Jan 13, 2021 (Heraldkeepers) -- Market Overview and Growth Factors:
As per the latest report published by Market Research Future (MRFR), the global market for Petroleum Coke (fuel-grade) will record an above-average growth over the next several years. In 2017, the market surpassed a valuation of USD 10,100 Mn, with production volume reaching over 102,600 thousand tons. In recent years, fuel-grade petcoke has been increasingly used as an alternative to coal. Fuel-grade petcoke has very high heating value (BTUs per pound), which allows its application in various material processing industries. When burned, fuel-grade petcoke produce very little or no ash, a favourable fuel characteristic for many industries including cement manufacturing kilns and power generation plants.
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The cement manufacturing industry has been a major consumer of the fuel-grade petcoke. Global demand for cement remains strong as countries such as China, India, Brazil and Mexico witness rapid urbanization and industrialization which is reflecting favourably on the global Petroleum Coke Market The tremendous economic boom in these countries have led to increased construction activities, which in turn is driving the demand for processed material such as cement, steel, glass and brick. Due to its innate nature it's a preferred fuel for running furnaces for long durations. However, being a by-product of crude oil, it carries several environmental implications and is not a fuel option which is sustainable in the long run.
Global Petroleum Coke (Fuel-Grade) Market: Competitive Landscape
MRFR in its report has profiled some of the top-notch market players, which include Indian Oil Corporation Ltd., Royal Dutch Shell PLC, Marathon Petroleum Corporation, Motiva Enterprises LLC., Nayara Energy Ltd., Exxon Mobil Corporation, Phillips 66 Company, Petrobras, Citgo Petroleum Corporation, Valero Energy Corp.
Global Petroleum Coke (Fuel-Grade) Market: Segmental Analysis
MRFR's report include a comprehensive segmental analysis of the market on the basis of application and region. On the basis of application, the market has been segmented into cement, power plants, brick and glass, foundries, steel, paper and pulp, and others. Among these, the cement segment currently accounts for largest market share and this trend likely to continue in 2018 and beyond. In 2017, the segment stood at a valuation of USD 10,166.8 Mn, capturing nearly 48 % market share in terms of revenue. During the forecast period, the cement segment is projected to witness the highest CAGR owing to rising cement production and the growing use of petroleum coke as a fuel in cement manufacturing. In addition, more than 49,000 thousand tons of fuel-grade petcoke were consumed by the cement industry alone. Meanwhile, the power plants segment holds the second spot in terms of petcoke consumption and market valuation. Nearly USD 3,000 Mn worth petcoke was consumed by power plants globally in 2017. Petroleum coke is an economical and a safe alternative fuel for power plants. It has also reduced dependency on oil and coal for power generation.
Global Petroleum Coke (Fuel-Grade) Market: Regional Analysis
The market has been covered across North America, South America, Europe Asia Pacific (APAC) and the Middle East & Africa (MEA). In 2017, APAC market commanded the for more than 56% market share. The region's market size is currently valued at over USD 5,700 Mn. Factors such as rapid urbanization, increasing cement production, and growing energy demand are expected to boost the growth of the petroleum coke (fuel-grade) market in the region. India and China are the major importers of fuel-grade petroleum coke. India imported 12.49 million tons of fuel-gradepetroleum coke, while China imported 7.20 million tons in 2017. Meanwhile, the US remains a prime exporter of fuel-grade petroleum coke. The US exported close to 35.44 million ton of fuel grade petcoke in 2017.
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