Pet Coke Market Trends, Applications, Analysis, Growth, And Forecast: 2020 To 2027
Market Overview:
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.
Market Segmentation:
The global Pet Coke Market is segmented into product
type and end-user. On the basis of the product type, the market is segregated
into needle coke, sponge coke, catalyst coke, shot coke, and purge coke. On the
basis of grade, the market is classified as fuel grade and calcined grade. The
market by application industry is further categorized into power plants, cement
industry, steel industry, aluminum industry, and others.
Market Scenario:
The power sector followed by the steel and cement
industry is anticipated to observe a higher CAGR during the forecast period.
Pet coke is used in the anodes for the manufacture of metals, in the production
of titanium dioxide, and also acts as a feed stock for coke oven batteries.
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Regional Analysis:
The global pet coke rubber market is spanned across
five key regions: Asia Pacific, North America, Europe, Latin America, and the
Middle East & Africa. Among these, Asia Pacific holds a major share of the
market and is expected to be the fastest growing region at an exponential CAGR.
The presence of the most populated countries in the world such as India and
China has augmented the demand for energy which, in turn, is anticipated to
fuel the demand for pet coke in the region. Moreover, the growing urbanization
and industrialization in the region have augmented the demand for pet coke in
various industries such as steel, aluminum, and cement industry which will
further add to the market growth.
The European region is estimated to witness a
significant growth owing to the demand for the cheap and environment-friendly
product in the power sector. The increasing use of pet coke as an alternative
to coal in the industries of the region is expected to fuel the market growth
during the forecast period.
The North American pet coke market is mainly driven
by the U.S. and Canada. The presence of the developed end-user industries
coupled with the increasing adoption rate is the major factor for the market
growth. In addition, the approval by the Environment Protection Agency for the
use of petroleum coke is another factor for the positive growth of the market.
Competitive Analysis:
Some of the prominent players operating in the
global pet coke market are Chevron Corporation (U.S.), British Petroleum
(London), Essar Oil Ltd.(India), Hindustan Petroleum Corporation Limited
(India), ExxonMobil Corporation (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 (U.S.) and Conoco
Philips (U.S.)
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