(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Aug. 26, 2024 (GLOBE NEWSWIRE) -- The "Green petroleum and Calcined Petroleum Coke market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The global green petroleum and calcined petroleum coke market is expected to grow at a CAGR of 5.38% during the forecast period (2024-2029).
GPC is a pre-coke material with multifaceted applications in various industries, such as the aluminum smelting industry and steel industry, in the form of CPC (Calcined Petroleum Coke). GPC originates from crude oil through a process called coking, while CPC is produced from purified GPC through calcination with heat to make it free from unwanted substances. Both GPC and CPC serve crucial roles in delivering carbon additions for operations requiring high-quality carbon materials. Their demand is intimately related to the expansion and dynamics of sectors that rely on carbon-based inputs.
Further, the mentioned drivers and opportunities are upsurging the market growth:
Worldwide energy consumption, industrial expansion, and the automotive, aluminum, and steel sectors contribute considerably to the global green petroleum coke and calcined petroleum coke markets. For instance, two-wheelers and passenger cars cornered the majority of the automotive demand in India by occupying 77% and 18% of market shares for 2021-22. In manufacturing passenger automobiles, small and medium vehicles take a larger market share.
In addition, the Indian government aims to grow the size of the auto sector to Rs. 15 lakh crores by the end of 2024. Thus, from April 2000 to September 2022, the industry received US$33 billion. It ranked third globally with FDI amounting to US$77 billion. This equates to nearly 2% of India's around four trillion dollars in gross domestic product, as stated by PIB. Furthermore, the world's economic structure and politics are another element that affects supply chain management and market expansion.
Along with this, the global migration towards sustainable materials, technological advancements, and growth in industries such as aluminum and steel provide growth opportunities for green petroleum coke and calcined petroleum coke. ExxonMobil Chemical Company has been generous in funding researchers at Texas A&M University and ExxonMobil itself. They aim to develop a technology that can transform petroleum coke, a residue born from the refining of crude oil, into an environmentally sustainable, high-value option. The technique adopted for this metamorphosis was no ordinary chemical procedure but one known as electrochemical exfoliation, which was used for converting.
Based on these opportunities, players in the industry can build on their experimentation and use of carbon-based commodities and find new markets through which the industry's growth can be maximized. Sanvira is a significant maker of Calcined Petroleum Coke (CPC). It has a total worldwide CPC capacity of 990,000 MTPA, having units in India and Oman. Sanvira expects to raise its total worldwide CPC capacity to 1,300,000 MTPA by the end of 2024. In addition to this, Sanvira is building a Baked Anode facility capable of producing 300,000 MTPA.
GLOBAL GREEN PETROLEUM AND CALCINED PETROLEUM COKE MARKET DRIVERS:
Fuel Grade is likely to be the fastest-growing type segment during the forecast period
Fuel-grade petroleum coke is one of the types of pet coke that can be used as fuel in several industries. It has a high carbon concentration and a low ash level, making it a desirable fuel for power generation, cement manufacture, and other industrial applications.
The singular driving factor that makes fuel-grade petroleum coke imperative is the growing demand for other fuel types, such as those used in electricity generation and transportation. This type of petroleum coke is utilized for combustion purposes mainly because of the high calorific factors and low ash percentages. This makes them attractive to companies related to high-energy usage looking forward to reducing their carbon footprint.
The United Nations Carbon Action Initiative is one such initiative about climate-smart investing. It assists investors worldwide in improving their understanding of portfolio companies' carbon management and energy efficiency programs and risk management in regulation, operations, judicial obligations, and reputation. Investor portfolios will become more climate-smart as more businesses invest in carbon reduction and energy efficiency operations (creating more sustainable business models). This strategy also assists firms in leveraging market possibilities created by climate change and generating good returns through carbon reduction and energy efficiency initiatives, therefore establishing long-term sustainable enterprises.
In addition, due to the increased environmental concerns and the constant trend towards decreased sulfur content in crude oil products, the requirements for clean-burning fuels are heightened, creating more demand for fuel-grade petroleum coke. Furthermore, Green Petcoke or RPC or Calcinable grade coke is manufactured at Indian Oil refineries, including Koyali, Barauni, Bongaigaon, Digboi, and Guwahati, and Fuel Grade Petcoke is produced in IOCL's refineries located at Panipat, Paradip, Koyali & Haldia in India.
The growing application of green petroleum and calcined petroleum coke in aluminum
The aluminum production sector depends greatly on green petroleum coke (GPC) and calcined petroleum coke (CPC), which are essential components for aluminum smelting processes. CPC is indispensable in anode production due to its role in providing electrical conductivity and a carbon source; on the other hand, GPC acts as fuel through smelting to help with high-temperature reactions. As businesses prioritize lightweight materials for greater efficiency, the demand for aluminum and its related raw materials, such as GPC and CPC, continues to rise.
The Asia Pacific region will dominate the green and calcined petroleum coke market during the forecast period.
The Asia Pacific green petroleum coke and calcined petroleum coke market can emerge as the global market leader for several reasons. These include the pace of industrialization, urbanization, and infrastructural developments in countries like China, India, and Japan where the demand for CPC is much higher in the aluminum and steel industries. The New Energy and Industrial Technology Development Organisation (NEDO), a government R&D financing organization, aims to strengthen the relationship between increasing R&D investment and higher earnings in Japan. To qualify for R&D funds, organizations must explain how their R&D will result in innovation, according to a new approach created by NEDO.
In addition to this data point, PIB reports that India had 901 steel production facilities for crude steel during 2021-22, amounting to a total capacity of 154.06 million tonnes. Two steel-producing Central Public Sector Enterprises (CPSEs) are under the administrative control of the Ministry of Steel. Steel Authority of India Limited (SAIL) and Rashtriya Ispat Nigam Limited are two sector undertakings.
Furthermore, the region's strict environmental rules present prospects for GPC as a cleaner alternative to conventional carbon products. There is, therefore, the 14th Five-Year National Agriculture Green Development Plan released by the Chinese government on September 8, 2021. Explaining the details of the Plan, which was released by six departments, such as the MARA, NDRC, MOST, MONR, MEE, and SFGA, the government plans that resource protection, pollution control, agricultural ecology restoration, and the development of low- carbon agricultural industrial chains have to be reached by 2025.
As the concept of sustainable development is gaining popularity, the emphasis on technical development for efficient business processes is also increasing. Thus opening up the potential for industry players to tap into the growing market and, at the same time, work on solving problems related to the environment.
Company Profiles
Petrobras Rain Carbon Inc. Ariyan International Inc. Petrocoque BP America Rizhao Hengqiao Carbon Co., Ltd ASPO Energy Sinopec Group Philips 66 Hickman Williams & Company
The global green petroleum and calcined petroleum coke market is segmented and analyzed as follows:
By Type
Fuel Grade Calcined Grade
By Application
Green Petroleum Coke Aluminum Fuel Iron and Steel Silicon Metal Others
Calcined Petroleum Coke
Aluminum Titanium Oxide Re-Carburizing Market Others
By Geography
North America USA Canada Mexico South America Brazil Argentina Rest of South America Europe United Kingdom Germany France Italy Spain Rest of Europe Middle East and Africa Saudi Arabia UAE Rest of the Middle East and Africa Asia Pacific China India Japan South Korea Taiwan Thailand Indonesia Rest of Asia-Pacific
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