Philips (the U.S.)
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Pet coke is used in a wide range of application owing to their excellent properties such as low VOC content, low ash content and high calorific value among others. It is extensively used in the power generation, cement industry, steel industry, and aluminum industry among others. The increasing consumption in the power sector and cement industry across the globe is substantially affecting the growth of the pet coke market.
The global pet coke market is being driven by a range of application in the various end-use industries. The growing need for energy in the developing regions throughout the globe is one of the major factors driving the global market. Moreover, it is estimated that the fuel grade coke is set to witness the highest growth due to the growing power industry owing to its low production cost and high calorific value among others during the forecast period, 2017-2023.
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The global pet coke market is spanned across five regions of the world namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major share of the global market and is projected to be the fastest growing market, owing to the increasing consumption of pet coke in the cement industries and power generation among others. It is estimated that the power industry application segment is set to observe the highest CAGR in the market due to growing need for low-cost energy production in the developing regions to meet their energy requirements.
The North American market is expected to grow at a steady CAGR due to the growing adoption rate of the product. The U.S. and Canada have achieved a significant place in the market due to the developed end-user industries such as steel and cement among others. Moreover, the approval by the Environment Protection Agency, in the U.S. is further expected boost the growth of the market in the region.
The growing infrastructural development in the Middle East and Africa is expected to have a positive impact on the market in the region. Moreover, the increasing oil and gas related activities in the region, especially in the Middle East, will also affect the market significantly during the forecast years.
A moderate development is achieved in the European market due to the growing adoption of the product in power generation and other end-user industries. In addition to this, the growing use of petroleum coke in the power industries due to its environment-friendly and cheap source are other factors attributing to the growth of the market.
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