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.
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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