Calcined Petroleum Coke is a coal-derived product that is used in various industries. It is available in multiple forms including jumbo bags, PP bags, multiwall paper bags and drums. The market is expected to grow over the forecast period, and is projected to reach USD 2.9 billion by 2028.
It is used in manufacturing a number of products and is highly used in the iron and steel, aluminum, glass, and fertilizer industries. Aside from its use in the metal industries, calcined petcoke is also used in the electric arc furnaces, induction furnaces and electrode manufacturing processes. In addition, it is used as an anode in the steel smelting process.
Major players in the calcined petcoke industry include Chevron Corporation, Oxbow Corporation, Indian Oil Corporation, Rain Industries Limited, HPCL-Mittal Energy Limited, and ArcelorMittal. They are involved in the production, supply, and distribution of calcined petcoke to the end-use industry players. They are also planning to expand their production capacity to meet the growing demand for calcined petcoke.
The global calcined petcoke market is mainly dominated by the Asia Pacific region. This region is expected to hold a major share of the market over the forecast period, owing to the increase in the population and construction expenditure. Moreover, the increasing production of steel is projected to drive the demand for calcined petcoke in this region. However, the ban on mining of coal is projected to hamper the supply of calcined petcoke in the region.
Although, the calcined petroleum coke market is expected to witness strong growth opportunities, fluctuating crude oil prices will restrict the market in the developing regions. Nevertheless, the growing steel industry is likely to contribute to the development of the global market. Moreover, the rising consumption of fuel grade petroleum coke is predicted to play a vital role in the power and cement kiln industries.
As a result of this, the global calcined petcoke market will witness a rapid growth rate over the forecast period. Market Research Future estimates that the market will register a 5.5% CAGR over the forecast period. Among the major applications of calcined petcoke, the steel industry is estimated to account for the largest share of the market. Hence, this sector is expected to offer lucrative growth opportunities for the suppliers.
Another important factor expected to drive the market is the emergence of the construction sector in the Asia Pacific. Increasing demand for pre-engineered buildings in the region is expected to increase the adoption of calcined petcoke. At the same time, increasing urbanization and rapid industrialization in the region will drive the market in the near future. Further, the increased investment in oil and gas refineries in the region is also expected to boost the prospects of petroleum coke suppliers.
Various technological developments are anticipated to expand the application areas of calcined petcoke in a number of industries. These developments include the use of advanced blending technologies. Several calciners are expected to add SO2 scrubbing technology in order to reduce the sulfur content in the product.
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