Petroleum Coke (Petcoke) Market: Business Opportunities - Coherent Market Insights

Petroleum coke, also abbreviated as petcoke or coke, is a by-product of crude oil production and is among one category of the group of fossil fuels called combustible substances are known as combustibles. Like other fossil fuels, petroleum coke is subject to a range of environmental concerns including climate change, air pollution, acid rain, and global warming. Many oil & gas corporations are focused on the expansion of their refinery capacity, for which significant investment is being made. With rising industrialization and urbanization, the demand for oil & gas has increased globally, making refinery expansion an imperative process. Recently, in February 2021, Indian Oil, an Indian government-owned oil and gas corporation, announced to invest US$ 4.5 billion in Panipat, India refinery. Thus, such factors can augment growth of the petroleum coke (petcoke) market.

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The demand for petroleum coke is based on its ability to substitute oil and gasoline. Many automobile manufacturers and other transportation equipment manufacturers have turned to fuel coke as an alternative because of its low cost, availability and environmental friendliness. Many countries have banned the use of petroleum coke in their vehicles because of its byproducts that cause air pollution. As far as geographical impact is considered, North America seems to be gaining a key advantage in the petroleum coke (petcoke) market since the primary metal industry is expanding rapidly. Similarly, in Asia Pacific, the demand for petcoke is significantly high due to rapid development of public infrastructure and rising investment in new commercial and industrial facilities in the region.

Recently, in January 2020, ExxonMobil Catalysts and Licensing LLC entered into a licensing agreement with Axens to provide FLEXICOKING Technology and Integrated Resid conversion solutions.

Petcoke is produced from crude oil in the same way that refined petroleum is. A process called transesterification is used to convert petroleum coke to gasoline, but instead of turning the crude into liquid fuel, it is converted to a gas called crude oil fuel (crude oil fuel is also sometimes called calcined fuel or petrodiesel). As stated above, petroleum coke is produced by a process that separates oil refined from petroleum byproducts. Regardless, there are many adversities that could pose a major hurdle in the growth of the market. The use of petcoke can lead to environmental impacts and various health hazards. Besides, high sulfur content can lead to an adverse effect on aquatic and terrestrial environments. Hence, these factors can inhibit growth of the petroleum coke (petcoke) market.

Over the years, governments of many countries have started implementing stringent regulations on coal and coal power. With rising emphasis on reducing carbon footprint and increasing preference for renewable energy, the demand for petcoke is likely to increase in the near future. Besides, coke is being widely used as a substitute for coal in furnaces and boilers, which can potentially stimulate growth of the petroleum coke (petcoke) market in the near future.

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