Petroleum Coke(Pet Coke) Demand Set to Surpass $ 25 billion by 2025
Growing
demand for cost efficient source of energy, coupled with increasing
infrastructural developments and rising discoveries of new sources of pet coke
to drive global pet coke market through 2025.
According to TechSci Research
report, “Global
Petroleum Coke Market By Type, By End Use, By Region Competition Forecast &
Opportunities, 2011-2025’’, the global petroleum coke market is forecast to surpass US$ 25
billion by 2025. On the basis type of pet coke market has been segmented
into two categories such as, fuel grade and calcined grade pet coke. Fuel grade petroleum coke accounts nearly 80% of the total petroleum coke production across the world
and is majorly used for power and electricity generation purposes across
various manufacturing industries. Rising power consumption, growing
urbanization, increasing investments by various governments, coupled with
rising demand for high energy and cost efficient fuel from cement, smelting and
power generation industries are the major factors driving global petroleum coke
market. Moreover, discoveries new sources of pet coke, coupled with growing
demand from cement and power sector are further expected to drive production of petroleum coke across various region during the forecast period.
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Cement industry was
the largest consumer of the pet coke across various end use industries for petroleum coke across the world, and thus dominated global petroleum coke market in 2015, and
is further anticipated to maintain it’s dominance in the coming years, owing to
growing cement production globally. Moreover, global cement market exhibited a
CAGR of more than 5% during 2011-2015, and demand for cement is projected to surpass
around 5.2 billion metric ton by 2019, thereby driving demand for petroleum coke in
the coming years. Furthermore, petroleum coke can be categorized into fuel grade and
calcined grade pet coke out of which, fuel grade petroleum coke accounted for lions
share in the petroleum coke market across the globe in 2015 and is further forecast
to continue it’s dominance during the forecast period, on account of rising consumption of fuel
grade pet coke in power and electricity generation. which can be attributed to
it’s high heating value and competitive pricing as compared to coal has higher
carbon purity is extensively used in aluminum and steel industries. Additionally,
global aluminum market accounted
for a total production of around 54 million tons in 2014, and is further
expected to grow in the coming years, thereby fueling demand for petroleum coke during
the projected period.
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“Rising demands
for oil products for power and electricity generation has led to the
over-dependency on oil across the world. However, petroleum coke has emerged as a
promising alternative to other fuels owing to, its high calorific value and competitive
pricing. Moreover, rising adoption of pet coke by various end use industries is
further reducing dependence on oil. Consequently, countries with lower crude
oil reserves are expected to exhibit increase their petroleum coke consumption during
the projected period, thereby driving global petroleum coke market through 2025”,
said Mr. Rishi Srivastava, Manager Research with TechSci Research, a research
based global management consulting firm.
“Global Petroleum Coke Market By Type, By End
Use, By Region Competition Forecast & Opportunities, 2011-2025’’ has evaluated the future
growth potential of global petroleum coke market and provides statistics and information
on market size, structure and future growth potential. 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 petroleum coke market.
About TechSci Research
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