Petroleum Coke Market: Introduction
The global petroleum coke market is anticipated to witness a substantial CAGR of 8.1% during the forecast period of 2021 to 2031, according to the report by Transparency Market Research. As per the report, the growth of the market is attributed to rising application of petroleum coke in the cement industry. Moreover, the global petroleum coke market is projected to generate US$ 56.8 Bn as revenue by the end of 2031 due to it is widespread application in various businesses. However, the experts predict that the market might face some challenges that may hamper the growth. Nevertheless, increase in technological advancements and developing applications of petroleum coke are expected to boost the global petroleum coke market during the forecast period.
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Oppositions by Health Organizations May Hamper Market Growth
Several non-government organizations across the globe are progressively opposing the use of petroleum coke in industries, owing to its hazardous impact on human health. These oppositions may hamper the growth of the global petroleum coke market in the near future. However, these threats can be tackled by using advanced technologies such as reverse osmosis and ultra-thin filters. These technologies can help the global petroleum coke market to maintain its momentum over the forecast period of 2021 to 2031.
Rise in Demand for Low Emission Fuels to Drive Petroleum Coke Market
Petroleum products, especially fuels, are becoming extremely costly owing to deteriorating trades. This calls for a propulsion product that is cost effective and can perform the job of creating power easily. Using petroleum coke, the efficiency of the fuel can be improved without affecting the quality of the petroleum product. This propels the demand for petroleum coke in the market and boosts the growth of global petroleum coke market. Moreover, demand for such effective fuels in the power generation industry is a major factor that supports the growth of the global petroleum coke market.
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Growth of Cement and Construction Industries Boosting Petroleum Coke Market
Cement industry is the largest customer of petroleum coke across the globe. Petroleum coke helps the cement industry to delay the settling period of cement, which helps products to gain strength. With the growing number of upcoming infrastructural projects such as dams and power plants, demand for petroleum coke has skyrocketed over the past few years. These developments in the construction industry are anticipated to boost the global petroleum coke market from 2021 to 2031.
Europe Dominates Global Petroleum Coke Market
Europe is projected to remain the dominant region of the global petroleum coke market during the forecast period. This can be ascribed to the development of several infrastructural projects in countries such as Germany and the U.K.
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Global Petroleum Coke Market: Segmentation
Petroleum Coke Market, by Product Type
- Fuel Grade Coke
- Calcined Coke
Petroleum Coke Market, by End-use
- Power Plants
- Cement Kilns
- Blast Furnaces
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