Aluminum & Other Metals segment is dominating the Global Petroleum Coke Market with the largest market share.
According to TechSci Research report, “Global Petroleum Coke Market – By Region,
Competition, Forecast and Opportunities, 2018-2028”, the Global Petroleum Coke Market is expected to register robust growth during the forecast period. The market for petroleum coke is anticipated to grow due to the
increase in steel manufacturing. steel production has increased due to rising
demand for highway structures, railroad facilities, and automobiles. Petcoke is
a feedstock used in coke production and is combined with coking coal in the
iron and steel industries. Pet coke usage results in a net reduction in energy
intensity of just over 1% and a 16% decrease in coking coal consumption. For
instance, the output of finished steel and raw steel stood at 94.66 million
tonnes (MT) and 102.49 million tonnes (MT), respectively, in December 2021,
according to IBEF, an Indian Government export promotion agency for the
international distribution and sale of Indian exports. Additionally, it is
anticipated that in the fiscal year 2022, crude steel production will rise by 8
to 9% YoY to 112 to 114 million tons. Therefore, the expansion of the petroleum
coke market is being driven by the increase in steel production as a result of
progress in the railway, automotive, highway, and transportation sectors.Major
players in the petroleum coke industry are concentrating their efforts on
expanding petroleum coke production capacity to fulfill the escalating demand
from end-use industries. For instance, Oman, the biggest crude exporter outside
of Opec, declared in November 2021 that Sanvira Carbon FZC, the nation's first
petroleum coke calcining (CPC) project, had been completed at the Sohar
Freezone. With a $150 million investment, Sanvira Carbon FZC was founded to
support refineries in the Sultanate of Oman and give value to the massive
amounts of petroleum coke produced as a byproduct of refining. Therefore, such
conditions have enhanced the Petroleum Coke market CAGR ly in recent years.
During the forecast period, a rise in the cement and power generation
industries and an increase in the supply of heavy oils ly are anticipated to
propel the market for petroleum coke. Increased steel production due to
progress in the railway, automobile, highway, and transportation sectors has
contributed to the expansion of the petroleum coke market. Petroleum coke is
extensively utilized in numerous sectors because of its low ash level and
toxicity. Additionally, infrastructure development in the Middle East and
Africa will likely increase the demand for petroleum coke in the area during
the anticipated timeframe. Companies that refine crude oil have set up delayed
coking plants to produce petroleum coke.
North America Petroleum Coke market accounts for the second-largest
market share due to the growth of the metal sector and rising investment in oil
and gas refineries. Due to the increasing installation of delayed coker units
in the Mid-West and Gulf Coast region, the U.S. holds the lion's share of the North
American market. Further, the US Petroleum Coke market held the largest market
share, and the Canada Petroleum Coke market was the fastest-growing market in
the European region.The Europe Petroleum Coke Market is expected to grow at the
fastest CAGR from 2022 to 2030. Based on the low production costs for energy,
Europe is anticipated to have rapid market expansion during the projection
period. Petroleum coke is replacing natural gas and coal as a preferred fuel
because of its simple availability and abundance. Further, the Germany
Petroleum Coke market held the largest market share, and the UK Petroleum Coke
market was the fastest-growing market in the European region.
Browse over XX market data Figures spread
through 188 Pages and an in-depth TOC on the "Global
Petroleum Coke Market."
Key market players in the Global Petroleum
Coke Market are: -
- Indian Oil Corporation Ltd
- Nayara Energy Ltd- India
- Petrobras
- Royal Dutch Shell PLC
- Exxon Mobil Corporation
- Citgo Petroleum Corporation
- Marathon Petroleum Corporation
- Valero Energy Corp.
- Motiva Enterprises LLC.
- Phillips 66 Company.- USA among others
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“The increasing
need for energy to perform various tasks among the masses across the globe is
bolstering the growth of the market. In line with this, petroleum coke plays a
crucial role in fulfilling this demand, primarily in power generation and heavy
industries. It can provide a stable and abundant energy source, which makes it
an essential component, especially in regions with limited access to
alternative fuels. Apart from this, as renewable energy sources, such as wind
and solar, continue to evolve, petroleum coke acts as a complement during times
of intermittent renewable energy supply and ensures a consistent power supply,
which is offering a positive market outlook. The increasing number of
residential and commercial construction activities due to rapid
industrialization and urbanization is strengthening the growth of the market.
In addition, there is a rise in the popularity of residential renovation among
the masses due to their improved living standards. Apart from this, petroleum
coke is a key component that is widely utilized to produce asphalt. Moreover,
asphalt is used in road construction and for the development of transportation
networks, which is positively influencing the market. Furthermore, petroleum
coke has high calorific value and cost-efficiency, which makes it a preferred
fuel source for industries, such as cement, steel, and power generation.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“Petroleum Coke Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented
By Type (Fuel Grade and Calcined Coke), By Application (Aluminum & Other
Metals, Cement, Storage, Steel, Power, and Others), By Region, By Competition
2018-2028.,” has evaluated the future growth potential of Global Petroleum Coke Market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Petroleum Coke Market.
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