The Asian pet coke Market is valued $3,217million in the year 2017 and is estimated to grow at a CAGR of more than 6.3% during 2018 to 2023. Asian countries significantly contributing for pet coke market are China, India and Japan. China is the major producer and consumer of pet coke market which holds the major market share 72% and estimated to grow at a CAGR of 6.2% by 2023. Aluminum industry contributed the highest share in Asian pet coke market with market share of 40%.
What is Pet Coke?
Pet coke which is also abbreviated as petroleum coke is a black-colored solid composed primarily of carbon, and may contain limited amounts of elemental forms of sulfur, metals, and non-volatile inorganic compounds. It is the product produced during the oil refining process and a by-product of delayed coking or fluid coking refineries. Pet coke can be classified into two different types’ fuel grade coke which is high in sulphur and metals also called as lower grade pet coke is used in electric power plants and cement kilns, calcined petroleum coke which is a high grade pet coke low In sulphur and metals used in production of electrodes, anodes etc.
What are the major applications for Pet Coke?
Pet coke is an essential commercial product which is used in a wide range of applications includes production of steel, aluminum, paint, batteries, glass, lime, fertilizers and many industrial applications. It is of two forms green pet coke which can be used as fuel and calcined pet coke which is used as feedstock. Pet coke can be used as a substitute of coal as it has high energy content and cheaper compared to coal where cement and power generating are the two greatest consumers of fuel grade pet coke. Calcined pet coke is used to make steel, graphite and titanium as it is high in carbon purity and lack of contaminants.
Market Research and Market Trends of Pet Coke
- Highburg energy Inc. has utilized a gasification technique to concentrate metals from raw materials. By this gasification technique the weight of the raw pet coke samples decreased by more than 90%. The resulting ash was compared and analyzed to determine the metal concentration. After analyzing the ash from refinery pet coke vanadium pentoxide is found which can be used in jet engines and high speed aircrafts.
- The pet coke is fed to an advanced thermochemical gasification process to produce hydrogen and an ash byproduct, from which high-value metals are recovered, including nickel and cobalt, as well as a wide variety of rare-earth elements in smaller concentrations. High demand for hydrogen combined with the massive amount of inexpensive pet coke feedstock make this project appealing.
- Petroleum coke acid salts are now been discovered which are used as soil beneficiation agents which comprise alkali metal or ammonium salts of coke acid. The petroleum coke derived salts are useful because of their polynuclear structure and are water soluble. These are prepared by the controlled oxidation of petroleum coke to form the coke acid, and the subsequent neutralization of the acid to form the salt.
Who are the Major Players in Pet Coke market?
The companies referred in the market research report includes Indian Oil Corporation, China National Petroleum Corporation, Sinopec Corp, China National Offshore oil Corporation, Reliance Industries Limited.
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