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.
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.
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.
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.
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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