Pet coke or petroleum coke is a by-product of crude oil refining and other petroleum cracking processes. Pet coke is produced in different grades depending upon the operation temperature, coking time, and the efficiency of the material used. The different types of petroleum coke are catalyst coke, needle coke, sponge coke, purge coke, and shot coke. Pet coke is used in a wide range of application owing to their excellent properties such as low VOC content, low ash content and high calorific value among others.
Leading Market Players:
The leading market players profiled by MRFR that are operating in the global pet coke market are Chevron Corporation (the U.S.), British Petroleum (London), Essar Oil Ltd. (India), Hindustan Petroleum Corporation Limited (India), Exxon Mobil Corporation (the U.S.), Indian Oil Corporation Limited (India), Royal Dutch Shell Plc (Netherland), Reliance Industries Limited (India), Saudi Arabia Oil Company (Saudi Arabia), Valero Energy Corporation (the U.S.), Conoco Philips (the U.S.) and others.
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The global pet coke market is being driven by a range of application in the various end-use industries. The growing need for energy in the developing regions throughout the globe is one of the major factors driving the global market. Moreover, it is estimated that the fuel grade coke is set to witness the highest growth due to the growing power industry owing to its low production cost and high calorific value among others during the forecast period, 2017-2023.
Market Regional Insights:
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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Scope of the Report:
The global pet coke market is segmented into product type and end-user.
Segment by Product Type: On the basis of the product type, the market is segregated into needle coke, sponge coke, catalyst coke, shot coke, and purge coke.
Segment by Product Grade: On the basis of grade, the market is classified as fuel grade and calcined grade.
Segment by Product Application: The market by application industry is further categorized into power plants, cement industry, steel industry, aluminum industry, and others.
Drivers and Restraints by Market:
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.
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Intended Audience:
- Pet coke market manufacturers
- Traders and Distributors of pet coke market
- Production process industries
- Potential investors
- Raw material suppliers
- Nationalized laboratory
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