Global Petroleum Coke (Petcoke) Market is estimated to be valued at US$ 25631.59 Million in 2021, by Product Type (Fuel Grade Coke and Calcined Coke), by End-use (Calcining Industry, Power Plants, Cement Kilns, Blast Furnaces, and Others), by Region (North America, Europe, Asia-pacific, Latin America, Middle East & Africa), published by Coherent Market Insights.
Global petroleum coke (petcoke) market was valued at US$ 25631.59 Million in 2021. Petroleum coke (petcoke) market is expected to register a CAGR of 5.4 % over the forecast period (2022–2030), to reach US$ 41217.42 Million by 2030.
Petroleum coke is a final solid product obtained from oil refining. It is available in two forms: fuel grade and calcined grade. Power generation, construction, and metal industry are some of the major end user of the petroleum coke. It is also used in the production of titanium and fertilizers.
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Key Trends and Analysis of the Global Petroleum Coke (petcoke) Market:
- The growing popularity of calcined petroleum coke among end user is expected to drive the market growth of the petcoke. Increasing investment in the development of refineries and metal manufacturing industries across emerging regions is contributing to the market growth of petcoke. The growing trend of using coke as a substitute for coal in boiler and furnace is further projected to accelerate the market growth of petroleum coke (petcoke) .
Key Takeaways of the Global Intelligent pigging Market:
- Among region, North America region dominated the global petroleum coke (petcoke) market in 2021 with a 35.6% of market share in terms of value, followed by Europe and Asia Pacific
- On the basis of product type, fuel grade coke segment dominated the global petroleum coke (petcoke) market in 2021 with a 75.2% of market share in terms of value.
- New product launches, merger & acquisitions, strategic partnership expansion, and research & development activities for the petroleum coke are key strategies adopted by players in the global petroleum coke market. For instance, in January 2019, ExxonMobil announced that that it will increase crude refining capacity by more than 65 percent, or 250,000 barrels per day. Thus, the growing production of crude oil is expected to foster the market growth of the petcoke over the forecast period.