As the global consumption of green petroleum coke sees an uptick, vendor landscape has been witnessing the entry of new companies and established firms are making a conscious effort to expand their production facilities and global outreach, observes Transparency Market Research in a recent report. Focus on the development of low-sulfur products and the more efficient filtration of crude oil for the production of more effective green petroleum coke has also increased.
Aluminium Bahrain (Alba), one of the leading players in the market, for instance, recently invested in a massive expansion project, which is sought to increase the production capacity of the smelter to 1.5 million metric tons per year. With this development, the company will become the largest single-site aluminum smelter of the world. Other leading players are also ploughing increased sums into the expansion of their production facilities, prompting measures from other players to focus on R&D activities and come up with better products. Some of the leading companies in the market are Carbograf Industrial S.A. de C.V., Linyi Zhenhua Carbon Technology Co., Ltd., Oxbow Corporation, Modern Industrial Investment Holding Group., Asbury Carbons, Sinoway Carbon Co., Ltd., and Aluminium Bahrain (Alba).
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According to the report, the global green petroleum coke market, which valued at US$ 12 bn in 2016, will exhibit a CAGR of more than 6% from 2017 to 2026 and rise to a valuation of US$ 21 Bn by 2026. Of the key forms of green petroleum coke, the segment of sponge coke is expected to account for the dominant share of the market over the forecast period. Geographically, the markets in North America and Europe are presently the leading revenue contributors to the global market.
Large Customer Base in Developing Economies to Help Create New Growth Opportunities
One of the leading factors working in favor of the global green petroleum coke market is the rising usage of the anode-grade green petroleum coke in industries such as aluminum and steel. The market is also expected to gain traction owing to the increased uptake of fuel-grade green petroleum coke as a greener alternative to conventional fuels in industries such as building and construction, cement, and power production.
Moreover, the steady rise in stringent regulations levied by a number of countries on a number of industries requiring a reduction in carbon emission and increase in the usage of environment-friendly fuels and the increased cost and depleting resources of coal are all playing a key role in driving the market. The rapid pace of industrialization in a number of emerging economies across regions such as Latin America and Asia Pacific are opening up new growth opportunities for the market.
Fluctuating Costs and Supply Challenges to Hinder Market Growth
Despite mostly promising growth opportunities, the global green petroleum coke market could face certain hurdles in the form of low supply due to the presence of only a handful of players on the global front. Moreover, the volatile cost may also deter potential consumers from completely shifting onto green petroleum coke as their primary fuel type. Nevertheless, rising investments aimed at the expansion of production facilities and the rising number of companies operating on an international level could ease out some of these challenges, allowing the market to treat along a healthy growth path in the near future.
This analysis of the global green petroleum coke market is based on a recent market research report by Transparency Market Research, titled “Green Petroleum Coke Market (Source – Anode and Fuel; Form – Sponge Coke, Purge Coke, Shot Coke, Honeycomb Coke, Needle Coke; Application – Aluminum, Calcined Coke, Cement, Power Stations and Graphite Electrode) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017-2026”
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