Albany, NY -- (SBWire) -- 02/23/2019 --Green petroleum coke is obtained by decaying coke from the coker unit. When crude oil is converted into gasoline and jet fuels, green petroleum coke is obtained as a by-product. The quality of green petroleum coke depends on the quality of crude oil. The term 'green' refers to the stage of production process. The sulfur content in green petroleum coke decides the application of green petroleum coke. High sulfur content green petroleum coke is mainly used as a fuel in place of coal. Green petroleum coke with low sulfur content is upgraded through calcining and is used as a raw material for the production of aluminum and steel.
The global green petroleum coke market is expected to expand at a significant rate driven by increase in demand from the cement industry. The green petroleum coke market was valued at about US$ 12 Bn in 2016 and is projected to expand at a CAGR of 6.1% during the forecast period. Factors such as strict government laws regarding carbon emissions, rise in demand for fabrication of aluminum smelter anodes, rise in prices of coal, and depletion of coal resources are driving demand for green petroleum coke. Strict government regulations that play a very important role in the green petroleum coke market.
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The environment is affected by toxins released through industrialization and emissions of harmful gases such as carbon dioxide, hydroxides, sulfur, and nitrogen from factories and vehicles. Green petroleum coke is highly stable and non-reactive to the ambient environment, as it has very low sulfur and ash content. It is an alternative energy source for coal that has high calorific value. Also, it poses less environmental hazards. However, the presence of very few key players in the green petroleum coke market and fragmentation of the market are likely to hamper its expansion. Additionally, the market is so volatile that prices changes on weekly basis sometimes.
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Key players in the green petroleum coke market need to focus on the promotion of the benefits of green petroleum coke over coal. The use of green petroleum coke in ceramics and electronics industries can boost the green petroleum coke market. When green petroleum coke is mixed with additives such as binders and sealants, it offers excellent adhesion to the material.
Major players in the market expand their network and share their investments through mergers and acquisitions. Launch of new products and facilities is likely to propel the green petroleum coke market. In May 2015, Asbury Carbons invested US$ 48 Mn in a new facility in Lumberton, North Carolina. The company decided to open the facility in North Carolina due to the state's favorable access to rails and ports. In July 2014, Oxbow Corporation announced the acquisition of Carbon Resources LLC, a distributor and supplier of activated carbon products made from wood, coconut shells, and coal. Oxbow acquired the company to expand its footprint in the global activated carbon industry.
Green Petroleum Coke Market Will Exhibit a Cagr of More Than 6% from 2017 to 2026