NEW YORK, August 30, 2016 /PRNewswire/ --
Increasing consumption of naphtha and natural gas derived chemicals in various end user industries and ability of PET coke to be utilized as a precursor for the production of commodity chemicals to steer global pet coke to chemical market through 2025
According to TechSci Research report, "Global Pet Coke to Chemicals Market By Derivative, By End Use Application, Competition Forecast and Opportunities, 2011 - 2025", the global pet coke demand is forecast to surpass $ 25 billion by 2025, on account of its increasing utilization in cement, power and smelting industries for various applications. During 2016-2025, demand for pet coke is expected to grow at a higher CAGR as compared to 2011-2015 on the back of rising demand in emerging application areas. Utilization of pet coke to derive various commodity chemicals is recognized as one of the emerging applications for pet coke over the last few years.
Conventionally, Naphtha and natural gas are utilized as a precursor for the production of various commodity chemicals such as methanol, methyl acetate, ethylene, propylene, oxo chemicals, acetic anhydride, acetic acid and dimethyl ether across the globe. In order to meet the growing requirements for these derivatives, the manufacturers of methanol, methyl acetate, ethylene, propylene, oxo chemicals, acetic anhydride, acetic acid and dimethyl ether are increasingly opting for alternative feedstock. PET coke is emerging as a promising substitute for naphtha & natural gas in the production of these derivatives. Further, these aforementioned intermediates are witnessing increasing demand in manufacturing plastics, polymer, resins, solvents, etc., which is expected to boost PET consumption across the globe in the coming years. With continuing research & development, PET coke offers enormous potential to replace Naptha and natural gas for the production of various chemicals over the span of next ten years.
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"Global Pet Coke to Chemicals Market"
Asia-Pacific is the leading demand generator for methanol, methyl acetate, ethylene, propylene, oxo chemicals, acetic anhydride, acetic acid and di-methyl ether due to their increasing utilization in manufacturing processes of various industries, which in turn, is expected to augment demand for pet coke in the region as it is emerging as a potential substitute for naphtha and natural gas in the production of a variety of commodity chemicals. Additionally, rising awareness about the properties of pet coke and its effect on operational feasibility is further expected to escalate its demand from the chemical manufacturers. Major developing nations such as China and India are witnessing strong growth in industrial sectors which is generating enormous demand for a variety of commodity chemicals. In Asia-Pacific, production of the commodity chemicals is dependent on naphtha and natural gas availability, however, in order to reduce the dependency on naphtha and natural gas for production of commodity chemicals and technological advancements in chemicals production is expected to increase the demand for PET coke in the region during 2016-2025.
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"Companies having pet coke availability announced to utilize it for commodity chemical production. For instance, IOCL announced plans to establish a facility for the production of acetic acid and ethanol by the utilization of pet coke as a raw material. Reliance Industries, one of the leading petrochemical giants also announced plans to set up a pet coke gasification unit for the production of various chemicals such as methanol.", said Mr. Rishi Srivastava, Research Manager with TechSci Research, a research based global management consulting firm.
"Global Pet Coke to Chemicals Market By Derivative, By End Use Application, Competition Forecast and Opportunities, 2011 - 2025" has evaluated the future growth potential of global pet coke to chemicals market and provides statistics and information on market size, consumer behavior and trends. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global pet coke market.
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