Portland, OR -- (SBWIRE) -- 11/09/2017 -- According to a new report published by Allied Market Research, titled, Petroleum coke Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023," 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.

Petroleum coke is the by-product of crude of refining process. Different grades of petroleum coke are manufactured by changing the coking operation temperature, coking time, and raw material. Petroleum coke is of two types, fuel grade and calcined grade, which differ in their physical properties and sulfur content. It is used as a source of energy in various industries such as power, steel, cement, and others. In addition, it is used in the metallurgical industry for the manufacture of anodes for electric arc furnaces.

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The global petroleum coke market is driven by growth in demand for cleaner fuels for various purposes such as power and electricity generation. In addition, demand for petroleum coke is expected to increase due to rise in demand for energy sources and development of aluminum & steel industries, thus fueling the growth of market in the near future. . However, adverse effects of petroleum coke on human health due to high sulfur content hampers the market growth.

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Major companies have adopted agreement, product launch, expansion, and merger to sustain the intense competition in this market. The key 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.

Petroleum Coke Market Key Segments:

By Type

-Fuel Grade
-Calcined Coke

By Application

-Aluminum & Other Metals
-Cement
-Storage
-Steel
-Power
-Others