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Demand for clean energy to spur petroleum coke market growth over 2017-2024

Author : Rahul Sankrityayan | Published Date : 2019-03-19 

Mexico petcoke market consumption in 2016 was over 6 MMT. Burgeoning demand for clean fuel from power plant and cement industries along with strict government regulations to reduce air pollution will propel the business growth. In 2014, Isolux and Alstom signed an agreement with Federal Electricity Commission (CFE) to convert 158 MW of fuel oil units to petroleum coke at the Altamira power station.

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The pressing need to reduce the dependency on fossil fuels and the increasing demand for clean fuel is set to stir up Petroleum Coke Market demand in the coming years. Petroleum coke, also known as petcoke, is usually used as a carbon or a source of energy in industrial applications. The high calorific value, and high carbon & low ash content of petroleum coke makes it quite preferable when compared with other available counterparts. Owing to these characteristics, petcoke is being increasingly used as a low-price alternative to coal, finding a plethora of applications in in coal-fired power plants.

Presently, the petroleum coke market size is proliferating phenomenally, subject to the rising demand for fuel grade coke in the industrializing economies of Asia Pacific. India and China are likely to experience sizable growth pertaining to petroleum coke industry share, owing to the rapid commercialization and the unprecedented demand of power in these countries. 

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In regard to this, the gasification process of petroleum coke has emerged as one of the most popular options and is gaining mass popularity as a viable option to convert the petcoke to clean value-added products. The recent deal of Reliance Industries (RIL) and the British energy major BP jointly investing USD 6 billion (Rs 40,000 crore) in commercial gas production and across the entire energy value chain in India, is one such instance quoting the active involvement of industry participants in enhancing the energy value chain. The company’s petcoke gasification project of Jamnagar, touted as the largest petcoke gasification project in the world, is in its advancing stage and is set to ensure energy efficiency by converting petcoke into high-value fuels.

The major companies partaking in petroleum coke industry share include Saudi Aramco, BP, ExxonMobil, Essar Oil, Indian Oil, Royal Dutch Shell, Bharat Petroleum, Husky Energy, and Marathon Petroleum, Reliance, Aminco Resources, and HPCl-Mittal Energy.

Related Report:

Transformer Market

https://www.marketwatch.com/press-release/transformer-market-to-garner-appreciable-gains-over-2018-2024-2019-03-18

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About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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