The energy demands from emerging economies is consistently touching new peaks, and although emphasis on renewables has escalated in the recent past, generation of energy from natural resources continues to remain prominent. Petroleum coke is a solid and non-volatile carbon by-product left as residue post the distillation and cracking of petroleum, and serves as a formidable source to produce heat for development purposes across the industries of roadways and transportations, construction, automobile, and railways. According to the findings of a business intelligence study by Transparency Market Research (TMR), the demand in the global petroleum coke market will expand at a formidable CAGR of 8.5% during the forecast period of 2014 to 2020, attaining a value of US$24.11 billion by the end of 2020.
Shares Consolidated Among a Few Major Players
The analyst of the TMR report has notified that the shares in the global petroleum coke market are mostly reserved within a handful of well-established players. Some of prominent ones are: HPCL-Mittal Energy Limited (HMEL), Essar Oil Ltd., ExxonMobil Corporation, Chevron Corporation, Indian Oil Corporation Limited, Royal Dutch Shell PLC, and BP PLC. In the recent past, environmental concerns have escalated and pollution caused by fossil has been identified as a primary cause. As a result, the major players are now drifting onto the trend of gasification of petroleum coke. This cleaner form of power production has increased profit margins and is encouraging market leaders to further invest on research and development activities.
Based on product type, the market for petroleum coke has been segmented into calcined coke, also known as green coke, and fuel grade coke. The aluminum industry is the primary consumer of the segment of calcined coke, whereas fuel grade coke is used by cement and power industries. Currently, fuel grade coke have a stronger stream of demand as they are cost effective in comparison to natural gas and coal. End users studied under this report for their demand potential for petroleum coke are power plants, calcining, blast furnace, cement kilns, and others. Geographically, Asia Pacific has been highlighted as the most profitable region, whereas the North American petroleum coke market is highly mature and is expanding steadily. The U.S. is a major exporter of the products.
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Growing Adoption of Low Emission Fuel Driving Demand
Increasing demand for low emission fuel, expansion of refinery capacity by a number of prominent players, stringent regulations against the usage of coal and support for cleaner sources of energy, and positive outlook towards the power and cement industries are some of the key factors that are augmenting the demand in the global petroleum coke market. On the other hand, environmental impacts and health hazards are some of the glaring restraints curtailing the market’s progress.