Pet Coke Market Analysis, Growth Analysis, Opportunities, Trends, Developments, And Forecast to 2030
Market Overview:
Pet coke market trends 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 Analysis
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 analysis 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 analysis 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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