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Petroleum Coke Global Market Report 2022
Major players in the petroleum coke market are BP Plc, Chevron Corporation, Essar Oil Ltd. , Exxon Mobil Corporation, HPCL - Mittal Energy Limited, Indian Oil Corporation Ltd. , Marathon Petroleum Corporation, Royal Dutch Shell Plc, Saudi Arabian Oil Co.
New York, July 08, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Petroleum Coke Global Market Report 2022" - https://www.reportlinker.com/p06285834/?utm_source=GNW
, Trammo Inc., Valero Energy Corporation, Reliance Industries Limited, Marathon Petroleum Corporation, Phillips 66 Company, and PJSC Lukoil.
The global petroleum coke market is expected to grow from $21.56 billion in 2021 to $24.44 billion in 2022 at a compound annual growth rate (CAGR) of 13.3%. The petroleum coke market is expected to grow to $34.36 billion in 2026 at a CAGR of 8.9%.
The petroleum coke market consists of sales of petroleum coke by entities (organizations, sole traders, and partnerships) that is a carbonaceous material produced by coker units in oil refineries or other cracking processes.Petroleum coke (also known as pet coke) is a by-product produced when tar sands bitumen is processed into crude oil.
Bitumen has more carbon atoms than regular oil, and it is these atoms that are extracted from large hydrocarbon molecules using heat to produce pet coke.It has functioned as a relatively low-cost source of pulverized fuel for the kiln industry.
It is known as green coke until it is thermally processed and converted into crystalline or calcined pet coke, which is utilized in the production of electrodes for steel and aluminum extraction.
The main types of petroleum coke are fuel grade and calcined coke.Calcined coke is created by placing high-quality raw green petroleum coke into rotary kilns when it is heated to temperatures ranging from 1200 to 1350 degrees Celsius (2192 to 2460 degrees Fahrenheit).
Calcined petroleum coke is an important component in the manufacturing of aluminum. The various physical forms of petroleum coke include needle coke, sponge coke, catalyst coke, shot coke, and purge coke that is used in power plants, cement kilns, steel, aluminum, fertilizer, and other applications.
Asia Pacific was the largest region in the petroleum coke market in 2021. The regions covered in petroleum coke market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The rise in the production of steel is expected to propel the growth of the petroleum coke market going forward.Steel output has risen globally, owing to growing demand from railways, highway buildings, and automobiles.
Petcoke is used as a feedstock in the iron and steel industry, where it is blended with coking coal during the coke-making process.The use of pet coke results in a 16% reduction in coking coal use and a net reduction in energy intensity of just over 1%.
For instance, according to IBEF, an Indian Government export promotion agency for the international distribution and sale of Indian products, in December 2021, the production of finished steel and crude steel stood at 94.66 million tonnes (MT) and 102.49 million tonnes (MT), respectively. In addition, crude steel production is expected to reach 112-114 million tons, an increase of 8-9% YoY in the financial year 2022. Therefore, the rise in production of steel owing to development in railways, highway construction, automobiles, and transportation segments is driving the growth of the petroleum coke market.
The growth in the cement industry will support the growth of the petroleum coke market.The need for cement has increased as a result of rising demand in many areas including housing, commercial development, and industrial construction.
In the cement industry, pet coke is used as an energy source.The SO2 emitted during thermal decomposition is absorbed by the limestone in some cement plants that use 100% pet coke instead of coal.
For instance, despite the pandemic and flood scenario, China’s cement sector maintained stable growth in 2020, due to infrastructure construction and real estate investment. The annual cement output reached 2.377 billion tons in 2020, representing a 1.6% increase year on year. Hence, the growth of the cement industry is expected to propel the growth of the petroleum coke market going forward.
Increasing investments by key manufacturers have emerged as a key trend gaining popularity in the petroleum coke market.Major companies operating in the petroleum coke sector are focused on investments to increase the production capacity of petroleum coke and meet the growing demand from end-use industries.
For instance, in November 2021, Oman, the world’s largest crude exporter outside of Opec, announced the completion of Sanvira Carbon FZC, the country’s first petroleum coke calcining (CPC) project, at the Sohar Freezone.Sanvira Carbon FZC, which was established with a $150 million investment, will assist refineries in the Sultanate of Oman and add value to the huge amounts of petroleum coke manufactured as a by-product of the refining process.
Sanvira Carbon’s full capacity is expected to be roughly 600,000 tons of calcined pet coke per year.
The countries covered in the petroleum coke market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06285834/?utm_source=GNW
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