Pune, India, April 04, 2019 (GLOBE NEWSWIRE) -- Global Petroleum Coke (Petcoke) Market is expected to rise in valuation to USD 18,462.8 million by 2025, according to a new research report from Market Research Future (MRFR). The global petroleum coke market is expected to exhibit a strong 5.52% CAGR over the forecast period (2018-2025), driven by the growing demand for petroleum coke from the power generation and cement production industries.

Petroleum coke, also known as petcoke, is a fossil fuel and a byproduct of oil refining. It is used as a power source in a number of industries, especially industries in which the refining of the fuel is not an especially important concern. Petroleum coke is a highly carbon-rich solid material similar in appearance and function to coal. It is a highly cost-effective to coal and other more refined fossil fuels, which has driven its use in industries where only the overall power output of the fuel is the important concern, as it provides a higher power output than most other fossil fuels.

Competitive Analysis:

Leading players in the global petroleum coke market include Citgo Petroleum Corporation, Royal Dutch Shell plc, Valero Energy Corp., Indian Oil Corporation Ltd., Petrobras, Nayara Energy Ltd., Phillips 66 Company, Motiva Enterprises LLC, ExxonMobil Corporation, and Marathon Petroleum Corporation.

Segmentation:

The global petroleum coke market is segmented on the basis of application into cement, power plants, brick and glass, steel, paper and pulp, foundries, and others. Cement production holds the largest share of almost 48% in the global petroleum coke market and likely to remain in the top spot over the forecast period due to the growing production of cement around the world. High carbon emissions of petroleum coke are a considerable restraint on its use in the cement industry, although technological innovations are likely to be developed to allow cement manufacturers to produce cement without harming the environment as much.

Power generation is the second largest application segment of the global petroleum coke market and is likely to rise to a valuation of USD 5,313.6 million by the end of the forecast period. The economical nature of petroleum coke and its higher carbon content, which allows for the generation of more energy per volume than coal, is likely to drive its adoption over the forecast period in the power generation industry.

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Growing Construction Industry Drives Cement Production: Petcoke Demand to Rise

Cement production is among the major applications of petroleum coke. This augurs well for the global petroleum coke market, as the global cement market is likely to grow at a robust growth rate over the forecast period due to the boom in the realty sector. The need for residential construction has grown in the last few years, especially in emerging regions, where urbanization has driven the population of urban areas, leading to a growing demand for residential complexes. Growing infrastructure construction in emerging countries such as India and China is also responsible for the growing demand from the global cement market and is likely to remain a major driver for the global petroleum coke market over the forecast period.

Growing Power Generation Industry Drives Demand for Petroleum Coke

Power generation is another leading application of petroleum coke and is likely to be immensely important to the market over the forecast period due to the growing demand for stable, reliable power generation infrastructure in developing countries. The high cost-effectiveness of petroleum coke has made it a prime candidate for use in power generation plants, leading to growing demand from the market from the power generation sector. Even though the demand for coal products in the power generation industry is likely to drop in the long term due to growing realization of the adverse environmental effects of the same, the global Petroleum Coke Market is likely to accrue significant demand from power generation applications over the forecast period.

On the other hand, the growing awareness about the environmental unviability of petroleum coke is likely to emerge as a key hindrance to the global petroleum coke market over the forecast period.

Browse the market data and information spread across 100 pages with 100 data tables and 27 figures of the report “Petroleum Coke Market Report - Forecast 2018-2025” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/...arket-6566

Regional Analysis:

Regionally, Asia Pacific is likely to dominate the global petroleum coke market over the forecast period due to the growing production of the substance in the region. The growing demand for petroleum coke in the region’s growing construction and power generation industries can also influence the market demand regionally. Asia Pacific accounted for 56.3% of the global petroleum coke market in 2017 and is likely to retain similar dominance over the forecast period due to the growing construction industry in developing economies such as India and China, which has driven the demand for cement in the region. The Asia Pacific market for petroleum coke is expected to rise at a CAGR of 6.12% over the forecast period.

North America is also likely to remain a key player in the global petroleum coke market due to the presence of the U.S., which is the leading producer and exporter of petroleum coke in the world.

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