Petroleum Coke can be obtained while going through the refining process of the oil as its byproduct. Manufacturers and industrialists, across the world, are trying to operate more efficiently by gaining access to more gasoline and other fuel-related products from a barrel of crude oil. The process reveals Petcoke. The product has multifarious application that includes electrodes and anodes. The application also includes as fuel for the metal and brick industries. The Global Petroleum Coke Market is eyeing for a significant hike over the review period of 2018 to 2025. Market Research Future (MRFR) makes statements related to the future market in the Petroleum Coke Market Report with proper backups from analysts.
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Factors like the growth in the construction industry, in cement industry, in power plants, steel, and foundries are expected to influence the Global Petroleum Coke Market. The APAC market is also slated to influence the global market in the coming years with its high traction from diverse industries. However, its anti-environmental impact can curb the natural growth rate.
The market for Petroleum Coke is replete with companies that are seeking hike in their profit margin. These companies are Nayara Energy Ltd., Indian Oil Corporation Ltd., Royal Dutch Shell PLC, Petrobras, Citgo Petroleum Corporation, Motiva Enterprises LLC., Exxon Mobil Corporation, Valero Energy Corp., Marathon Petroleum Corporation, Phillips 66 Company, and others. MRFR’s reading of the global petroleum coke market includes several strategic changes that these companies have employed in recent years. This would help in the understanding of the Global Petroleum Coke Market Growth.
In August 2019, Numaligarh Refinery, North East India’s largest refiner, announced that they would invest more in Assam region. The exploration would find a significant hike in the chances of finding petrochemical coke, which would assist associated markets.
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MRFR’s Report has significant focus on a segmentation that includes an application-based analysis of the global market. Such a segmentation would include intense focus on factors that can impress the global market and influence the production. The report is further backed by data to make it even more reliable.
By Application, the Petroleum Coke Market includes brick & glass, cement, power plants, steel, foundries, paper & pulp, and others. The cement segment has the maximum market coverage. In 2017, the market valuation of the segment was USD 10,166.8 Mn, which was around 48 % of the total market valuation. The same trend is expected to continue in the coming years as well. It has the potential to climb up with the highest CAGR during the forecast period. The segment consumed almost 49,000 thousand tons of Petcoke. Meanwhile, the power plant segment had a worth of USD 3,000 Mn in 2017 in terms of Petcoke consumption as it is economical and safe.
The APAC had 56% of the Global Petroleum Coke Market share in 2017 which was of USD 5,700 Mn worth. This is expecting strong growth in the coming years with high urbanization and increasing cement production. Various countries in the region like China and India are maintaining this high intake to support their construction sector and power supply sector. Easy availability of the product and cost affordability are some of the major features to help the market in making an easy ingress in myriad industries. India’s import was recorded as 12.49 million tons of Petroleum Coke in 2017, whereas, China scored 7.20 million tons in 2017.
North America and Europe are trying to curb the application of this product to adhere to various environmental laws. But their production to export has not slackened much. For instance, the US exported around 35.44 million-ton Petcoke in 2017. However, various industries in the region are restricting their intake of Petcoke and moving towards more sustainable sources.
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