Global Petcoke Market size to exceed $25bn by 2024
Published Date: August 29, 2019 Authors: Ankit Gupta, Aditya Singh Bais
Global Petcoke Market will exceed USD 25 Billion by 2024, as reported in the latest study by Global Market Insights, Inc.
Petcoke market size will witness growth on account of increasing investments toward refining capacity additions coupled with ongoing invetments aimed toward the development cement, aluminum and steel industry. High calorific value and low ash content are some of the prominent features favoring the product demand. Furthermore, surging investments toward the development of new industrial centers has fueled the demand for infrastructure materials which in turn will complement the business growth.
Low cost of primary fuels along with easy availability of mediocre quality crude oil will augment the industry outlook. Furthermore, the ongoing initiatives to boost productivity across various industries along with growing demand for aluminum smelter anodes will proliferate the business growth. In addition, the burgeoning energy demand across the emerging economies will further enhance the industry landscape.
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Needle petroleum coke industry will witness growth over 10% by 2024. Rapid industrialization and commercialization across the emerging economies will foster the industry growth. Light weight and high electrical & thermal conductivity are few of the prominent factors favoring product penetration. In addition, surging demand for steel owing to the expanding automobile, transportation and construction industry will further boost the industry growth.
Browse key industry insights spread across 220 pages with 447 market data tables & 10 figures & charts from the report, “Petcoke Market Size By Grade (Fuel Grade, Calcined Grade), By Physical Form (Sponge Coke, Purge Coke, Shot Coke, Needle Coke), By Application (Power Plants, Cement Industry, Steel Industry, Aluminum Industry, Others) Industrial, Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2017-2024” in detail along with the table of contents:
Calcined grade based petcoke industry will witness robust growth on account of its increasing usage across aluminum manufacturing plants. Soaring demand for graphite anodes and electrodes for titanium smelting will further enhance the business landscape. In addition, growing use of CPC as an efficient recarburizing agent along with increasing rates of substitution with coal for its use in furnaces and boilers will augment the industry landscape.
Petcoke market from power plant applications is set to grow over 9% by 2024. Low risk of combustion and high fuel stability are the key underlying factors favoring product adoption. Increasing demand for electricity along with growing requirement for high calorific value fuel sources will boost product penetration over the coming years.
Europe petcoke market is expected to witness growth over 8% by 2024. Positive outlook towards primary metal manufacturing coupled with increasing government spending toward infrastructure development will stimulate the product adoption. Presence of a robust automobile sector has created a cyclical demand for steel which in turn will boost the industry growth. For instance, as per the European Automobile Manufacturers Association (ACEA), the passenger vehicle registrations across EU28 & EFTA countries witnessed an increase from 14.1 million units in 2015 to 15.1 million units in 2016.In addition, shifting trends toward the adoption of alternative non-oil fuel types across industries to curb the domestic oil consumption will further enhance the business landscape.
Major industry participants operating across the global market include Atha Group, Rain CII, Cocan Graphite Trammo, Oxbow Corporation, Marathon Petroleum, Reliance, Aminco Resources, Shamokin Carbons, Carbograf, HPCL-Mittal Energy (HMEL), Bharat Petroleum, Husky Energy, Saudi Aramco, ExxonMobil, Essar Oil, BP amongst others.
Petcoke market research report includes in-depth coverage of the industry with estimates & forecast in terms of (TMT) and USD from 2013 to 2024, for the following segments:
Petcoke Market, By Grade
- Fuel Grade
- Calcined Petcoke
By Physical Form
- Sponge Coke
- Purge Coke
- Shot Coke
- Needle Coke
- Power Plants
- Cement Industry
- Steel Industry
- Aluminum Industry
The above information is provided on a country basis for the following:
- North America
- Asia Pacific
- Middle East & Africa
- Latin America