The global calcined petroleum coke procurement market has witnessed significant growth in the last couple of years. The key players in this market are adopting various growth strategies including product launches, innovations, collaborations and partnerships and intensive R&D activities.
Fuel grade petcoke price volatility was influenced during the quarter by low German construction activity. Additionally, a labor strike at the Port of Hamburg disrupted European calcined coke exports.
In the steel industry, calcined petroleum coke is used to produce electrodes in electric arc and induction furnaces. This demand will boost the market during the forecast period. The market is also driven by the development of the cement and power generation industry, the growth in heavy oil supply globally and favorable government initiatives relating to the sustainable and green environmental environment.
In 2021, the Asia Pacific held a significant share of the global calcined petroleum coke market owing to increased infrastructural construction activities in nations such as China, India and Singapore. In addition, population growth is resulting in the need for new residential and commercial infrastructure projects.
In the American market, the price trend of pet coke remained flat in Q4 2022 owing to steady performance of downstream construction sector. The third quarter saw a rise in prices due to the volatility of crude oil upstream. As part of a contingency plan in advance of Hurricane Ida many refineries on the Gulf Coast of US closed their plants, which had a direct impact on pet coke price.
The demand for calcined coke will remain stable amid positive fundamentals in the aluminum market. This is mainly due to its high reusability, and energy-saving characteristics. This material is also a more cost-effective option to other metals or alloys.
The global calcined petroleum coke market is dominated by Asia-Pacific. In the coming years, the demand for this material will increase due to the rapid development of infrastructure in countries across the region. Countries are focusing on upgrading their transportation networks, developing urban areas, and increasing investments in industrial projects to boost economic growth.
Globally, the calcined oil coke market is very competitive. To stay ahead of their competition, key players have adopted various growth strategies. This includes product launch, collaborations and partnership, R&D and strategic acquisitions. The industry is also characterized by rapid technological advancements, which can challenge its growth potential. The emergence of aluminum materials, for example, may undermine the position of calcined petrol coke as an efficient substitute to other metals.
Petroleum coke, a form of carbon, is used for a variety of processes. This includes metallurgical uses. It is low-toxic and offers many benefits, such as easy handling, storage and transportation. It is an essential ingredient in metallurgical industries, and its use is expected to increase in the near future, due to increased focus on alternative energy sources, as well as reduced reliance on fossil fuels.
The global market for calcined petroleum coke is driven by demand from developing economies, especially in Asia Pacific. The construction industry and the stable economic growth of the region are largely responsible for this. A shift to using green and calcined PETCOKE in power production is expected drive the market growth.
In Q1 of 2023, North American demand for calcined oil coke declined due to the decline in the construction industry. Exports were also impacted by a strike in the German Port of Hamburg. Due to this, the price of petroleum-coke calcined CFR Hamburg was reduced by around 8%.
The demand for calcined petroleum coke continued to struggle during the first quarter of 2023, due to economic challenges and weak performance in construction industries. This was aggravated by the Chinese Lunar New Year holiday, which caused office and factory shutdowns and impacted construction industry activity.
The market in Europe experienced a constant upward trend in prices during the same time period. This was primarily due to the higher price of feedstock crude oil, and the excessive freight costs along Europe-Asia, and Europe-US, interoceanic routes. Low supply in the low S category of GPC was also a significant factor.
Growing investment in the development of infrastructure is driving growth in the global market for calcined petrol coke, particularly in developing nations across Asia-Pacific. Construction of steel and concrete factories and government initiatives to create a sustainable environment drive the market in the Asia-Pacific region. In addition, China's increasing industrialization is driving demand for coke to be used as fuel in the energy generation industry.
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