The calcined petroleum coke market is dominated by the rising demand for aluminium. Moreover, rapid urbanisation is boosting the industrialisation process in emerging economies. As a result, the global calcined petroleum coke market is expected to expand at a 3.2% CAGR during the forecast period.
The global market for fuel grade petcoke is expected to grow over the next few years due to the growing demand for steel and aluminum. This raw material is a cheap and easily available feedstock for the iron and steel industry. It is usually blended with coking coal to produce coke. The use of petcoke reduces the use of coal and results in a reduction in energy intensity of up to 16%.
In addition to being used for fuel, calcined petroleum coke is also used in aluminum production. It is also used to make electrodes for induction and electric arc furnaces. Rising iron & steel production in developing regions is expected to drive the market. However, a ban on coal mining and fluctuating crude oil prices are expected to restrain the market in some regions.
Another reason why petcoke is a good fuel is its cost-effectiveness. It is inexpensive to produce and export, making it a good option for developing countries. Moreover, petcoke has no toxicity.
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