According to the report, global petroleum coke market was valued at approximately USD 18.33 billion in 2017 and is expected to generate revenue of around USD 33.06 billion by the end of 2024, growing at a CAGR of around 8.79% between 2018 and 2024.
New York, NY, Aug. 08, 2018 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “Petroleum Coke Market by Product (Calcined Coke and Fuel Grade Coke), and by End-User (Calcining, Power Plants, Cement Kilns, and Blast Furnace): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, global petroleum coke market was valued at approximately USD 18.33 billion in 2017 and is expected to generate revenue of around USD 33.06 billion by the end of 2024, growing at a CAGR of around 8.79% between 2018 and 2024.
The rapid industrialization and urbanization are expected to boost the global petroleum coke market. This development is mainly happening in the developing countries across the globe. Countries like India and China are experiencing upsurge down the line. In addition, the rapid industrialization has increased the demand for energy consumption. In China, more than 50% of petroleum coke is utilized for the electricity generation in power plants. This is because; an extensive amount of electricity can be produced by utilizing petroleum coke as it is cost-effective and economical in terms of operating and shipment costs. Also, it has high calorific value as compared to traditional fuels such as coal. In India, a large amount of petroleum coke is used in cement plants and manufacturing factories. Rapid growth in population can be considered as a factor which results in urbanization. Such factors are expected to drive the petroleum coke market growth over the forecast period.
Browse through 49 Tables & 16 Figures spread over 110 Pages and in-depth TOC on “Global Petroleum Coke Market Share & Trends 2017: Industry Size, Growth, Segments Analysis and Forecast, 2024”.
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The government initiatives regarding greener and sustainable environment is another factor that is fueling the market growth. According to the Environmental Protection Agency, petroleum coke is hazardous in nature. So, the government of many developing countries is planning to provide the eco-friendly fuel which has a low carbon content in order to reduce air pollution. The shipment charges of the petroleum coke coupled with the reduced carbon emissions can be considered as an imperative feature which will cultivate the petroleum coke market growth. Moreover, the usage of eco-friendly fuel will enhance the tank and engine efficiency of any vehicle which will have a positive impact on the growth of the market. Thus, government norms to reduce air pollutants such as nitrogen dioxide, carbon dioxide, and sulfur dioxide will further set off the industry growth. In 2016, European Union formulated a regulation named 2016/2284 with the aim to reduce air pollutants in the atmosphere including sulfur dioxides, VOC, ammonia, and fine particulate matters by 2030.
The petroleum coke market is categorized on the basis of product into fuel grade coke and calcined coke. Calcined coke segment held major revenue share in 2017. The growth is attributed due to the assembling and production of graphite cathodes and anodes from the steel and aluminum industries. Low sulfur content and unparalleled fuel properties are few properties which will enhance the dominance of the product in the market.
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Based on end-user, petroleum coke market has been segmented as calcining, power plants, cement kilns, and blast furnace. Cement kilns contributed a significant revenue share in 2017. The increasing infrastructure development because of rising population is the major driving factor which will boost the growth of the market.
Europe held a substantial revenue share in 2017 in the global petroleum coke market because of growing and rising demand for electricity in the region. Thus, in Europe petroleum coke is a preferred fuel over coal and natural gas as it is easily available and is cost effective and economical. Also, European Union formulated rules and regulations in reducing carbon emissions and air pollutants which is expected to further drive the industry growth in the region.
Asia Pacific held major revenue share of the global petroleum coke market in 2017 and the region is anticipated to continue with its regional supremacy over the forecast period. The growth of this regional market is attributed due to growing population and rapid industrialization in developing countries. Moreover, with the increasing number of government initiatives for clean, green, and sustainable environment will drive the market. Asia Pacific is predicted to provide significant opportunities for petroleum coke. In the developing countries such as China and India, current capital expenditure and fundraising activities in industrial and commercial sector including the measures to lessen the dependency on coal will boost the market growth. Such factors are expected to drive the petroleum coke market growth in the Asia Pacific region over the forecast timeframe.
Browse the full “Petroleum Coke Market by Product (Calcined Coke and Fuel Grade Coke), and by End-User (Calcining, Power Plants, Cement Kilns, and Blast Furnace): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024“ report at https://www.zionmarketresearch.com/report/petroleum-coke-market
North America petroleum coke market held minimal share in 2017 and the region is anticipated to contribute less revenue share over the forecasted period. Expanding import for substantial raw petroleum from the U.S. refineries alongside rising demand for refined items will additionally boost the market.
The Middle East and Africa petroleum coke market accounted for significant growth rate during the forecast timeframe. This growth is attributed owing to the growing supply of fuel-grade coke in the region. In addition, the region prefers coke with high combustion energy and calorific value which is further utilized in the production of other alternative fuels. Such factors are expected to drive industry growth in the Middle East and Africa over the forecast period.
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Some of the industry players operating in the petroleum coke market include ExxonMobil, Reliance, Royal Dutch Shell, Chevron, Husky Energy, Atha Group, Carbograf, Oxbow Corporation, Aminco Resources, Saudi Aramco, Essar Oil, Bharat Petroleum, Indian Oil, Valero Energy, HPCL-Mittal Energy (HMEL), Rain CII, Cocan Graphite Trammo, Marathon Petroleum, Shamokin Carbons, and others.
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This report segments the global petroleum coke market as follows:
Global Petroleum Coke Market: Product Segment Analysis
- Fuel Grade Coke
- Calcined Coke
Global Petroleum Coke Market: End-user Segment Analysis
- Power Plants
- Cement Kilns
- Blast Furnace
Global Petroleum Coke Market: Regional Segment Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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