|01-04-2019 06:15 PM CET - Health & Medicine||
Petroleum Coke Market Value Expected to Grow $29,648 Million by 2023
Press release from: Allied Market Research
A new report published "Petroleum coke Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023," by Allied Market Research. The petroleum coke market was valued at $16,680 million in 2016, and is projected to reach $29,648 million by 2023, growing at a CAGR of 8.6% from 2017 to 2023. Asia-Pacific is one of the prominent consumers of petroleum coke, accounting for more than half of the total market in 2016.
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Petroleum coke is a crude by-product of the refining process. Other grades of petroleum coke are manufactured by changing the coke working temperature, caulking time and raw materials. Petroleum coke is two types of fuel grade and plasticity grade, with different physical properties and sulfur content. It is used as a source of energy in various industries such as power, steel, cement and others. It is also used in the metallurgical industry for the production of anodes for electric arc furnaces.
The global petroleum coke market is largely driven by growing demand for clean fuels for a variety of purposes, including power and power generation. In addition, due to the increase in demand for energy sources and the development of the aluminum and steel industries, petroleum coke demand is expected to increase and the market growth will accelerate in the near future. . However, due to the high sulfur content, adverse effects on the human health of petroleum coke detract from market growth. The world petroleum coke market is characterized by the presence of well-established market participants expected to be highlighted as new market entry barriers.
The fuel grade petroleum coke segment is expected to dominate the global petroleum coke market during the forecast period. Calcined grade petroleum coke is used on a large scale in metallurgical industry, and is expected to retain its position in the market.
Aluminum & other metals and cement segments cumulatively dominated the global petroleum coke market with more than two-thirds share, in terms of volume, in 2016. The aluminum & other metals segment is anticipated to grow at the highest CAGR during the forecast period.
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Key Findings of the Petroleum Coke Market:
• In terms of volume, the fuel grade segment is expected to grow at a CAGR of 7.4% during the forecast period.
• Asia-Pacific is projected to maintain its lead position throughout 2023, growing at a CAGR of 9.1%, in terms of value.
• Aluminum & other metals segment is estimated to occupy more than two-fifths of the total market by 2023.
• China is expected to occupy more than two-fifths of the total Asia-Pacific petroleum coke market by 2023, registering the highest CAGR of 10.5%, in terms of value from 2017 to 2023.
In 2016, Asia-Pacific and LAMEA collectively accounted for approximately three-fourths share of the total petroleum market, and are expected to dominate, specifically in China, India, and other developing countries. Development of the metal processing sector is the major reason for the growth of the market in Asia-Pacific.
The major players profiled in the report include Essar Oil, Chevron Corporation, Saudi Arabian Oil Company, ExxonMobil, British Petroleum, Marathon Petroleum Corporation, Valero Energy Corporation, Reliance Industries, Royal Dutch Shell, and Trammo, Inc.
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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client’s insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.
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This release was published on openPR.
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