GROWING DEMAND FOR PETCOKE IN CONSTRUCTION INDUSTRY BOOSTS THE GROWTH OF GLOBAL PETROLEUM COKE MARKET FROM 2014 TO 2020
The global petroleum coke market is anticipated to witness a substantial 8.5% CAGR during the forecast period of 2014 to 2020, says the report by Transparency Market Research. As per the report the growth of the market is attributed to growing application in cement industry. Moreover, to it is widespread application in various businesses the global petroleum coke market is projected to generate US$ 24.11 bn as revenue by the end of 2020. However, the experts predict that the market might face some challenges that may hamper the growth. Nevertheless, with growing technological advancements and developing application of petcoke is expected to support the global petroleum coke market to maintain its momentum throughout the duration of estimated time frame.
Oppositions by Health Organizations may Hamper the Growth
There are several non-government organizations across the globe that are progressively opposing the use of petroleum coke in the industries owing to their hazardous impact on human health. These oppositions may hamper the growth of global petroleum coke market in future. However, using advanced technologies like reverse osmosis and ultra-thin filters, these hazardous threats can be easily tackled. These technologies can help the global petroleum coke market to maintain its momentum over the forecast period of 2014 to 2020.
Growing Demand for Low Emission Fuels to Drive the Growth
Petroleum products, especially the fuels is getting 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 and 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 from 2014 to 2020. Moreover, the demand for such effective fuels in power generation industry is also a major factor that supports the growth of global petroleum coke market during the projected time-frame.
Growing Cement and Construction Industry Boosts the Growth of the Market
Cement industries are the largest customer of global petroleum coke market. The petcoke helps the cement industries to delay the settling period of cement which helps their product to gain strength. With the growing number of upcoming infrastructural projects such as dams and power plants, the demand for petcoke has skyrocketed in past few years. These developments in construction industries are anticipated to boost the growth of global petroleum coke market from 2014 to 2020.
Europe’s Dominance Continues
Europe is projected to remain the dominant region of the global petroleum coke market. This is because of the development of several infrastructural projects in countries like Germany and the U.K. These factors cumulatively allow Europe to hold the lion’s share in the global petroleum coke market during the tenure of 2014 to 2020.