By 2028, the global market for calcined coke will reach USD 2.9 Billion. The CAGR is 5.5%. The major driver for the growth of the calcined petroleum coke market is increased construction spending, especially in developing countries like China and India. Construction activity in developing countries like China and India is mostly driven by the urbanization of these areas, their economic development, and growth.
The calcined coke market is also driven by the increasing demand for metals and steel. It is used as a raw material to manufacture aluminium anodes, which are essential components in the production of aluminium metal. This is because calcined coke contains a lot of carbon and has an enhanced conductivity. We expect this demand to continue, which will further drive the calcined Petroleum Coke market.
In addition to this, calcined petroleum coke is also used as a fuel to produce electricity in coal-fired power plants. This is expected to drive the market in the near future, as it is an efficient alternative to coal and provides more energy output at a lower cost. Calcined petroleum coke can also be used extensively in electrode production for the steel industries, increasing its demand.
Apart from this, calcined petroleum coke has various applications in the bricks and glass industries as well as in fertilizers. But it's mainly used as raw material for aluminium anodes. Calcined petcoke is used in this application, and is expected to represent more than 30 percent of sales by the year 2025.
According to type, it is broken down into four segments: needle coke (also known as shot coke), sponge and honeycomb coke. By type, it is divided into needle coke, shot coke, sponge coke and honeycomb coke. According to its application, the coke is classified in power generation (including cement kilns), aluminium, and other applications. It is then further subdivided by regions, including North America. Europe. Asia-Pacific. and Rest of the World.
North America is expected to be the leader in the market for calcined oil coke. This growth can be attributed to the development of industries such as cement, power, and the expansion of the gas and oil sector, and to government initiatives that promote a greener environment. Asia Pacific has been predicted to be the region with the fastest growth in the calcined oil coke industry. It is due to the rapid industrialization and growth of infrastructure in China and India. The government's initiatives, such as Housing for All and 100 Smart Cities by 2022, are expected to boost residential construction in the region. This will further increase the demand for calcined petcoke. Additionally, there is a growing demand in this area for aluminum and electricity which fuels demand.
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