Renewables are fastest growing segment fueling the growth of Petroleum Coke (Petcoke) Market12/13/2023 The Petroleum Coke (Petcoke) Market is estimated to be valued at US$ 28.35 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Petroleum coke (petcoke) is a carbonaceous solid material derived from oil refinery coker units or other cracking processes. It is sometimes used as fuel in electricity production, but due to its low ash content, it is often used to produce aluminum, steel, and cement. It has a high calorific value and is cost-effective for energy production compared to coal. Market Key Trends: Petroleum coke is increasingly being used in steel and aluminum industries owing to its high energy value and cost-effectiveness over coal. For instance, about 75% of the total petcoke produced globally is used in the aluminum industry for the production of aluminum ingots and extrusions. Further, new production facilities of steel and cement in developing regions like India and China are expected to drive the demand for petcoke over the forecast period. Expansion of infrastructure and construction projects in these regions will boost demand for steel and cement, thereby augmenting the petroleum coke market growth. Porter's Analysis Threat of new entrants: The petcoke market requires high capital investments to produce petcoke. Thus the threat of new entrants is moderate. Bargaining power of buyers: Since petcoke has few substitutes and is an essential input material in various industries like cement production and utility boilers, the bargaining power of buyers is low. Bargaining power of suppliers: Major suppliers in the market are oil producing companies. Since the production of petcoke is dependent on the oil refining process, the bargaining power of suppliers is high. Threat of new substitutes: There exists no close substitute for petcoke. Products like coal face competition but are not direct replacements. The threat of substitutes is low. Competitive rivalry: Being an oligopolistic market, competitive rivalry among established players is high. SWOT Analysis Strength: Abundant availability of raw materials. Essential input for cement and energy industries. Weakness: Hazardous in nature. Prone to price fluctuations based on crude oil prices. Opportunity: Increasing demand from developing regions. Growing cement and energy sectors offer scope. Threats: Stringent environmental regulations. Shift towards cleaner fuels affects demand. Key Takeaways The Global Petroleum Coke (Petcoke) Market Share is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing energy demands across developing regions of Asia Pacific and Middle East. The Asia Pacific region dominates the global petcoke market in terms of both production and consumption. Countries like India, China, Japan and South Korea are the major consumers as well as producers of petcoke. Key players operating in the petcoke market are BP Plc, Chevron Corporation, Essar Oil Ltd., ExxonMobil Corporation, HPCL - Mittal Energy Limited, Indian Oil Corporation Limited, Reliance Industries Limited, Royal Dutch Shell Plc, Saudi Arabian Oil Co., and Valero Energy Corporation. Read more https://www.newswirestats.com/petroleum-coke-petcoke-market-share-size-forecast-outlook-2023-2030/
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