Newark, Oct. 02, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 28.43 Billion in 2022 petroleum coke market will reach USD 57.24 Billion by 2032. The growth of the petroleum coke market has contributed to the steel industry's quick development due to improvements in the railway, highway, transportation, and vehicle sectors. The technological advancements in the power generating industry, the increase of the heavy oil supply globally and the expansion of the cement industry are all expected to boost the market for petroleum coke.
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Key Insight of the Petroleum Coke Market
Europe is anticipated to expand at the highest CAGR of 9.44% over the projection period.
Europe is expected to grow at the highest CAGR of 9.44% over the forecast period. Due to the cheap costs involved in producing electricity, Europe is predicted to experience a rapid increase in the market over the projection period. Due to its simple availability and abundance, petroleum coke replaces coal and natural gas as a favoured fuel. Throughout the projection period, expanding infrastructure development is anticipated to fuel the region's need for petroleum coke. Companies that refine crude oil are setting up delayed coking machines to generate petroleum coke locally.
The fuel grade coke segment is expected to register the highest CAGR of 10.56% over the projected period in the petroleum coke market.
The fuel grade coke segment is anticipated to grow at the highest CAGR of 10.56% in the petroleum coke market. Due to its low production costs and high calorific value, fuel grade coke is used in the cement and power industries. The expansion of the cement and power industries in developing nations like India, China, and Japan is anticipated to have a major impact on the petroleum coke market in the near future.
Over the projected period, the steel segment is expected to register the highest CAGR of 10.95% in the petroleum coke market.
Over the forecasted period, the steel segment is anticipated to grow at the highest CAGR of 10.95% in the petroleum coke market. India has become one of the most important markets for manufacturing steel items because of the nation's expanding building sector. The increasing growth of global steel production will increase the demand for green and calcined petroleum coke in the steel-making process. Consequently, the rising demand for steel from various industries will boost the consumption of calcined petroleum coke, driving the growth of the global market during the forecast period.
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Market Dynamics
Driver: Increasing need for energy to carry out many tasks
Market expansion is being supported by the rising demand for energy among people worldwide to complete multiple tasks. This demand is largely met by petroleum coke, primarily used in heavy industries and power generation. It is essential, especially in places with limited access to alternative fuels, since it can provide a steady and ample energy supply. In addition, petroleum coke is a backup during variable renewable energy supply. It provides a steady power supply, ensuring a positive future for the market as renewable energy sources such as wind and solar continue to advance. The market is expanding due to the accelerating industrial and urbanisation processes that are causing an increase in residential and commercial construction. People are becoming more interested in house repair due to increased living standards. Petroleum coke is another important component that is regularly added to the production of asphalt. In addition, asphalt is used in the development of transportation systems and the construction of roads, both of which have a positive effect on the market. Because of its high calorific value and affordability, petroleum coke is a preferred fuel source for businesses, including cement, steel, and power generation. The need for petroleum coke in fertilisers in the agriculture sector is driving the market's growth. In addition, it is a crucial source of carbon used in the production of urea, a nitrogen-based fertiliser.
Restraint: Negative effects of petroleum coke on health and the environment
Petcoke's negative effects on the environment and human health are expected to limit market growth. Petroleum coke, often known as pet coke, is detrimental to aquatic and terrestrial environments because of its high sulphur concentration. The government has set a series of strict rules to limit the use of pet coke. Petcoke has detrimental effects; however, alternative technologies and fuels are being developed to mitigate such effects. Improved pollution control techniques and cleaner-burning fuels like hydrogen and natural gas are some examples of this. Recycling and repurposing are also becoming increasingly important to lessen pet coke's environmental impact. These measures grow the market long-term while reducing its negative impacts.
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Some of the major players operating in the petroleum coke market are:
• Chevron Corporation
• ExxonMobil Corporation
• Indian Oil Corporation Limited
• Royal Dutch Shell Plc
• Valero Energy Corporation
• BP Plc
• HPCL - Mittal Energy Limited
• Saudi Arabian Oil Co.
• Essar Oil Ltd.
• Reliance Industries Limited
Key Segments cover in the market:
By Type:
• Calcined Coke
• Fuel Grade Coke
By Application:
• Cement Kilns
• Aluminium
• Power Plants
• Fertilizer
• Steel
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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