Global Petroleum Coke Market: Snapshot
The world petroleum coke market is envisaged to take massive strides forward in its growth owing to incessant power need of the energy and cement sectors, especially in the emerging countries of Asia Pacific. The growth of the world petroleum coke market could be further complemented on the back of quick expansion of steel production due to the development of transportation, highway, railway, automobile, and construction industries. Besides its usage as a cost-effective and an alternative fuel, petroleum coke could be engaged as a profitable asset in the manufacture of certain chemicals and as a confined power generation fuel.
The world petroleum coke market is anticipated to touch a revenue valuation of US$24.11 bn by the end of 2024. On account of environmental concerns and some traits causing pollution, the employment of petroleum coke could be discouraged, thus negatively affecting the demand in the world petroleum coke market. However, the process of gasification of petroleum coke is expected to up profit margins and encourage clean power production.
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Aluminum Industry Profits Calcined (Green) Coke with Towering Demand
In terms of type of product, the worldwide petroleum coke market could be classified into calcined or green coke and fuel grade coke. The aluminum sector is researched to be a major consumer of calcined coke. It could account for a staggering 75.0% to 80.0% of the demand in the calcined coke market on a global platform. The remaining percentage of the demand for calcined coke is predicted to be secured by steel, paper, paint, and chemical sectors. Calcined coke in these sectors could be used for manufacturing titanium dioxide pigment. Moreover, calcined coke finds extensive application in fertilizer, glass, brick, and colorings markets.
Fuel grade coke, on the other hand, is envisioned to be highly utilized in the power and cement kilns sectors. This type of petroleum coke could also draw a high demand because of its ability to blend with traditional coal-fired boilers. In addition to that, fuel grade coke is expected to be advantaged by the complete replacement of steam coal by technologically-enhanced boiler designs.
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Cement and Power Generation Applications Reinforce Growth in Asia Pacific
The Asia Pacific petroleum coke market is foretold to gain a strong impetus in the near future as it rides on a stunning growth in the developing economies of China and India. The cement sector of India could engage petroleum coke at a significant rate. Power plants in China are projected to use a telling percentage of petroleum coke for the generation of power.
Furthermore, rising population and aggressive industrialization in Asia Pacific could raise the hopes of petroleum coke manufacturers operating therein. More opportunities are foreseen to take shape in Asia Pacific as the region dominates the international petroleum coke market in respect of demand led by colossal imports. At present, the U.S. is analyzed to hold the projected dominant position in the export of petroleum coke. The low cost of petroleum coke is prophesied to be a major attraction for its import since a substantial quantity of power could be produced at an economical rate. Besides this, a large quantity of heat could be produced with a small quantity of petroleum coke.
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Europe is prognosticated to be another major importer of petroleum coke because of its increasing demand. Petroleum coke is considered as a preferable option instead of natural gas and coal in view of its timely and easy availability.
Of all the important players operating in the global petroleum coke market, HPCL-Mittal Energy Limited (HMEL), ExxonMobil Corporation, Essar Oil Ltd., Chevron Corporation, and BP plc are anticipated to showcase prominence.
