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Global Fuel-grade Petcoke Market Research | Top Trends and Industry Analysis | Technavio

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Fuel-grade Petcoke Market

The global fuel-grade petcoke market is expected to witness a CAGR of about 3.5% during the forecast period. Certain factors that are driving the market growth include rising demand for fuel-grade petcoke from various industries, an increase in oil refining capacity, and rising urbanization.

As per the latest market research report published by Technavio, the Global fuel-grade petcoke market size will grow USD 2.18 billion during 2019–2023. The report offers an analysis of the market based on end-users (cement industry, power sector, and others) and presents in-depth insights into the growth prospects of the market across APAC, EMEA, and the Americas.

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Fuel-grade petcoke is a solid carbonaceous residue produced by thermal decomposition of petroleum fractions. It can be used as fuel in several industries, mainly in the cement and power industries. They possess high heat and carbon content and good chemical stability, which makes it an efficient fuel for producing bricks and related products, hence they are relatively cost-effective.

Fuel-grade petcoke has similar characteristics to those of coal and they can be used for power generation. The growth in demand for power will boost the demand for fuel-grade petcoke. Hence, the growth in power and cement industries will significantly drive the growth of fuel-grade petcoke market during the forecast period.

Fuel-grade petcoke is an essential commercial product that is widely used in power generation, cement kilns, and other industries. Blast furnaces consume a significant amount of energy and are used for manufacturing iron and steel.

Fuel-grade petcoke used as an alternative fuel to conventional coal in blast furnaces as they generate a large amounts of heat and its calorific value is twice that of coal. The use of petcoke reduces the environmental footprint, improves cost competitiveness, and reduces the operational cost of a blast furnace. The applications of fuel-grade petcoke in the blast furnace is expected to support the growth of the fuel-grade petcoke market.

Furthermore, according to the IEA, the cement industry was identified as the third-largest industrial energy consumer and the second-largest carbon emitter. The rise in population has led to an increase in infrastructural development, which is driving the demand for cement production and electric power.

The growth in demand for power electricity will trigger the demand for fuel-grade petcoke in power generation. Therefore, the rising demand for fuel-grade petcoke from various industries will boost the global market to grow at a CAGR of almost 4% during the forecast period.

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