Petcoke Market Worth Over $25 Billion by 2024: Global Market Insights, Inc.
OCEAN VIEW, Delaware, September 6, 2017 /PRNewswire/ --
Petcoke Market is expected to cross $25 billion by 2024, as reported in the latest study by Global Market Insights, Inc. Increasing investments toward industrialization across developing economies coupled with growing demand for cost efficient and reliable alternate fuels will drive the global petcoke market size. In 2016, Egypt's Arabian Cement announced to invest USD 9 million for constructing a petcoke mill with an aim to reduce the overall operating costs by lowering the freight rates of the product. Rapid urbanization with ongoing measures to mitigate carbon emissions will further augment the business landscape.
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For Europe, Russia petcoke market is projected to exceed 5.5 MMT by 2024. Positive outlook towards steel and aluminum industries along with increasing number of power generating stations will stimulate the product demand. Ongoing modernization and expansion of existing refineries will further complement the industry landscape.
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U.S. petcoke market size will grow owing to growing investment towards expansion of coker units. In 2016, McPherson refinery announced to invest USD 579 million for multiyear coker replacement project to refine cheaper high density and large sulfur content crude oils. Increasing import for heavy crude oil from the U.S. refineries along with rising demand for value added refined products will further augment the business.
Low operational cost with reduced carbon emissions are some of the imperative features which will foster the petcoke market growth. Low volatile content of the product requires blending with coal when used as a fuel. The blend constitutes 20% to 30 % of petroleum coke which helps to reduce the operating cost by USD 120 million in a 1000 MW coal power plant.
Browse key industry insights spread across 220 pages with 447 market data tables & 10 figures & charts from the report, "Petcoke Market By Grade (Fuel Grade, Calcined Grade), By Physical Form (Sponge Coke, Purge Coke, Shot Coke, Needle Coke), By Application (Power Plants, Cement Industry, Steel Industry, Aluminum Industry, Others) Industrial, Industry Analysis Report, Regional Outlook (U.S., Canada, Spain, Russia, UK, Italy, France, Germany, Greece, China, India, Japan, Australia, Tunisia, Turkey, Morocco, Brazil, Argentina, Mexico, Chile, Venezuela), Competitive Market Share & Forecast, 2017-2024" in detail along with the table of contents: https://www.gminsights.com/industry-analysis/petroleum-coke-market
Growing demand for environment friendly fuel to enhance boiler efficiency will stimulate the petcoke market size. Stringent government norms to reduce NOx and trace metal emission will further complement the industry growth. In 2016, EU introduced Directive 2016/2284/EU to curb air pollutant emissions including VOC, ammonia, sulfur dioxides, NOx and fine particulate matters by 2030.
Calcined petcoke market will grow on account of rising demand for manufacturing of graphite electrodes and anodes from steel and aluminum industries. Low sulphur content and superior fuel properties are some of the key parameters which will stimulate the product penetration.
Mexico petcoke market consumption in 2016 was over 6 MMT. Burgeoning demand for clean fuel from power plant and cement industries along with strict government regulations to reduce air pollution will propel the business growth. In 2014, Isolux and Alstom signed an agreement with Federal Electricity Commission (CFE) to convert 158 MW of fuel oil units to petroleum coke at the Altamira power station.
Notable players in the petcoke market include, Reliance, ExxonMobil, Saudi Aramco, BP, Essar Oil, Royal Dutch Shell, Bharat Petroleum, Indian Oil, Valero, Husky Energy, Chevron, Atha Group, Carbograf, HPCL-Mittal, Rain CII, Oxbow, Trammo, Aminco Resources and Marathon Petroleum.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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