Demand for Cost Efficient Fuel to Bolster Pet Coke Market Size
Market Analysis
The global Pet Coke Market Size is expecting a prodigious growth at a healthy CAGR over the assessment period (2022-2028). Petroleum coke which is also known as pet coke is a safe and economical alternative fuel which is produced in various grades based upon a couple of factors namely the cooking time, the material’s efficiency and also the time used for cooking. A key reason why pet coke has created a niche in the fuel industry is because it has cut down the dependency of coal and oil for power generation. It is the fuel-grade pet coke that is used increasingly as a substitute to coal. It has immensely high heating value that enables its application in different material processing industries. Fuel-grade pet coke when burned produces minimal or no ash which is a highly favorable fuel characteristic in case of a couple of industries chiefly power generation plants and cement manufacturing kilns. Pet coke is available in different varieties namely shot coke, catalyst coke, purge coke, needle coke and sponge coke. These are distinguished based on its VOC (volatile organic content) and also its psychical properties. Pet coke has various niche applications including feed stock in coke oven batteries, production of urea and ammonium nitrate and titanium dioxide.
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There are many factors that is driving the growth of the pet coke market. Some of these factors as per the Market Research Future (MRFR) report include growing urbanization, rising power consumption, increasing investments by governments, soaring need for cost efficient and high energy fuel from cement, growing demand for pet coke in power generation and smelting industries, new sources of petroleum coke and burgeoning demand from power and cement sector. On the contrary, its impact on the human health and the environment at large may impede the growth of the pet coke market.
Market Segmentation
Market Research Future report offers an all-inclusive segmental analysis of the pet coke market on the basis of grade, application and product type.
Based on grade, it is segmented into fuel and calcined grade. Of these, the fuel grade segment will rule the market over the assessment period owing to its wide use for electricity and power generation across different manufacturing industries and also it accounts more than 80% of petroleum coke production.
Based on application, the pet coke market is segmented into aluminum industry, steel industry, power plants and cement industry. Of these, cement industry will lead the market over the assessment period due to increasing utilization of pet coke as fuel especially in cement manufacturing and growing cement production. This will be followed by power plants.
Based on product type, it is segmented into catalyst coke, needle coke, purge coke, sponge coke and shot coke. Of these, sponge coke will have a noteworthy growth over the assessment period.
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Regional Analysis
Based on region, the pet coke market covers growth opportunities and latest trends across Asia Pacific, North America, Europe, Latin America and Middle East and Africa. Of these, APAC will have a lion’s share in the pet coke market and is anticipated to grow at a fast pace and at an alluring CAGR owing to globalization and growing urbanization here. China and India are the key contributors in this region. Besides, the growing demand for pet coke from oil and gas industries in India and China coupled with increasing investment made by the government in construction is also fueling the growth of the market in this region. The pet coke market in North America will have the second largest share owing to the presence of developed end-user industries, the increasing oil and gas activities and increasing investment in infrastructure. Canada and the US are the key contributors here. In Europe, the pet coke market will be highly lucrative and driven chiefly by the industrial and power generation sector that is highly developed. Besides, the strict EU regulations concerning the green house gas emission and increasing preference of pet coke as a substitute to coal will fuel the growth of the market here.
Key Players
Leading players profiled in the pet coke market include Conoco Philips (U.S.), Valero Energy Corporation (U.S.), Saudi Arabia Oil Company (Saudi Arabia), Reliance Industries Limited (India), Royal Dutch Shell Plc (Netherland), Indian Oil Corporation Limited (India), Exxon Mobil Corporation (U.S.), Hindustan Petroleum Corporation Limited (India), Essar Oil Ltd. (India), British Petroleum (London), and Chevron Corporation (U.S.).
March 2019- Michigan lawmakers have teamed up on a bill that addresses the health concerns related to pet coke’s open-air storage. An assessment will be conducted by the U.S. Department of Health and Human Services on the environmental impacts and public health of petroleum coke production as well as use along with examining the finest practices to store, transport and manage the material.
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