Petroleum Coke Market Recent Trends and Regional Growth Forecast to 2022-2027
The latest research study “Petroleum Coke Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global petroleum coke (petcoke) market size reached a value of US$ 21.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 34.2 Billion by 2027, exhibiting a CAGR of 7.6% during 2022-2027. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists, and all those who are planning to foray into the market in any form.
Covid-19 Impact: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Download free sample brochure: www.imarcgroup.com/petroleum-coke-market/requestsample
Industry Definition and Application:
Petroleum coke, or pet coke, refers to a solid carbon byproduct of the crude oil distillation process that is commonly used as a fuel. In comparison to the traditionally used fossil fuels, it has a high-power output value and low ash content, and thus highly cost-efficient. Some of the common types of petroleum coke include needle, sponge, honeycomb, and shot coke. It exhibits immense chemical stability and is primarily used to manufacture anodes, electrodes, metals and bricks, cement, fertilizers, etc.
Global Petroleum Coke Market Industry Trends and Drivers:
Rapid industrialization, especially in the developing economies, is one of the key factors driving the growth of the market. The increasing emphasis on reducing dependency on fossil fuels for energy generation is also acting as another major growth-inducing factor. Furthermore, significant infrastructural developments across the globe are creating a positive outlook for the market. The rising requirement for steel for various industrial applications, such as the construction of railways, highways and roads, has resulted in increasing utilization of petroleum coke. In line with this, calcined pet coke is widely used as a substitute for coal in steel mills, furnaces and burners, which is also augmenting the market growth. Additionally, various product innovations, such as the development of green pet coke, are acting as other growth-inducing factors. It is manufactured by processing decaying coke and has a lower sulfur content, higher ductility, resistance to corrosion, and thermal and electrical conductivity. This, along with the implementation of favorable government policies to minimize carbon footprint, is anticipated to drive the market further.
Click here to view detailed information with a table of content: www.imarcgroup.com/petroleum-coke-market
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Type:
Fuel Grade Coke
Calcined Coke
Fuel grade coke dominates the market as it is cost-effective and widely used in carbon anodes and graphite electrodes.
Breakup by Application:
Power Plants
Cement Kilns
Steel
Aluminium
Fertilizer
Others
Aluminum represents the largest applicationas it offers excellent electrical conductivity and resistance to chemical and physical degradation.
By Geography:
North America: (United States, Canada)
Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa
List of Major Key Players:
The major players in the market are BP p.l.c., Chevron Corporation, ConocoPhillips Company, Exxon Mobil Corporation, HPCL-Mittal Energy Limited, Indian Oil Corporation Ltd., Marathon Petroleum Corporation, Shell plc, Saudi Aramco Group, Trammo, Inc. and Valero Energy Corporation (VLO).
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Contact Us:
IMARC Group
30 N Gould St Ste R
Sheridan, WY 82801 USA – Wyoming
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800