Theglobal green petroleumcoke market is anticipated to see a healthy growth in thecoming years, according to a Transparency Market Research (TMR) report. Themarket’s competitive ecosystem is expected to witness an influx of new players,who are hoping to gain from the bountiful opportunities in the market.Established vendors in the market are seen focusing on expanding theirproduction facilities. For instance, one of the leading vendors in the globalgreen petroleum coke market, Alba, started a huge expansion project. Thecompany is slated to become the largest single-site aluminum smelter of theworld by increasing their production capacity to 1.5 million metric tons peryear.
Vendors inthe global green petroleum coke market are also allocating resources towardsthe promotion of green petroleum over conventional sources. Mergers andacquisitions and launch of new products are other key strategies adopted byplayers in order to gain traction in the market.
Prominentvendors in the global green petroleum coke market are Asbury Carbons, MinmatFerro Alloys Private Limited, Sinoway Carbon Co., Ltd., Oxbow Corporation, andluminium Bahrain (Alba).
TMRanalysts predict that the global green petroleum coke market, which wasestimated to be at US$ 12 bn in 2016, will reach a value of US$ 21 Bn by 2026.Over the forecast period of 2017 to 2026, the market is expected to rise at a6% CAGR.
Among thedifferent forms the product, the segment of sponge coke is expected to remaindominant over the forecast period. In terms of geography, North America and Europeare expected to leading regional markets in the global green petroleum cokemarket.
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GrowingAdoption Renewable Sources across Industries to Drive Growth
The marketfor green petroleum coke is powered by the electricity sector, power plants,building, and increasing demand in the aluminum and steel sectors. Increasedproduction of aluminum and increased use of petroleum coke in the Asia-Pacificpower and cement industries are factors that significantly drive growth in theoil coke market. Another key factor that drives the market is that greenpetroleum coke emits less carbon, if its sulfur content is low. As a greenpetroleum coke has not been identified as a hazardous material by theEnvironmental Protection Agency, it is now growing.
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The growthin rail, car and transport development is leading to increased demand forsteel, and petroleum coke has also demanded the expansion of the greenpetroleum coke market. There is relatively little ash content of greenpetroleum coke and therefore minimal toxicity in a wide range of industries.The growth of the Green petroleum coke market is complemented by lower freightcosts combined with better conservation of resources.
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Stringent Regulations to BoostMarket Opportunity
Theimplementation of stringent rules on a number of industries requiring carbonreduction as well as increased use of environmentally responsible fuels andincreased costs and the depletion of coal resources all have a key role to playin boosting the market. The growth of the market for petroleum coke is forecastto benefit lucratively by countless industries that require a reduction incarbon emissions and increasing the use of environmentally-friendly fuelscombined with increased costs and reduced coal resources.
Theexpansion of the petroleum coke market is, however, forecast to be obstructedin the future by oscillating costs and lack of product supply. However,widespread financing of production units and the increasing number of companiesthat operate worldwide can reduce the hindrance to the market.
The Green PetroleumCoke Market hasbeen undergoing some remarkable growth dynamics, shaped increasingly by digitaltechnologies and environmental sustainability concerns of product development.Over the decades, the feedstock variability and the onslaught of cheapersubstitutes have squeezed in profit margins of the chemical and materialssector. On the other hand, the value chain of several businesses in the Green Petroleum Coke Market has undergone overhaul, increasinglyrendering some aspiring players with greater control over the forces anddemand. The penetration of Industry 4.0 in in the market has stirredgame-changing trends for range of stakeholders in the overall chemicals andmaterials sector. Manufacturing and production environments of businesses inthe Green Petroleum Coke Market are keen onformulating and implementing strategic frameworks that will turn them into digitalenterprises.
Companies in the Green Petroleum Coke Market have increasingly shifted gears with wideapplication of digital technology across the continuum, from raw materialsourcing to manufacturing to generation of final output, to warehousing tofinal distribution operations. Among the various affects, the market iswitnessing new growth economics due to thinning of line between specialty andcommodity businesses that are associated with the larger ecosystem. At the sametime, new growth parameters are being vigorously being debated as industrystakeholders put greater emphasis on the circular economy processes.
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