Market expansion is driven by the increasing demand for energy from the global population to perform multiple tasks. The use of calcined oil coke in power and heavy industries is one way to contribute to this.
Buyers need a consistent, reliable supply of low S, low V calcined petcoke. The key players are adopting various growth strategies in order to stay ahead of the competition. This includes product launches, investment, collaborations and partnerships.
The cost of developing and running a company in the calcined coke sector can be high, particularly if you are operating globally. To reduce costs in the calcined petroleum coke industry, businesses should either set up a locally owned plant or acquire one. It will reduce operating expenses and increase profit margins.
As a result, the global market for calcined petrol coke is expected to grow due to the rapid growth of steel and aluminum production in developing countries. This is because these metals are required for railway, highway construction and automobile manufacturing.
Cement demand is expected to increase, which will also drive the global calcined coke industry. Cement is an essential material in the manufacturing process of aluminium and is used as fuel in kilns. The use of coal is restricted by strict environmental regulations in the production of cement and calcined oil coke. The use of green and calcined oil coke as a raw-material will continue.
Diverse companies in the global industry of calcined oil coke are developing novel manufacturing processes that will increase demand on the market. Rain Carbon Inc. for instance, is developing a new way to produce intermediate needle coke which can be used as a precursor in the graphite industry and primary aluminum production.
Oxbow also plans to invest in a plant that will produce low-sulfur calcined Petcoke, which is suitable for use as alternative feedstocks for the primary aluminum sector. The plant, which will be located at Hopkinsville, Kentucky is expected to become operational in 2024.
Construction is one of the main forces driving the global market for calcined petrol coke. Over the forecast period, housing construction in Asia Pacific is expected to be boosted by increasing construction spending as well as government initiatives like 100 smart cities or Housing for All By 2022. This will lead to a rise in demand for calcined petroleum coke.
The need for calcined petroleum coke in the steel manufacturing industry continues to expand. Rapid technological advancements and rising oil production capacity continue to drive this market.
Construction is expected to be a key driver in the global calcined petrol coke market. India's government, for example, has increased its efforts to upgrade infrastructure. It is anticipated that this will boost construction spending and, in turn, lead to a greater demand for calcined petrol coke.
Asia Pacific is likely to lead the global market for calcined petrol coke due to rapid growth in construction projects. Growth in the region is being boosted by aggressive industrialization and an increasing population. The low price of calcined petrol coke will also be expected to drive its demand. Emirates Global Aluminum partnered with BP, for example to look at initiatives and options that would lower its carbon content. It can also help the company cut costs.
The use of aluminum in various applications is increasing as a result of megatrends including electromobility and additive manufacture. This is expected to increase global demand for aluminum, which in turn can drive growth for green and calcined petroleum coke.
The aluminum sector is projected to account for a significant percentage of calcined petroleum coke demand, with steel, paper and paint sectors also relying on it. Fuel grade coal is a crucial raw material used in cement kilns.
However, the increasing popularity of other energy sources may reduce the demand. In addition, tighter environmental regulations to reduce carbon emission could also limit the availability of petroleum coke. Long-term, this might have an impact on market growth. However, leaders in the industry are still focusing on innovations to create novel production procedures and enhance their products' applications. It's expected that the industry leaders will be able to cut costs, and improve their competitiveness.
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