Petroleum
coke, also commonly called petcoke, is one of the many substances
manufactured during the refinement of crude oil. Crude oil is
primarily processed into substances such as diesel fuel, gasoline,
wax and, lubricating oils, leaving behind some residual crude that
requires additional processing to be effectively used. This crude
residue is further refined by a process known as coking. A coker, the
machine used for coking residual crude, breaks down the large
hydrocarbon molecules in the residual crude and produces petroleum
coke.
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The
primary chemical composition of global petroleum coke market is
elementary carbon. Petroleum coke is typically used as a cheap source
of energy, or as a source of elementary carbon for a number of
industrial applications. The high calorific value, low cost, and low
toxicity of petcoke makes it a preferred fuel option over coal and
natural gas. Petroleum coke has been attributed as non-hazardous
waste by the Environmental Protection Agency (EPA). Most toxicity
analyses undertaken to establish the effect of petcoke on the
environment as well as the human health have found that petcoke has a
relatively low potential of causing adverse effects on the
environment as well as in humans, with no development-, cancer-, or
reproduction-related effects.
Of
the two chief varieties of petroleum coke produced across the globe –
fuel grade petroleum coke and calcined petroleum coke, fuel grade
petcoke forms nearly 80% of the entire globe’s petcoke production.
Fuel grade petcoke is heavily utilized as an alternative to coal in
electric power plants and cement kilns. Calcined petcoke, the petcoke
variety with the highest carbon-purity level, is used in the
aluminum, titanium, steel, graphite electrode and other carbon
intensive industries, as well as for power production.
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Petroleum
Coke: A Valued Global Commodity
Production
of petroleum coke through the process of coking is not a new
technology; the first coker was installed at an Indiana Whiting oil
refinery in 1930. Since then, the production of petroleum coke has
significantly increased, and it is currently produced at nearly 140
oil refineries across the globe.The global commercial market for
petroleum coke has also greatly evolved over the past years. Till the
year 2008, approximately 55% of the overall petroleum coke produced
by the U.S. was consumed by other regional markets of the globe. In
2012, the world market consumed at least 80% petroleum coke produced
by the U.S. Demand for petroleum coke produced by other manufacturers
is also high in the global market, largely due to high consumption of
petcoke from the electricity generation industry because of its high
calorific value, low ash, low potential hazards to the environment
and human health, and lower costs relative to coal.
Transparency
Market Research, a U.S.-based market intelligence firm, states that
the global market for petroleum coke had a net worth of US$13,288.0
million in 2013. Growing with a CAGR of 8.5% between 2013 and 2020,
the market is projected to reach US$ 24,117.9 million by 2020,
according to research.Petroleum coke is a highly valued commodity and
is traded in high volumes over the entire globe. Increased production
and exports of petroleum coke are fueling the growth of many
developing economies across the globe.Of the total petroleum coke
produced in the global market, approximately 30% is used by the
calcining industry, about 25% is used by the cement industry, 20% is
used for power generation, 5% is used by the storage industry, 5% by
the steel industry, and about 15% is used by other carbon-consuming
industries.
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Asia
Pacific is the leading consumer of petroleum coke. It accounted for
nearly 32% revenue share of the entire market in 2013. Europe,
following Asia Pacific’s position, accounted for a nearly 25% share
of the market in the same year.
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