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As per Market Research Future (MRFR) analysis, the Global Petroleum Coke (Fuel-Grade) Market held a market valuation of USD 25 billion in 2018 and estimated to register CAGR of 6.0% from 2019 to 2025 (forecast period). The report offers a detailed review of COVID-19 impact on current/future market situations. The report also highlights some of the key market factors that will affect the growth of this sector, such as market share, leading region, and major suppliers.Petroleum Coke is the final solid material produced from oil refining and is available in two forms, fuel grade, and calcined grade. It is used in several industries, such as power generation, construction, aluminum & other metals, among others.
Key Players:
Some of the significant participants in the Global Petroleum Coke (Fuel-Grade) Market are Indian Oil Corporation Ltd., Nayara Energy Ltd., Petrobras, Royal Dutch Shell PLC, Exxon Mobil Corporation, Citgo Petroleum Corporation, Marathon Petroleum Corporation, Valero Energy Corp., Motiva Enterprises LLC., Phillips 66 Company.
Market Dynamics:
Growth in the supply of heavy oils worldwide and the development of the cement and power generation industries is expected to fuel the growth of the global demand for petroleum coke during the forecast period. The rise in steel production due to developments in the rail, highway, automotive and transport sectors complemented the growth of the demand for petroleum coke. Since petroleum coke has a comparatively low ash content and limited toxicity, it is commonly used in various industries.
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Nevertheless, strict environmental regulations for the use of Petroleum Coke due to its high sulfur content are expected to impede market growth during the forecast period.
Segmentation:
The Global Market for Petroleum Coke (Fuel-Grade) has been segmented into Type, Grade, and Application.
Based on Type, the Global Market for Petroleum Coke (Fuel-Grade) has been segmented into honeycomb coke, sponge coke, needle coke, shot coke, and others.
Based on Grade, the Global Market for Petroleum Coke (Fuel-Grade) has been segmented into fuel grade and calcined grade. The aluminum sector is a significant consumer of calcined coke.Calcined cokeis expected account for an astounding 75.0% to 80.0% during the forecast period. The remaining percentage of demand for calcined coke is expected to be secured by the steel, paint, paper, and chemical sectors. Calcined coke in these sectors is used for the production of titanium dioxide pigment. In addition, calcined coke is widely used in the fertilizer, glass, brick, and coloring markets.On the other hand, fuel-grade coke is intended to be commonly used in the power and cement kiln industries. This form of Petroleum Coke could also attract high demand due to its ability to blend with conventional coal-fired boilers. In addition, fuel grade coke is projected to benefit from the complete replacement of steam coal by technologically improved boiler designs.
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Based on the Application, the Global Market for Petroleum Coke (Fuel-Grade) has been segmented into aluminum, power plants, steel, bricks and glass, paper and pulp, and others.
Regional Analysis:
The Global Market for Petroleum Coke (Fuel-Grade) has been segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
The Asian Pacific Petroleum Coke Market is expected to gain a significant boost in the near future due to developing economies like China and India. Power plants in China are expected to use a large percentage of Petroleum Coke to generate power. Moreover, the growing population and rapid industrialization in the Asia Pacific could give rise to the hopes of the Petroleum Coke manufacturers operating there. More opportunities are expected to take shape in the Asia Pacific, as the region dominates the international market for Petroleum Coke.
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NOTE: Our team of researchers is studying COVID-19 and its impact on various industry verticals and wherever required we will be considering COVID-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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