A brief overview of Petroleum Coke Market is provided in the report based on product scope and market status & outlook. The market is segmented on the basis of type, end-users/application, and geography
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The global petroleum cokemarket was valued at $16,680 million in 2016, and is expected to reach $29,648 million by 2023, registering a CAGR of 8.6% during the forecast period. Crude oil is processed into diesel fuel, gasoline, lubricating oils & waxes, and some residual crude.
This residual crude is further treated using coking process, and petroleum coke is produced. This is used as an alternative energy source and cost-effective fuel.
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At present, petroleum coke is produced at more than 140 refineries, globally. Petroleum coke finds its application as a source of carbon or energy in industrial applications.
Low ash content of petroleum coke and minimal toxicity are the major factors that are expected to drive its demand in the near future. Increase in aluminum production is expected to boost the demand for petroleum coke during the forecast period.
In addition, rise in demand for energy in various industrial sectors and development in cement & construction industries are anticipated to fuel the demand for petroleum coke in the near future. However, adverse effects on aquatic animals and terrestrial environment is expected to restrain the growth of petroleum coke market in the near future.
Moreover, stringent government regulations towards the use of petroleum coke in some countries is anticipated to hamper the growth of market.
The report segments the global petroleum coke market based on type and application. On the basis of type, the market is bifurcated into fuel grade and calcined grade.
By application, it is categorized into aluminum & other metals, cement, storage, steel, power, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The prominent players have strategically focused on product launches as their key strategy to gain significant share in the market.
The key players profiled in the report are
- Essar Oil
- Chevron Corporation
- Saudi Arabian Oil Company
- British Petroleum
- Marathon Petroleum Corporation
- Valero Energy Corporation
- Reliance Industries
- Royal Dutch Shell
- Trammo, Inc.
Check Full Report With TOC at www.researchbeam.com/petroleum-coke-market
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