Fuel-Grade Petcoke Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028
Global Fuel-Grade Petcoke Market: Overview
Petcoke (a common abbreviation for petroleum coke) has generated considerable interest among hydrocarbon producers and end-use industries as a carbon-rich fuel-producing material, thereby underpinning the steady evolution of the market. While the composition of petcoke varies, fuel-grade material is characterized by high heat and low ash content, making it especially suitable in power producing units. Fuel-grade coke is popularly increasing in application in cement kilns, blast furnaces, power plants, steel, brick, lime industries, and glass industries. Fuel-grade petcoke is extensively garnering demand in chemical, steel, cement, and power industries. Suppliers, world over, in the fuel-grade petcoke market are focused on offering a wide range of petcokes with consistent quality.
Products in the global fuel grade petcoke market, also known as green coke or feedstock can be used b gasifying them in order to produce syngas for chemicals such as hydrogen. It is anticipated that the fuel grade petroleum coke can potentially replace the ‘power coal’ in various applications such as power plant boilers. Products in the global fuel grade petcoke market display high calorific value, making them a lucrative commodity across industry verticals. Petroleum coke in the global fuel grade petcoke market is produced in sponge coke as well as shot coke forms. Constantly increasing global demand for power and electrical energy along with high demand for construction materials are some of the promising stimulators for the development of the global fuel grade petcoke market. They can also be utilized as substitute fuel and their cost effective nature makes them a well sought after product. However, growing environmental concerns along with certain pollutant traits of the fuel grade petroleum coke can hamper the expansion of the global fuel grade petcoke market in coming years.
On the other hand, advancements in the gasification process of the petroleum coke can effectively raise the profit margins and create numerous opportunities for clean power production. This trend is also expected to fuel substantial growth in the global fuel grade petcoke market in near future. Ability of fuel grade petroleum coke to effortlessly blend with conventional coal-powered boilers make them an attractive commodity for the players in energy and power generation industries. Products in the global fuel grade petcoke market can also serve as the complete replacement of steam coal by using enhanced boilers, designed using the next gen technology. Rising population coupled with rapid and aggressive industrialization and urbanization serve as pivotal drivers for the global fuel grade petcoke market. Low cost of petroleum coke along with their easy and timely availability makes them good and reliable sources of alternative fuel.
Global Fuel-Grade Petcoke Market: Notable Developments
Development initiatives for producing fuel-grade petcokes in recent years are influenced by the changing mix of feedstock fuel in the aluminum, steel, and titanium smelting industries. This has also impacted the dynamic in the hydrocarbon energy businesses with prominent manufacturers spearheading such initiatives. Following two developments underscore the changing dynamics:
Some of the most prominent competitors operating in the competitive landscape of global fuel-grade petcoke market include –
Global Fuel-Grade Petcoke Market: Key Growth Dynamics
The rising demand for cost-effective solid substitute fuel is a key factor driving the global fuel-grade petcoke, especially in the cement and power sectors. These industries popularly use blast furnaces for manufacturing iron and steel.
Since fuel-grade petcoke is a byproduct in petroleum processing, the global market has been witnessing an increasing growth impetus from rising oil refining processes in various parts of the world. This rides on the back of the substantial demand for oil to be used as fuel in several countries.
The advent of blast furnaces using with technically improved designs is a notable trend expected to propel the rapid evolution of the global fuel-grade petcoke market. Such design advancements are notably motivated by concerns of the end-use industries for environmental concerns.
Global Fuel-Grade Petcoke Market: Regional Assessment
A number of developing regions and emerging economies, such as the Middle East and India, are expected to hold enormous potential in the global fuel-grade petcoke market. This in part is attributed to several ventures and agreements for expanding the production capacity of fuel-grade petcokes. Rapidly expanding power and cement productions in the Americas is expected to churn out substantial revenues to the global fuel-grade petcoke market.
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