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 Industry 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 Industry. 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 Industry. 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 Industry. 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 Industry during the forecast period.
Competitive Analysis:
The players in the global Pet
Coke Industry 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 Industry.
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 Industry 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 Pet
Coke Market Share has been segmented on the basis of product type,
grade and application. Based on product type, the Pet Coke Industry has been
segmented into needle coke, sponge coke, catalyst coke, shot coke, purge coke.
Based on grade, the Pet Coke Industry has been segmented into fuel grade and
calcined grade. Based on application, the Pet Coke Industry 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 Industry 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 Industry 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 Industry 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 Industry. The Pet Coke Industry 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 Industry 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.
Get Complete Research Report on “Pet Coke Industry
Research Report- Forecast till 2023” at: https://www.marketresearchfuture.com/reports/pet-coke-market-5349
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