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 2020-2023.
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.
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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.
The leading 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
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.
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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