In terms of volume of consumption the market size, of Petroleum Coke was 80201.8 kilo tons in 2016 and it is projected to reach 133145.4 kilo tons by the end of 2023, growing at a CAGR of 7.5% over the forecast period 2017-2023.

Pune, India -- (SBWire) -- 11/12/2018 --The Global Petroleum Coke Market was worth USD 16.70 billion in 2016 and it is projected to reach USD 29.47 billion in 2023, expanding at a CAGR of 8.5% between 2017 and 2023. In terms of volume of consumption the market size, of Petroleum Coke was 80201.8 kilo tons in 2016 and it is projected to reach 133145.4 kilo tons by the end of 2023, growing at a CAGR of 7.5% over the forecast period 2017-2023.

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The global petroleum coke market has experienced significant growth over the past few years, primarily due to substantial growth in the application industries which are referred to as end-user segments in the report. Moreover, growing use of petcoke as a cost effective fuel in cement and energy industries is expected to drive the growth in the petcoke market over the forecast period.

High demand for petroleum coke has been witnessed in Asia Pacific region over the past few years owing to developing economies such as China and India. Petroleum coke is also called as petcoke. It is a solid carbon material obtained as a byproduct in the oil refineries. Majorly, it comprises of carbon along with traces of sulfur and heavy metals. Crude oil when refined is processed into petrol, diesel, naphtha, fuel oil, kerosene and residue crude. Further a process known as coking is carried out to produce petcoke. Currently, more than 100 refineries produce petcoke across the globe. Fuel grade coke and calcined coke are the two major types of petroleum coke available in the market. Major applications of fuel grade coke are found in power plants and cement kilns owing to high calorific value and less cost. Calcined coke is used to manufacture titanium oxide and find applications in various industries such as aluminum, bricks, fertilizer, glass and steel.

The global Petroleum Coke market is driven by the factors such as, growing usage of petcoke as a cost effective fuel in cements and energy industries, growth in production of aluminum and steel, and, advanced technologies aiding the surge in production of crude oil. However, health and environmental effects of the petcoke is likely to act as restraining factor affecting the global petroleum coke market over the forecast period.

Asia-Pacific dominates the world Petroleum Coke market in terms of dollar share, while RoW (including South America and Middle East) region is expected to grow at the highest CAGR over the forecast period followed by Europe. The growth in the Asia-Pacific region is primarily driven by emerging economies such as India, China and Indonesia.

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Major Key Players mentioned in this Premium Report

Some of the key players in the global Petroleum Coke market are Indian Oil Corporation Limited, SABIC (Saudi Arabian Oil Co.), Reliance Industries Limited, JM Eagle, Valero Energy Corporation, Chevron Corporation, BP Plc, Essar Oil Ltd., Royal Dutch Shell Plc. and ExxonMobil Corporation.