Pet Coke Emerging as an Attractive Substitute for Commodity Chemical Production
Increasing
consumption of naphtha and natural gas derived chemicals in various end user industries
and ability of PET coke to be utilized as a precursor for the production of
commodity chemicals to steer global pet coke to chemical market through 2025
According to TechSci Research
report, “Global
Pet Coke to Chemicals Market By Derivative,
By End Use Application, Competition Forecast and Opportunities, 2011 – 2025’’, the global pet coke demand
is forecast to surpass $ 25 billion by 2025, on account of its increasing
utilization in cement, power and smelting industries for various applications.
During 2016-2025, demand for pet coke is expected to grow at a higher CAGR as
compared to 2011-2015 on the back of rising demand in emerging application
areas. Utilization of pet coke to derive various commodity chemicals is
recognized as one of the emerging applications for pet coke over the last few
years.
Conventionally, Naphtha and
natural gas are utilized as a precursor for the production of various commodity
chemicals such as methanol, methyl acetate, ethylene, propylene, oxo chemicals,
acetic anhydride, acetic acid and dimethyl ether across the globe. In order to
meet the growing requirements for these derivatives, the manufacturers of
methanol, methyl acetate, ethylene, propylene, oxo chemicals, acetic anhydride,
acetic acid and dimethyl ether are increasingly opting for alternative
feedstock. PET coke is emerging as a promising substitute for naphtha &
natural gas in the production of these derivatives. Further, these
aforementioned intermediates are witnessing increasing demand in manufacturing
plastics, polymer, resins, solvents, etc., which is expected to boost PET consumption
across the globe in the coming years. With continuing research &
development, PET coke offers enormous potential to replace Naptha and natural
gas for the production of various chemicals over the span of next ten years.
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Asia-Pacific
is the leading demand generator for methanol, methyl acetate, ethylene,
propylene, oxo chemicals, acetic anhydride, acetic acid and di-methyl ether due
to their increasing utilization in manufacturing processes of various
industries, which in turn, is expected to augment demand for pet coke in the
region as it is emerging as a potential substitute for naphtha and natural gas in
the production of a variety of commodity chemicals. Additionally, rising awareness about the properties
of pet coke and its effect on operational feasibility is further expected to escalate
its demand from the chemical manufacturers. Major developing nations such as
China and India are witnessing strong growth in industrial sectors which is
generating enormous demand for a variety of commodity chemicals. In
Asia-Pacific, production of the commodity chemicals is dependent on naphtha and
natural gas availability, however, in order to reduce the dependency on naphtha
and natural gas for production of commodity chemicals and technological
advancements in chemicals production is expected to increase the demand for PET
coke in the region during 2016-2025.
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“Companies
having pet coke availability announced to utilize it for commodity chemical
production. For
instance, IOCL announced plans to establish a facility for the production of
acetic acid and ethanol by the utilization of pet coke as a raw material.
Reliance Industries, one of the leading petrochemical giants also announced
plans to set up a pet coke gasification unit for the production of various
chemicals such as methanol.”, said Mr. Rishi Srivastava, Research Manager with
TechSci Research, a research based global management consulting firm.
“Global
Pet Coke to Chemicals Market By Derivative, By End Use Application, Competition
Forecast and Opportunities, 2011 – 2025” has evaluated the future growth
potential of global pet coke to chemicals market and provides statistics and information
on market size, consumer behavior and trends. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
evaluation. Besides, the report also identifies and analyzes the emerging
trends along with essential drivers, challenges and opportunities in global pet
coke market.
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