Market Research Future (MRFR) speculates that the Global Petroleum Coke (Fuel-Grade) Market is likely to expand at a CAGR of 5.52% during the forecast period (2018-2025). The high calorific value and low ash content is encouraging the market growth worldwide. Petroleum Coke is referred to as a carbon-based residue which is by-product of the petroleum distilling procedure. It is extensively used as an alternative to coke. It is the final solid material derived from oil refining and is available either in calcined grade or in fuel grade. Petroleum Coke finds application in several industries like construction, power generation, aluminium, and other metals.
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March 25, 2019: A meeting was conducted among Omani company Salmeen Industrial Projects LLC and its joint venture partner UK-based BSW Group Holdings where they agreed to develop a petroleum coke calcining plant which is supposed to be funded by the BSW Group Holdings.
The prominent players operating in the Global Petroleum Coke (Fuel-Grade) Market comprises Indian Oil Corporation Ltd., Nayara Energy Ltd., Petrobras, Royal Dutch Shell PLC, Exxon Mobil Corporation, Citgo Petroleum Corporation, Marathon Petroleum Corporation, Valero Energy Corp., Motiva Enterprises LLC., and Phillips 66 Company.
Market Potential and Pitfalls:
Petroleum Coke (Full Grade) Market is expanding at breakneck speed mainly due tlo its high calorific value and low ash content. It is refinery produced as a part of the distillation procedure which makes it a cheap substitute fuel to coal, thereby triggering its demand across the globe. The surging demand for alternatives which offer immense cost in various manufacturing sectors and in power generation is likely to catalyze its growth throughout the appraisal period. The little or no ash produced by petroleum coke eradicates the need for disposing ash, thereby making it a convenient alternative. Full-Grade Petroleum Coke also finds extensive application in cement manufacturing and feedstock. With cement produced worldwide, the surging economic growth in the emerging markets have resulted in the rising construction of infrastructure and other activities, thereby impacting the demand for Petroleum Coke across the globe.
Petroleum Coke is rich in carbon and is found to have higher carbon content than coal which leads to the release of additional CO2 compared to coal. The high carbon content has further resulted in the market to foster across the globe.
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On the contrary, environmental and health implications are considered to impede the demand for Petroleum Coke across the globe. Moreover, strict government mandates regarding carbon emissions have negatively affected the market growth. On a brighter note, technological innovation in Petroleum Coke is estimated to create path for the market in the long run.
Global Petroleum Coke (Fuel-Grade) Market: Segmental Analysis
The Global Petroleum Coke (Fuel-Grade) Market has been segmented on the basis of Application.
By Mode of Application, the Global Petroleum Coke (Fuel-Grade) Market has been segmented into power plants, cement, brick & glass, steel, foundries, paper & pulp, and others. Among these, the cement segment is likely to command the largest share with 48% share in the global market. The growth has been ascribed to the surging production of cement in order to support the rising construction sector. The power plants segment is likely to occupy the second spot with a high demand for petroleum coke owing to its secure and economical nature as an alternative fuel.
Geographically, Global Petroleum Coke (Fuel-Grade) Market span across regions namely, Europe, North America, Latin America, Asia Pacific, and the Middle East & Africa.
Considering the global scenario, the Asia Pacific region is considered to command the major share in the global market with 56.3%. The market is likely to retain its pole position, grabbing a CAGR of 6.12% during the appraisal period. Rapid urbanization has resulted in an increased development of public infrastructure, surging demand for energy, and construction in the residential as well as in the commercial sector. China and India are considered among the top importers of the fuel-grade petroleum. The rising demand for energy, a stable economic growth, and an increased supply of heavy oils have further contributed to the growth of the market in this region.
The North American region is estimated to gain prominence owing to the surging utilization of pet coke as a cost-effective solution in energy and cement sector. The rising export of Petroleum Coke from the U.S. owing to the low prices than international petroleum coke is highly influencing the market growth in this region.
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