Albany, NY -- (SBWIRE) -- 09/21/2017 -- Ceaseless energy needs of the cement and energy industries in the developing nations of Asia Pacific will lead the global petroleum coke (petcoke) market to reach new heights till 2020, says Transparency Market Research (TMR). The report states that the global petroleum coke market will exhibit a CAGR of 8.5% from 2014 to 2020 for the market to reach a valuation of US$24.11 bn by 2020 increasing from US$13.28 bn in 2013. The report, titled "Petroleum Coke Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020", is available for sale on the company website.
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The report states that, presently, petcoke trade is swinging east due to the heavy demand for fuel grade coke in the industrializing countries of Asia Pacific. In this region, China and India are exhibiting sizeable demand for petcoke due to the unprecedented demand for power to run these industries.On the contrary, pollution-causing traits and the environmental concerns about the same are not encouraging the utilization of petcoke. Thus, the growth of the market is negatively affected. Nevertheless, to counter this, market participants can engage in gasification of petcoke, which will lead to the production of clean power and increase profit margins in return.
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The report divides the global petcoke market in the basis of product type, end-use, and region. By product type, fuel grade and calcined coke are the segments of the market. Between the two, it is the fuel grade product type that will lead the market during the forecast period. In 2013, fuel-grade petcoke held more than 72.0% of the overall market, whereas calcined type held 26.0% of the market. This is mainly due to its cost-effectiveness in comparison with coal and natural gas. Fuel grade petcoke also has the advantage of high calorific value in comparison with natural gas and coal.
However, increasing aluminum production will boost the demand for calcined petcoke during the forecast period, says the report. Calcined petcoke is also used in paints and coatings, steel, paper, and fertilizers, which will boost the demand for the product in the coming years.
Currently, Asia Pacific is the dominant region for petroleum coke. In 2013, the region contributed almost 32% of the revenue of the global market. This is attributed to the massive demand for petcoke from India and China. In these countries, the power and cement industries account for bulk consumption of petcoke.
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In the same year, at 24%, Europe held slightly less than a quarter of the global market for petroleum coke, adds the report. However, Asia Pacific and Europe will register the highest growth rate in the global petroleum coke market during the report's forecast period, which will be the target regions for companies operating in this market.
The report mentions and profiles the top companies that operate in the global petcoke market, namely BP Plc, Chevron Corporation, ExxonMobil Corporation, Saudi Arabian Oil Company, Valero Energy Corporation, Essar Oil Ltd, Indian Oil Corporation Limited, Reliance Industries Limited, and Royal Dutch Shell Plc.
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