Market Overview:
Pet coke
(petroleum coke) is a by-product obtained by refining crude oil and other
petroleum cracking processes. Market research Future (MRFR) has published a
report asserting that the global pet coke market is marked to expand at a
significant growth rate during the forecast period of 2017-2023.
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Market Drivers and Restraints:
Extensive
utilization of petroleum coke in various end-use industries such as power
generation, cement, steel, aluminum and other industries are majorly fueling
the growth of the global pet coke market. Increasing energy consumption is
leading to the rapid development of power generation industry, which in turn is
propelling the expansion of the global pet coke market. Rise in exploration
activities of petroleum in order to fulfill the growing demand for energy and
increasing adoption of low emission fuel are some of the other factors that are
driving the growth of the global pet coke market. Paradigm shift towards
gasification of petroleum coke over conventional burning of fossil fuel in
order to opt for cleaner form of power generation is one of the primary factors
that are driving the global petroleum coke market towards higher verticals.
however, increasing environmental concerns and rapid depletion of oil reserves
are likely to restrain the growth of the global pet coke market during the
forecast period.
Market Segmentation:
The global pet
coke market has been segmented on the basis of product type, grade and
application. Based on product type, the pet coke market has been segmented into
needle coke, sponge coke, catalyst coke, shot coke, purge coke. Based on grade,
the pet coke market has been segmented into fuel grade and calcined grade.
Based on application, the pet coke market has been segmented into power plants,
cement industry, steel industry, aluminum industry, and others. The aluminum
industry segment is forecasted to create dominance over the global pet coke
market owing to the increasing demand for aluminum as carbon and energy source
for generation of electricity to fire cement kilns.
Competitive Analysis:
The players in
the global Pet
Coke Market are focusing on the expansion of their businesses by
increasing their investments on research and development in order to introduce
various application areas of petroleum coke. Strategic mergers and acquisitions
are aiding the players in maintaining their market value in the competitive
environment of the global pet coke market.
In October 2018,
the Directorate General of Foreign Trade (DGFT) has announced that Indian
government has relaxed some restrictions on imports of pet coke for its
utilization as feedstock in some end-use industries.
·
Chevron Corporation
·
British Petroleum
·
Essar Oil Ltd.
·
Hindustan Petroleum Corporation
Limited
·
Exxon Mobil Corporation
·
Indian Oil Corporation Limited
·
Royal Dutch Shell Plc
·
Reliance Industries Limited
·
Saudi Arabia Oil Company
·
Valero Energy Corporation
·
Conoco Philips
Regional Analysis:
The global pet
coke market has been geographically segmented into five major regions such as
North America, Latin America, Asia Pacific, Europe and the Middle East and
Africa. The Asia Pacific region is forecasted to lead the global pet coke
market owing to the high population which is inducing higher demand for energy
in this region. The Asia Pacific region is also anticipated to project the
fastest growth in the global pet coke market. The pet coke market in the Europe
region is expanding at a significant growth rate in the global market owing to
the high demand for comparatively cheaper and environment-friendly products in
the power sector. The pet coke market in the North America region is primarily
driven by growing urbanization and industrialization coupled with approval by
the Environment Protection Agency for the use of pet coke in this region.
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