According to a new market research report published by Credence Research "Petroleum Coke (Petcoke) Market (Aluminum and other metals, Cement Kilns, Power Generation, Steel Metal, Other Industry, and Storage) - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 - 2022" the global petcoke market was valued at US$ 11,520.0 Mn in 2014 and is estimated to expandata CAGR of 7.8% from 2015 to 2022.
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Rising demand from cement and aluminum industries is driving the global market for petcoke. Growth in new residential homes, commercial and industrial sectors in emerging economies such as India, China and Middle East are projected to drive the petcoke market over the next few years. Furthermore, approval by EPA and CRS agencies will also boost the market demand for petcokeover the forecast period.
Petcoke market will witness growth in future due to rise in demand from various end user industry. The steel, storage and other industry, despite constituting only 5% to 9% of the global petcoke market, has huge potential in terms of application. Petcoke are used in a variety of other applications, such as paints & coatings, fertilizers and battery electrodes. Another industry which will drive growth in the market is the power generation industry. Petroleum coke (petcoke) is an economical and secure alternative fuel for power that can reduce the worldwide growing oil dependency. Usage of petcoke as a fuel for power and hydrogen would provide various strategic benefits. Increase awareness regarding the different applications scope of petcoke is projected to drive the overall market for petcoke over the coming years.
Besides the benefits of petroleum coke, there is a hindrance for petcoke that it has a hostile effect on the human health and environment, which in turn is limiting the growth of the market. Petcoke contain high sulfur and low volatile content, which causes environmental problems during combustion.
Major companies operating in global petcoke market include ExxonMobil Corporation, BP Plc, Chevron Corporation, Royal Dutch Shell Plc, Essar Oil Ltd., HPCL - Mittal Energy Limited, Indian Oil Corporation Limited, Conco Philips, Reliance Industries Limited, Saudi Arabia Oil Company, and Valero Energy Corporation.
Geographical expansion through organic as well as inorganic growth
Petcoke suitable for wide range of applications
Enhancing new applications area for petcoke
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