The global market for petroleum coke is the focus of analysis of a recent market research report published by Transparency Market Research. The report, titled “Petroleum Coke Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2020,” states that the high demand for petroleum coke in cement and power industries across the globe will help the in witnessing healthy single-digit growth over the report’s forecast period.The report states that the market will expand at an 8.5% CAGR over the period 2014-2020, and rise to a valuation of US$24.12 bn by 2020. The market was pegged at US$13.29 bn in 2013.
The report credits factors such as the unprecedented rise in demand for petroleum coke in rapidly industrializing countries such as India and China in Asia Pacific as the key factor driving the global petroleum coke market.Petroleum coke, which is also commonly called petcoke, is one of the many important byproducts of the process of crude oil refinement. Primarily, petroleum coke is composed of elementary carbon and is typically utilized as a cheap energy or elementary carbon source for a vast number of industrial applications. Petroleum coke is an excellent combination of low toxicity, low cost and high calorific value, and is preferred over many other fuel options such as natural gas and coal.
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The Environmental Protection Agency (EPA) has recognized petroleum coke as a non-hazardous waste. Also, most toxicity tests have suggested that petroleum coke possesses a relatively low potential of harming humans as well as the environment as compared to other popular fuel types.
For the purpose of easy comprehension, the global petroleum coke market has been segmented in the report on the basis of product type, end-use segment, and geography.
Based on the types of petroleum coke in the market, the market has been segmented into calcined coke and fuel grade coke. Of these, the segment of fuel-grade petroleum coke constituted over 72% and the segment of calcined coke accounted for a relatively smaller 26.0% of the global market in 2013. The trend is projected to remain the same over the report’s forecast period as well, with the calcined petroleum coke is likely to see a marginal decline in its market value, accounting for 24.0% in the global market by 2020.
The major end-use segments of petroleum coke examined in the report include power plants, calcining, cement kilns, blast furnace, and others.
On the basis of geography, the report presents an overview of the global petroleum coke market across Asia Pacific, North America, Europe, and Rest of the World. Asia Pacific was the dominant revenue-generator in the global market in 2013, constituting a share of 32.0%, in terms of revenue, in the global market. The demand majorly came from the appreciable consumption of petroleum coke in the cement and power generation industries in India and China.
Some of the most prominent vendors in the global petroleum coke market profiled in the report are Reliance Industries Limited, Chevron Corporation, BP Plc, Indian Oil Corporation Limited, Essar Oil Ltd, Saudi Arabian Oil Company, Valero Energy Corporation, Royal Dutch Shell Plc, and ExxonMobil Corporation.