The global petroleum coke market was valued at US$ 17,980.6 million in 2017 and is expected to register a CAGR of over 8%.
Petroleum Coke (Petcoke) is a byproduct of the oil refining process. The chemical and physical properties of petcoke are a function of the crude oil and refining technology used by the refinery. It is a carbon-rich product, that is derived from a final cracking process, which is a thermo-based chemical engineering process that splits long chain hydrocarbons of petroleum into shorter chains. There are four basic types of petroleum coke, namely – needle coke, honeycomb coke, sponge coke, and shot coke. Owing to its physical properties, it is largely used in energy applications and in other industrial applications. The fuel grade petcoke is the largest consumed product type due to its wider energy applications in blast furnace and power plants.
Global Petroleum Coke Market Dynamics:
The global petroleum coke market is driven by factors such as, growing usage of petcoke as a cost effective fuel in cements and energy industries, growth in production of aluminum and steel, and, advanced technologies aiding the surge in production of crude oil. Growing demand from several end use industries such as cement, railways, automobiles, transportation sector, and power generation industries is drive the global petroleum coke market over the forecast period.
Rising population and increasing urbanization are fueling the growth of the construction, electricity and power generation globally. Increasing demand for clean fuel along with strict government regulations to reduce carbon emissions will drive the global petroleum coke market. Pet coke is fuel for developing countries owing to the high carbon contents, after combustion it release 10% more CO2 per unit of energy that normal coal the energy effectiveness of pet coke is mainly the driving factor the global petroleum coke market. These sectors are anticipated to drive the demand for pet coke. The pet coke is residue of manufacturing process of transportation fuel. Pet coke is refined by a process known as coking. The process is low cost, as the manufacturing process is low cost the cost of pet coke is also low. The low cost of fuel is driving the petroleum coke market as it is cost effective to the emerging economies.
Market Analysis of Global Petroleum Coke by Product Type:
On the basis of type segmentation, the fuel grade coke segment in the global petroleum coke market holds the major revenue share of over 70.0% in 2017, as it can be used as an alternative to steam coal in various power plants, and its high heat and low ash content makes it an ideal fuel for power generation. Increasing demand from cement kilns, and electric power plants for fuel grade coke is a key driver for growth of the global petroleum coke product segment. This can be attributed to preference of fuel grade coke by end users, coupled with low cost of fuel grade coke as compared to calcined coke. The fuel grade coke segment accounted for the highest revenue share of the product segment, and is expected to continue its dominance over the forecast period. Year-on-Year growth of the calcined coke segment is expected to increase steadily over the forecast period, owing to advancements in calcined petroleum coke, coupled with steady growth of the aluminum and steel industries.
Market Analysis of Global Petroleum Coke by End-user:
On the basis of type segmentation, the foundries segment in the global petroleum coke market holds the major revenue share of over 40.0% in 2017, owing to factors such as rising industrialization developments in developing economies including the Asia Pacific region. The cement industry segment accounted for a significant revenue share of the market in 2017, and is projected to decline to 25% in 2026, owing to declining demand for petroleum coke from cement industries due to environmental concerns. The growth of the petroleum coke in the cement industry can be attributed to high demand for petroleum coke from cement industries in the Asia Pacific region, due to increasing infrastructure developments, and cost effectiveness as compared to other fuels.
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Market Analysis by Global Petroleum Coke by Region:
Geographically, the Americas accounts for the largest share in 2017 and is expected to witness CAGR of over 8% during the forecast period, owing to factors such as growing usage of petcoke as a cost effective tool in cements and energy industries. Increasing exports of petroleum coke from US, due to its lower prices than international petroleum coke prices is key factor expected to drive growth of the petroleum coke market in this region. However, increasing use of coal and natural gas which are more economical fuel than petroleum coke for use in power generation and mechanical application expected to restrict growth of the petroleum coke market in this region. In addition, increasing use of waste derived fuel in power and cement industries to increase energy efficiency and to avoid environmental concerns expected to restrict growth of the petroleum coke market in this region.
Companies profiled in the report are Chevron Corporation, Essar Oil, BP Plc, HPCL, ExxonMobil Corporation, Indian Oil Corporation Limited, Saudi Arabian Oil, Reliance Industries, Chevron Corporation and Royal Dutch Shell.