Pet Coke Market Overview:
The global report on the market for pet coke includes an understanding of various factors and dynamics that can help the market in profiting more. Market Research Future (MRFR) explains various factors that can boost the understanding of the market. Pet Coke Market Size is projected to be worth USD 75.2 billion by 2030, registering a CAGR of 6.7% during the forecast period (2023 - 2030).
As factors, the inclusion of the product in various end user industries like steel plant, power plant, cement industry, and others are expected to set the market in motion. Rise in urbanization has bolstered the surging demand for the same from these three industries. Its cost-affordable features and low VOC content makes it more preferred than the coal itself.
The global Pet Coke Market has been studied on the basis of product type, grade, and end-user to facilitate market understanding and boost various growth prospects. This will help in a proper planning for the trajectory that can set the market on a profitable track.
By product type, the global study regarding pet coke market has been segmented into sponge coke, shot coke, purge coke, catalyst coke, and needle coke.
By grade, the study on the pet coke market has been segmented into fuel grade and calcined grade. The fuel grade segment will make better impact.
By end user, the global study on the pet coke industry encompasses segments like steel industry, aluminum industry, power plants, cement industry, and others.
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The global market for pet coke is getting tailwinds from the strategic moves made by companies like Essar Oil Ltd. (India), Valero Energy Corporation (U.S.), Chevron Corporation (U.S.), British Petroleum (London), Exxon Mobil Corporation (U.S.), Indian Oil Corporation Limited (India), Hindustan Petroleum Corporation Limited (India), Reliance Industries Limited (India), Saudi Arabia Oil Company (Saudi Arabia), Royal Dutch Shell Plc (Netherland), and Conoco Philips (U.S.). These companies are mostly trying to expand their reach by increasing their portfolio through moves like mergers, acquisitions, collaborations, innovations, and others. In doing so, they are also spending much on their research and development sector to back the idea of innovations, launch new products, and gain mileage in the market using new branding strategies. MRFR’s listing of these reveals various trends that can impact the market during the forecast period.
Asia Pacific would lead the global market in terms of consumption and fetching revenues. This is due to several construction activities that are triggering growth of steel and cement industries. Also, rapid urbanization has triggered growth in the setting up of more power plants, which would create a demand for the Pet Coke Market Latent Demand and Opportunities.
The global COVID-19 crisis has a significant impact on several industries. In India, the power and other manufacturing industries had to bear the brunt of it. However, easing of the lockdowns in the country is expected to bring back the old demand for pet coke in the coming years. But this would not be an immediate process. The regional market needs time to get back to its feet as end user industries are yet to become fully operational. Amid all these factors, the prediction of a second wave of COVID-19 is looming large, which makes the immediate future a bit uncertain.
In May 2020, Kuwait National Petroleum Company (KNPC) announced that they have exported the first shipment of pet coke from Mina Al Ahmadi Refinery. The shipment had 15 metric tons of coke and was transported by the vessel Pola Elizaveta from Shuaiba Seaport. This is the environment fuel unit’s first production from the Al Ahmadi refinery, which has a capacity of 37,000 barrels per day (bpd).
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