Global Green Petroleum Coke Market is segmented By Source (Anode, Fuel), By Form (Shot coke, Sponge coke, Needle coke, Others (includes Honeycomb coke)), By End User (Cement Industry, Power plants, Steel Industry), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
The Global "Green Petroleum Coke Market" is expected to grow at a high CAGR during the forecasting period (2022-2029).
- Green petroleum coke is derived from processing liquid fractions in decayed coking units. It is a material with high carbon content containing hydrocarbons and less amount inorganic compounds. Its carbon and sulfur content may vary based on the purpose, so varies its uses. The sulfur content in green petroleum coke decides the application of green petroleum coke.
- The rise in usage of green petroleum coke in the cement and steel industries is likely to boost the green petroleum coke market.
- Rise in prices of coal, and scarcity of coal resources are also driving the demand for green petroleum coke. Government instructions and regulations play a significant role in the green petroleum coke market.
- The environment is affected by toxins released through industrialization and emissions of harmful gases such as carbon dioxide, hydroxides, sulfur, and nitrogen from factories and vehicles.
- For instance, in 2017, the emission of carbon dioxide from energy consumption in the United States amounted to approximately 5.1 billion metric tons. Green petroleum coke is highly stable and non-reactive to the ambient environment, as it has very low sulfur and ash content.
- It is an alternative energy source for coal that has high calorific value. Also, it poses fewer environmental hazards; all these factors help the market to grow at a higher rate.
- Based on end-users the global green petroleum coke market is broadly segmented as power plants, steel industries, cement industries, and others. Among all these, the cement segment occupied a significant share in the market and is expected to grow at a higher pace in the forecast period.
- Green petroleum coke is used in cement due to the presence of less quantity of sulfur. Sulfur is emitted only when it is burnt.
- Demand for green petroleum coke in the cement industry is high due to the expansion in the construction and building industry.
- The statistic illustrates the information about global cement production from 1990 through 2030. The total world production of cement is anticipated to reach approximately 4.8 billion metric tons by 2030.
- Based on source mode the global green petroleum coke market is segmented into anode and fuel. Fuel grade green petroleum coke includes a high percentage of sulfur and is used in various industries like power plants, buildings & construction, and many more.
- The fuel grade petroleum coke segment is the dominant share of the green petroleum coke market owing to the increasing use in power plants and the use of renewable resources. For instance, about 12.4 trillion kilowatt-hours of electricity is expected to be derived from renewable sources by 2050.
- Global green petroleum coke market is segmented by geographic region which includes North America, South America, Europe, Asia-Pacific, and Middle East & Africa.
- The Asia Pacific occupies the dominant segment and is expected to grow at a higher pace in the forecast period. This is due to the rise in industrialization, cost-effective labor, availability of raw materials, and the massive upsurge in the construction industry in this region due to rapid population growth.
- China is a major supplier of petroleum coke in Asia. For instance, according to recent studies by statistics, it is expected that the Asia Pacific region’s construction output will be increased by 3.3 % between 2017 and 2021.
- Prominent players in global green petroleum coke market are Oxbow Corporation, Aminco Resources LLC., Asbury Carbons, Aluminum Bahrain, Atha Group, Carbograf Industrial S.A. de C.V., Rain Carbon Inc., Shandong KeYu Energy Co., Ltd., Minmat Ferro Alloys Private Limited, Weifang Lianxing New Material Technology Co., Ltd., and others.
- Product launches, partnerships, and expansions are some of the strategies adopted by players to increase their market share. For instance, in May 2015, Asbury Carbons invested USD 48 million to expand in a new facility in Lumberton, North Carolina.
- In July 2014, Oxbow Corporation acquired Carbon Resources LLC, one of the leading distributors and suppliers of activated carbon products. Oxbow acquired the company to expand its portfolio in the global activated carbon industry.
Petroleum Resins Market
Petroleum Needle Coke Market
Gas Treatment Market