Albany, NY -- (SBWIRE) -- 08/24/2018 -- The global green petroleum coke market was valued at around US$ 12 Bn in 2016 and is anticipated to expand at a CAGR of over 6% from 2017 to 2025, according to a new report published by Transparency Market Research (TMR) titled 'Green Petroleum Coke – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025.' Expansion of the global green petroleum coke market is driven by rise in demand for it from the aluminum and steel industries. In terms of volume, the green petroleum coke market in Asia Pacific is expected to expand at a CAGR of over 7% during the forecast period. Strict government regulations on carbon emissions are likely to propel the green petroleum coke market as it emits less carbon if low sulfur content green petroleum coke is used.
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Rise in Usage of Anode Grade Green Petroleum Coke in Aluminum and Steel Smelters
Rise in usage of green petroleum coke in the aluminum and steel industries is likely to propel the green petroleum coke market. Anode grade green petroleum coke contains less sulfur, and it is used in aluminum and steel smelters as anode for the production of aluminum and steel. Fuel grade green petroleum coke contains a high percentage of sulfur and is used as fuel in various end-use industries such as power stations, building & construction, etc. The fuel grade petroleum coke segment is expected to dominate the green petroleum coke market during the forecasted period.
Rise in Demand for Sponge Coke, Which is used as Fuel to Manufacture Anodes for the Aluminum and Steel Industries
In terms of form, the green petroleum coke market can be classified into sponge coke, purge coke, needle coke, shot coke, and honeycomb coke. Sponge coke is mid-level coke and is not as hard as needle coke and not as unstable as shot coke. The sponge coke segment is anticipated to constitute a major share of the green petroleum coke market. After sponge coke, the shot coke segment holds the second largest share in the green petroleum coke market as shot coke is cheap and possesses high density. It is mostly used for titanium dioxide production. Needle coke holds the third largest share in the green petroleum coke market as it offers properties such as low coefficient of thermal expansion, low puffing, and high mechanical strength. Developing countries such as China, India, and Japan are expected to increase their use of sponge coke. Therefore, these regions are likely to fuel the expansion of the sponge coke segment.
Cement Application Segment to Dominate the Global Green Petroleum Coke Market
In terms of application, the green petroleum coke market can be divided into aluminum, calcined coke, cement, power stations, graphite electrode, and others. The graphite electrode segment is classified into various sub-segments such as regular, high power (HP), high density (HD), ultra high power (UHP) and super high power (SHP), normal power (NP), and medium power (MP) graphite electrode. The cement segment is anticipated to dominate the market during the forecast period. Green petroleum coke is used in cement as it does not emit any sulfur. It only emits sulfur when it is burnt. Demand for cement is high due to the expansion in the construction and building industry. This, in turn, is expected to drive demand for green petroleum coke.
Large Customer Base in Developing Regions such as Asia Pacific to Create Opportunities
In terms of region, the global green petroleum coke market can be categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe hold a prominent share of the green petroleum coke market due to the presence of well-established crude oil companies in these regions. North America also constitutes a significant share of the market. The market in Asia Pacific is estimated to expand at a rapid pace due to significant increase in construction and building activities in developing economies such as China and India. The market in Middle East & Africa and Latin American is expected to expand at a slow pace during the forecast period.
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Key players operating in the green petroleum coke market include Oxbow Corporation, AMINCO RESOURCES LLC., Asbury Carbons, Aluminium Bahrain (Alba), Atha Group, Carbograf Industrial S.A. de C.V., Rain Carbon Inc., Minmat Ferro Alloys Private Limited, Shandong KeYu Energy Co., Ltd. Weifang Lianxing New Material Technology Co., Ltd. Linyi Zhenhua Carbon Technology Co., Ltd., COCAN (HUBEI) GRAPHITE MILL INC., Modern Industrial Investment Holding Group., Sinoway Carbon Co., Ltd., and Ningxia Wanboda Carbons & Graphite Co., Ltd. Companies are investing heavily in the development of low sulfur containing green petroleum coke and the filtration of crude oil. For instance, Aluminium Bahrain (Alba) invested in a six line expansion project, which is the largest project in the region. This project will enhance the smelter's production with a capacity of 540,000 metric tons per year and will increase the production capacity to 1.5 million metric tons per annum. This project will make the company the world largest single site aluminum smelter.