Jan 13, 2021 (Heraldkeepers) -- Pet coke is used in a wide range of application owing to their excellent properties such as low VOC content, low ash content and high calorific value among others. It is extensively used in the power generation, cement industry, steel industry, and aluminum industry among others. The increasing consumption in the power sector and cement industry across the globe is substantially affecting the growth of the pet coke market.
The global pet coke market is being driven by a range of application in the various end-use industries. The growing need for energy in the developing regions throughout the globe is one of the major factors driving the global market. Moreover, it is estimated that the fuel grade coke is set to witness the highest growth due to the growing power industry owing to its low production cost and high calorific value among others during the forecast period, 2017-2023.
The power sector followed by the steel and cement industry is anticipated to observe a higher CAGR during the forecast period. Pet coke is used in the anodes for the manufacture of metals, in the production of titanium dioxide, and also acts as a feed stock for coke oven batteries.
The global pet coke market is segmented into product type and end-user. On the basis of the product type, the market is segregated into needle coke, sponge coke, catalyst coke, shot coke, and purge coke. On the basis of grade, the market is classified as fuel grade and calcined grade. The market by application industry is further categorized into power plants, cement industry, steel industry, aluminum industry, and others.
Some of the prominent players operating in the global pet coke market are Chevron Corporation (U.S.), British Petroleum (London), Essar Oil Ltd.(India), Hindustan Petroleum Corporation Limited (India), ExxonMobil Corporation (U.S), Indian Oil Corporation Limited (India), Royal Dutch Shell Plc (Netherland), Reliance Industries Limited (India), Saudi Arabia Oil Company (Saudi Arabia), Valero Energy Corporation (U.S.) and Conoco Philips (U.S.)
The global pet coke rubber market is spanned across five key regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major share of the market and is expected to be the fastest growing region at an exponential CAGR. The presence of the most populated countries in the world such as India and China has augmented the demand for energy which, in turn, is anticipated to fuel the demand for pet coke in the region. Moreover, the growing urbanization and industrialization in the region have augmented the demand for pet coke in various industries such as steel, aluminum, and cement industry which will further add to the market growth.
The European region is estimated to witness a significant growth owing to the demand for the cheap and environment-friendly product in the power sector. The increasing use of pet coke as an alternative to coal in the industries of the region is expected to fuel the market growth during the forecast period.
The North American pet coke market is mainly driven by the U.S. and Canada. The presence of the developed end-user industries coupled with the increasing adoption rate is the major factor for the market growth. In addition, the approval by the Environment Protection Agency for the use of petroleum coke is another factor for the positive growth of the market.
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