Published by Uma Rajagopal
Posted on February 16, 2022
As the global supply of fossil fuels falls short, their prices skyrocket, and their adverse effects on the environment become increasingly apparent. Therefore, the need to find alternative supplies of energy is expected to grow in the times to follow. This has resulted in the establishment of a large number of alternative power production plants all around the world, subsequently expanding market for pecoke.
Development in railways, automobiles, highway construction, and transportation sectors has increased the production of steel. Consequently, the demand of petroleum coke has also increased. The latter’s minimal toxicity and low ash content has made it an easy choice for large scale use in various industries. Similarly, an improvement in global supply of heavy crude oils and increment in capacities of power and cement generation industries is expected to drive market growth. Escalating global energy demand, coupled with favourable production properties of petroleum coke, has led to its adoption in the power and industry sector.
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Production of Aluminium and Increased End-Use to Continue Favouring the Growth of the Petcoke Market
Global Market for petroleum coke is segmented by type and application. Type-wise, the market is divided into fuel grade and calcined grade. About 80 percent of worldwide petroleum coke production is fuel-grade petcoke (green coke), used for electricity generation and in cement kilns. Calcined petcoke is necessary to make anodes for smelting and is the only commercially viable method to do so. It boasts a superior combination of electrical conductivity and resistance to chemical and physical degradation in the smelting pot, which contains lower levels of contaminants (i.e. ash). As calcined coke is a core product in the manufacturing of aluminium, both have a parallel proportional growth rate. On the basis of end use, the global petcoke market is segmented as aluminium industry, power plants, cement industry, steel industry, and others. This has become a major trend of the market, as many companies compete to construct new coke gasification facilities in order to serve the application segment. Furthermore, petroleum coke is manufactured by processing decaying coke and its lower sulphur content, higher ductility, resistance to corrosion, and thermal and electrical conductivity. This is anticipated to drive the market growth further.
North America Exports Excessively to Developing Countries, Making it the Dominant Producer of Petcoke
The United States of America is a key exporter of petroleum coke. It exports the majority quantity of petcoke produced in the region. Major import market for petcoke produced in the US are countries like China, India, Japan, Mexico, and Turkey. Apart from U.S.; Canada, Spain, Germany, China are important exporting countries. Therefore, geographically, the global petcoke market can be divided by major regions constituting North America, Latin America, Western and Eastern Europe, Asia-Pacific region, Japan, Middle East and Africa, with North America caputirng the dominant share.
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Key Market Players of Petcoke Expecting an Increase in their Overall Profits
Petcoke is produced by more than 140 refineries across the globe. Some of the major petroleum coke manufacturing companies are Chevron, ExxonMobil, Marathon Petroleum Corporation, British Petroleum, Valero, etc.
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