Synopsis of Pet Coke Market:
Pet Coke or Petroleum Coke is a by-product of crude oil refining and other petroleum cracking processes. Crude oil by-products such as diesel, lubricants, and waxes among others are processed in cokers and other cracking processes to produce pet coke. Pet Coke is produced in different grades depending upon the operation temperature, coking time, and the efficiency of the material used. The different types of Petroleum Coke are catalyst coke, needle coke, sponge coke, purge coke, and shot coke. The different types mentioned are distinguished by their Volatile organic content (VOC) and their psychical properties. Properties such as high calorific value make pet coke ideal for use as power generation source in various industries. Petroleum Coke is also used in the anodes while manufacturing metals. The niche applications of Petroleum Coke include the production of titanium dioxide, production of ammonium nitrate & urea, and as a feed stock for coke oven batteries. The cost-effectiveness, low VOC content, and the high calorific value of Pet Coke makes it an efficient substitute for coal.
Among the various product segments in Pet Coke Market, the fuel grade is the leading segment of the market and is anticipated to continue its dominance over the forecast period. The growing consumption of the product in power plants and steel & cement industries account for the growth of the segment. On the basis of product type, the sponge pet coke segment is expected to witness a significant growth during the forecast years. The propelling energy requirement is set to add to the growth of the product owing to its use in anode production and power plants.
Segmental Analysis:
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, purge coke. On the basis of the grade, the market is classified as fuel grade, calcined grade. The market by application industry is further categorized into power plants, cement industry, steel industry, aluminum industry, and others.
Regional Analysis:
The Pet Coke Market is segmented into five 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 with an encouraging CAGR. Growing urbanization and globalization in the region has substantially added to the growth of the market in this region. India and China are the major contributors to the growth of the market in the Asia-Pacific region. Moreover, the presence of the most populated economies has augmented the need for energy in the region which in turn has fuelled the demand for Petroleum Coke owing to its application in power generation. In addition to this, the demand from the oil and gas industry mainly in China and India is another factor positively affecting the market growth. The growing government investment in the construction sector has augmented the cement industry which in turn is adding to the growth of the Pet Coke Market.
North America is another dominant region in the global market, exhibiting an expanding CAGR. The presence of the developed end-user industries is the major reason augmenting the growth of the market. Moreover, the growing oil and gas activities in the region is also adding to the market growth. The U.S. and Canada are the major countries attributing this growth. Furthermore, the growing investment in the development of infrastructure has augmented the demand for cement, hence increasing the demand for Pet Coke owing to its growing application in the cement industry.
The European region is a lucrative market and is mainly driven by a well-developed power generation and industrial sector. Moreover, the growing stringent EU regulations regarding the emission of greenhouse gases will further add to the growth of the Pet Coke Market. In addition to this, the growing preference of petroleum coke over coal is also a dominant factor for the market growth.
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Pet Coke or Petroleum Coke is a by-product of crude oil refining and other petroleum cracking processes. Crude oil by-products such as diesel, lubricants, and waxes among others are processed in cokers and other cracking processes to produce pet coke. Pet Coke is produced in different grades depending upon the operation temperature, coking time, and the efficiency of the material used. The different types of Petroleum Coke are catalyst coke, needle coke, sponge coke, purge coke, and shot coke. The different types mentioned are distinguished by their Volatile organic content (VOC) and their psychical properties. Properties such as high calorific value make pet coke ideal for use as power generation source in various industries. Petroleum Coke is also used in the anodes while manufacturing metals. The niche applications of Petroleum Coke include the production of titanium dioxide, production of ammonium nitrate & urea, and as a feed stock for coke oven batteries. The cost-effectiveness, low VOC content, and the high calorific value of Pet Coke makes it an efficient substitute for coal.
Among the various product segments in Pet Coke Market, the fuel grade is the leading segment of the market and is anticipated to continue its dominance over the forecast period. The growing consumption of the product in power plants and steel & cement industries account for the growth of the segment. On the basis of product type, the sponge pet coke segment is expected to witness a significant growth during the forecast years. The propelling energy requirement is set to add to the growth of the product owing to its use in anode production and power plants.
Segmental Analysis:
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, purge coke. On the basis of the grade, the market is classified as fuel grade, calcined grade. The market by application industry is further categorized into power plants, cement industry, steel industry, aluminum industry, and others.
Regional Analysis:
The Pet Coke Market is segmented into five 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 with an encouraging CAGR. Growing urbanization and globalization in the region has substantially added to the growth of the market in this region. India and China are the major contributors to the growth of the market in the Asia-Pacific region. Moreover, the presence of the most populated economies has augmented the need for energy in the region which in turn has fuelled the demand for Petroleum Coke owing to its application in power generation. In addition to this, the demand from the oil and gas industry mainly in China and India is another factor positively affecting the market growth. The growing government investment in the construction sector has augmented the cement industry which in turn is adding to the growth of the Pet Coke Market.
North America is another dominant region in the global market, exhibiting an expanding CAGR. The presence of the developed end-user industries is the major reason augmenting the growth of the market. Moreover, the growing oil and gas activities in the region is also adding to the market growth. The U.S. and Canada are the major countries attributing this growth. Furthermore, the growing investment in the development of infrastructure has augmented the demand for cement, hence increasing the demand for Pet Coke owing to its growing application in the cement industry.
The European region is a lucrative market and is mainly driven by a well-developed power generation and industrial sector. Moreover, the growing stringent EU regulations regarding the emission of greenhouse gases will further add to the growth of the Pet Coke Market. In addition to this, the growing preference of petroleum coke over coal is also a dominant factor for the market growth.
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