Green Petroleum Coke & Calcined Petroleum Coke Market size is forecast to reach $19.34 billion by 2025, after growing at a CAGR of 8.80% during 2020-2025. Green petcoke is used as a fuel whereas calcined pet coke used as a feedstock for wide range of the products such as aluminum, paints, coatings and colorings, etc. The global production of petroleum coke has been increasing in the last few years, this is due to the rising supply of heavy crude oils in the global market.
By Type – Segment Analysis
Calcinated coke segment held a significant share in green petroleum coke & calcined petroleum coke market in 2019. Green petroleum coke with low sulfur content is upgraded through calcining and is used as a raw material for the production of aluminum and steel. Pet coke is a black-colored solid composed primarily of carbon, which contains also limited amounts of sulfur, metals and nonvolatile inorganic compounds. Pet coke is produced in the production of synthetic crude oil and also its impurities include some residual hydrocarbons left over from processing, as well as nitrogen, sulfur, nickel, vanadium, and other heavy metals. Calcined petroleum coke (CPC) is the product from calcining petroleum coke. This coke is the product of the coker unit in a crude oil refinery.
The key factors driving the calcinated coke market growth include rising demand for petroleum coke in the steel industry, development in the cement and power generation industries, growth in the supply of heavy oils globally and favorable government initiatives regarding the sustainable and green environment.
By Application – Segment Analysis
Cement segment held a significant share in green petroleum coke & calcined petroleum coke market in 2019 growing at a CAGR of 8.91% during the forecast period. Enhanced acceptance of fuel-grade green petroleum coke as a green alternative compared to more conventional fuels as authentic and perfect source of renewable energy in industries such as building and construction, cement, and power production.
Geography- Segment Analysis
Asia Pacific dominated the green petroleum coke & calcined petroleum coke market with a share of more than 42%, followed by North America and Europe. This is primarily because of higher demand from the construction sector due to a growing population. Adoption of petroleum coke is expected to rise in Asia-Pacific, owing to growth in demand for energy, increase in supply of heavy oils, and stable economic growth. Emerging markets, such as India and China, are expected to show the highest increase in demand for green petroleum coke during the forecast period, owing to rapid industrialization.
Drivers – Green Petroleum Coke & Calcined Petroleum Coke Market Growing demand from end-use industries
The key driving factors driving the green petroleum coke & calcined petroleum coke market are growing demand for petroleum coke in the steel industry, development in the heavy oils supply across the globe, growth in the power generation and cement power industries and favorable policies of government regarding the green and sustainable environment. Rise in production of steel owing to development in highway construction, railways, automobiles, and transportation segments has complemented the growth of petroleum coke market. As petroleum coke has a relatively low ash content and minimal toxicity, it is used on a large scale in various industries.
Post time: Oct-23-2020