The global petroleum coke market is anticipated to witness lucrative growth over the forecast period, as suggested in the latest report published by WGR. Petroleum coke refers to a final solid material which is derived from oil refining and is available in two forms, namely, calcined grade and fuel grade. It has a vast scope of applications in various industries such as construction, power generation, construction, and the production of aluminum and other metals. Consistent crude oil extraction and refining are expected to be a primary factor driving the market growth for petroleum coke across the globe.
Other factors contributing to the ascension of the market include a high concentration of demand for petroleum coke in the construction industry due to its innate nature and very high heating value. However, various stringent regulations are expected to hinder market growth over the forecast period. Other factors dampening the market prospects include the environmental effects from the use of petroleum coke and rising awareness regarding the same. However, growth in the supply of heavy oils across the globe is bound to augment conditions of growth for the petroleum coke market. Moreover, rising production of steel for meeting demands from the railways, automotive industry, and high construction is also fostering market growth.
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Some of the significant participants in the global petroleum coke market include Shell, Valero Energy, ConocoPhillips, MPC, Asbury Carbons, ExxonMobil, Aminco Resource, Carbograf, British Petroleum, Ferrolux, Mitsubishi, Sumitomo, Nippon Coke& Engineering, Indian Oil, Atha, Essar Oil, Minmat Ferro Alloys, Rain CII, Reliance, Aluminium Bahrain, Saudi Aramco, Sinopec, CNPC, CNOOC, CPC, Landbridge Group, Shaanxi Coal and Chem, and Luqing Petrochemical.
The global petroleum coke market is studied for a variety of segments. Such segmentation is carried out by type, application, and region. By type, this market is segmented into shot coke, needle coke, honeycomb coke, and sponge coke. By application, the market for petroleum coke is segmented into cement, power, aluminum, and steel.
Detailed Regional Analysis
Regional segments studied in the report for petroleum coke market include Europe, North America, Asia Pacific, Central, and South America, and the Middle East & Africa. North America is further segmented into the United States, Canada, and Mexico. Asia Pacific’s petcoke market is segmented into China, India, Japan, South Korea, Australia, Indonesia, Philippines, Malaysia, Vietnam, and Thailand. Europe is studied for the sub-segments of Germany, UK, France, Italy, Russia, and Rest of Europe. Central and South America is studied for the segments of Brazil and Rest of South America. The Middle East & Africa is sub-segmented into GCC Countries, Egypt, Turkey, South Africa, and Rest of Middle East and Africa.
Asia Pacific is estimated to dominate the global market for petroleum coke during the forecast period. This can be owed to the growth in the demand for energy in the region and increasing supply of heavy oils, coupled with stable economic growth. Further, emerging economies such as India and China are anticipated to pose as significant markets for petroleum coke. Increasing demand in these markets for petroleum coke has been noted, owing to rapid industrialization. Burgeoning growth noted by various end-user industries in Asia Pacific is contributing to the growth of the regional petroleum coke market.
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