Petroleum Coke (Petcoke) Market by manufacturers, regions, type and application,
Posted by rohit on December 22nd, 2021
Petroleum coke is a by-product of crude oil and is look like solid rock materials. Petroleum coke is basically used across various industries as an energy source. Power generation is key end-user of the petcoke and other prominent users of petroleum coke are metal, construction, aluminum, blast furnace, and steel industry.
The global petroleum coke (petcoke) market is projected to reach around US$ 42,779.8 million by the end of 2027, in terms of revenue, growing at CAGR of 8.5% during the forecast period (2020-2027).
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Various companies are constructing a new facility for the coke gasification project in order to serve the end-user industry. This is expected to be a major trend in the market. For instance, in December 2017, Indian Oil Corp the biggest oil company has invested Rs 20,000-crore in setting up a coke gasification project at its Paradip refinery in Odisha to convert the lowest-cost fossil fuel into gas that can be used to generate power or make petrochemicals.
Increasing production of aluminum is driving demand for calcined petcoke. Calcined grade is one of the key ingredients used in the manufacturing of aluminum. According to the report by Aluminium World Trade Fair, global primary aluminum production increased by 5.8 percent in 2017, with a 10 percent increase in China and stable production in North America and Europe. In total, approx. 63.2 million tons of aluminum were produced worldwide in 2017.
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