LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global petcoke market is expected to grow at a CAGR of almost 8% during the predicted period.
This research report titled ‘Global Petcoke Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up-to-date analysis and forecasts for various market segments and all geographical regions.
The global petcoke market is expected to grow steadily during the forecast period. The production of petcoke depends on the availability of coker unit in a processing plant along with the production capacity of the refinery. It has uses in various industries with the cement and power industry accounting for the maximum share.
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Technavio’s analysts categorize the global petcoke market into seven major segments by end user. They are:
- Cement industry
- Power industry
- Aluminum industry
- Steel industry
- Fertilizer industry
- Paper industry
- Paints and coloring industry
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The top three end-user segments of the global petcoke market are discussed below:
Global petcoke market by cement industry
Cement production has various costs associated with it that include fuel cost, power cost, cost of raw materials, storage cost, and other miscellaneous costs. Fuel accounts for the maximum share of the overall production cost in the cement industry. Earlier, coal, at large, acted as a fuel in the cement production but with the introduction of petcoke as an alternative cheap fuel, the demand for the same started gaining traction.
According to Anju Ajaykumar, a lead power research analyst from Technavio, “Petcoke has the characteristics of high-grade fuel with low ash content, higher calorific value than coal, and low volatile matter. Since petcoke has high calorific value, the power output per unit weight of petcoke is high, which reduces its requirement as compared with coal. This reduces the overall freight charges, which affect the overall cost of production. The higher sulfur content of petcoke poses some problems as it augments the build-up formation in the kiln system.”
Global petcoke market by power industry
The rising demand for electricity has compelled power plants to invest in capacity expansion projects. With the rise in the number of power plants, the associated fuel cost to power the plant becomes a major focus point since huge costs are associated with the fuel price. Petcoke, which has almost twice the calorific value of coal, is now more in demand.
“Various new power plants that are underway are designed to operate on petcoke. In October 2016, Hindalco Industries Ltd, which is one of India's largest aluminum manufacturers, got the permission from the government to use petcoke as the primary source of fuel. The petcoke is to be used in its smelter's captive power plant. Since petcoke is cheaper than coal, the profitability is likely to increase,” says Anju.
Global petcoke market by aluminum industry
Petcoke is an essential raw material used in the production process of aluminum. It is chiefly used as carbon anodes in the Hall-Heroult process. Processed petcoke, which is low in sulfur content (less than 3%), is used in the manufacturing of aluminum. The use of calcined petcoke to produce carbon anodes has increased owing to ease of availability, low impurity levels, and relatively low cost.
The market for aluminum is likely to witness growth due to the importance of aluminum as a metal. It is an excellent combination of high strength, lightweight, excellent electrical conductivity, and superior corrosion resistance. Also, recycling of the metal is easy. It is used to manufacture aircraft, trains, automobiles, and transmission lines owing to its lightweight property, which increases the overall efficiency.
The top vendors highlighted by Technavio’s research analysts in this report are:
- BP
- Chevron
- Royal Dutch Shell
- Reliance Industries
- CNPC
- Saudi Aramco
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