Press release
Petroleum Coke (Petcoke) Market US$ 34.2 Billion by 2027 With 7.6% CAGR | IMARC Group
petroleum coke industry
What are the growth prospects of the petroleum coke industry?
The global petroleum coke market reached a value of US$ 21.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 34.2 Billion by 2027, exhibiting a CAGR of 7.6% during 2022-2027.
What is petroleum coke?
Petroleum coke refers to a refining by-product that is obtained during crude oil refining and other cracking processes. Numerous grades of petroleum coke can be derived that vary depending upon the quality of the raw material as well as the coking time length and operation temperature. It is a carbon-rich material that is extensively utilized as a fuel with low ash content, high calorific value and high-power output value. It offers exceptional chemical stability and is cost-efficient in nature. As a result, it is widely used across numerous industrial verticals for a wide range of application segments, including the production of metals, cement, anodes, paints, electrodes, fertilisers, and bricks.
Impact of COVID-19:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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What are the major market drivers in the petroleum coke market?
The market is primarily driven by the increasing energy demand from across the globe, especially from emerging economies. The continual depletion of conventional energy sources and the rising demand for alternate fuels with high energy output are creating a positive outlook for the market. Since petroleum coke also possesses high fuel stability and lesser risks of combustion during transportation at affordable rates, it is gaining widespread prominence as a key substitute for coal across diverse industries. Supported by rapid industrialization, this is providing a significant thrust to market growth.
The market is further driven by the increasing applications of the material across the construction sector, facilitated by continual infrastructural developments on the global level. Furthermore, the growing adoption of green fuel-grade petroleum coke that is manufactured by processing liquid fractions in delayed coking units (UCR) is acting as a major growth-inducing factor. These product variants contain lower sulfur content while offering higher ductility and resistance to corrosion. Other factors driving market growth include increased investments to expand refining capacity and the implementation of numerous stringent regulations to reduce carbon footprint.
Global Petroleum Coke Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
BP Plc, Chevron Corporation, ConocoPhillips, Exxon Mobil Corporation, HPCL - Mittal Energy Limited, Indian Oil Corporation Ltd., Marathon Petroleum Corporation, Royal Dutch Shell Plc, Saudi Arabian Oil Co., Trammo Inc. and Valero Energy Corporation.
The report has segmented the market on the basis on region, type and application.
Breakup by Type:
Fuel Grade Coke
Calcined Coke
Breakup by Application:
Power Plants
Cement Kilns
Steel
Aluminium
Fertilizer
Others
Breakup by Region:
North America: (United States, Canada)
Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa
Key highlights of the report:
Market Performance (2016-2021)
Market Outlook (2022- 2027)
Porter's Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
Inquire before buying: https://www.imarcgroup.com/request?type=report&id=2592&flag=F
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
If you want latest primary and secondary data (2022-2027) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.
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Wearable Medical Devices Market Research Report 2022: https://www.imarcgroup.com/wearable-medical-devices-market
Thermal Ceramics Market Research Report 2022: https://www.imarcgroup.com/thermal-ceramics-market
Alcohol Ingredients Market Research Report 2022: https://www.imarcgroup.com/alcohol-ingredients-market
Migraine Drugs Market Research Report 2022: https://www.imarcgroup.com/migraine-drugs-market
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic, and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology, and novel processing methods are at the top of the company's expertise.
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