The Petroleum Coke by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Petroleum Coke, The petroleum coke market size has grown rapidly in recent years. It will grow from $27.64 billion in 2023 to $31.53 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. The growth in the historic period can be attributed to strong economic growth in emerging markets, growth in cement production industries, and rapid expansion of steel production. factors that negatively affected growth in the historic period were the coronavirus pandemic, stringent environmental regulations and volatility in crude oil prices.
The petroleum coke market size is expected to see rapid growth in the next few years. It will grow to $53.8 billion in 2028 at a compound annual growth rate (CAGR) of 14.3%. The growth in the forecast period can be attributed to the rising demand for energy, the increasing demand for aluminum, and rising infrastructure development . Major trends in the forecast period include environmentally friendly coke production, rising investments, research and development activities and strategic partnerships and collaborations.
The rise in the production of steel is expected to propel the growth of the petroleum coke market going forward. Steel output has risen globally, owing to growing demand from railways, highway buildings, and automobiles. Petcoke is used as a feedstock in the iron and steel industry, where it is blended with coking coal during the coke-making process. The use of pet coke results in a 16% reduction in coking coal use and a net reduction in energy intensity of just over 1%. For instance, according to IBEF, an Indian Government export promotion agency for the international distribution and sale of Indian products, in December 2021, the production of finished steel and crude steel stood at 94.66 million tonnes (MT) and 102.49 million tonnes (MT), respectively. In addition, crude steel production is expected to reach 112-114 million tons, an increase of 8-9% YoY in the financial year 2022. Therefore, the rise in the production of steel owing to the development of railways, highway construction, automobiles, and transportation segments is driving the growth of the petroleum coke market.
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The petroleum coke market covered in this report is segmented –
1) By Type: Fuel Grade, Calcined Coke
2) By Physical Form: Needle Coke, Sponge Coke, Shot Coke, Honeycomb Coke
3) By Application: Power Plants, Cement Kilns, Steel, Aluminium, Fertilizer, Other Applications
Companies operating in the petroleum coke market are entering into strategic partnerships and collaborations to expand their offerings and leverage their resources for diversifying in new markets. For example, in May 2023, Emirates Global Aluminum (EGA), a UAE-based aluminum producer, signed a memorandum of understanding with BP. The goal of the collaboration is to investigate prospective initiatives and chances that could lower the carbon content of EGA’s supply of calcined petroleum coke. The collaboration could result in the establishment of a calcined petroleum coke mixing factory in the UAE. BP is an England-based oil and gas company.
The petroleum coke market report table of contents includes:
1. Executive Summary
2. Petroleum Coke Market Characteristics
3. Petroleum Coke Market Trends And Strategies
4. Petroleum Coke Market analysis
5. Petroleum Coke Market Size And Growth
6. Petroleum Coke Segmentation
7.Petroleum Coke Regional And Country Analysis
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27. Petroleum Coke Competitive Landscape And Company Profiles
28.Petroleum Coke Key Mergers And Acquisitions
29. Petroleum Coke Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- BP PLC
- Saudi Arabian Oil Co.
- Phillips 66 Company
- Reliance Industries Limited
- Valero Energy Corporation
- Indian Oil Corporation Ltd.
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