Petroleum Coke (Petcoke) Market continues to grow as ExxonMobil Catalysts and Licensing LLC enters into a licensing agreement with Axens to provide FLEXICOKING Technology and Integrated Resid conversion solutions

 

Petroleum Coke (Petcoke) Market

Petroleum coke, also abbreviated as petcoke or coke, is a by-product of crude oil production and is among one category of the group of fossil fuels called combustible substances are known as combustibles. Like other fossil fuels, petroleum coke is subject to a range of environmental concerns including climate change, air pollution, acid rain, and global warming. Many oil & gas corporations are focused on the expansion of their refinery capacity, for which significant investment is being made. With rising industrialization and urbanization, the demand for oil & gas has increased globally, making refinery expansion an imperative process. Recently, in February 2021, Indian Oil, an Indian government-owned oil and gas corporation, announced to invest US$ 4.5 billion in Panipat, India refinery. Thus, such factors can augment growth of the petroleum coke (petcoke) market.

The demand for petroleum coke is based on its ability to substitute oil and gasoline. Many automobile manufacturers and other transportation equipment manufacturers have turned to fuel coke as an alternative because of its low cost, availability and environmental friendliness. Many countries have banned the use of petroleum coke in their vehicles because of its byproducts that cause air pollution. As far as geographical impact is considered, North America seems to be gaining a key advantage in the petroleum coke (petcoke) market since the primary metal industry is expanding rapidly. Similarly, in Asia Pacific, the demand for petcoke is significantly high due to rapid development of public infrastructure and rising investment in new commercial and industrial facilities in the region.

Recently, in January 2020, ExxonMobil Catalysts and Licensing LLC entered into a licensing agreement with Axens to provide FLEXICOKING Technology and Integrated Resid conversion solutions.

Petcoke is produced from crude oil in the same way that refined petroleum is. A process called transesterification is used to convert petroleum coke to gasoline, but instead of turning the crude into liquid fuel, it is converted to a gas called crude oil fuel (crude oil fuel is also sometimes called calcined fuel or petrodiesel). As stated above, petroleum coke is produced by a process that separates oil refined from petroleum byproducts. Regardless, there are many adversities that could pose a major hurdle in the growth of the market. The use of petcoke can lead to environmental impacts and various health hazards. Besides, high sulfur content can lead to an adverse effect on aquatic and terrestrial environments. Hence, these factors can inhibit growth of the petroleum coke (petcoke) market.

Over the years, governments of many countries have started implementing stringent regulations on coal and coal power. With rising emphasis on reducing carbon footprint and increasing preference for renewable energy, the demand for petcoke is likely to increase in the near future. Besides, coke is being widely used as a substitute for coal in furnaces and boilers, which can potentially stimulate growth of the petroleum coke (petcoke) market in the near future.


Location: India

Comments

Post a Comment

Popular posts from this blog

Fitness Equipment Market is doing warm-ups to pull growth-rich opportunities from the growing obesity rates accompanied by the sedentary lifestyles

Image
  Fitness equipment is any mechanical device or equipment used in sport or exercise to improve the physical performance or strength of that activity by providing either adjustable or constant levels of force, either of dynamic nature that is immediately available to exert (such as running) or of a static type that requires adjustments (such as a bicycle). Some common types of equipment are treadmills, elliptical machines, step machines, exercise bicycles, recumbent bikes, treadmill monitors, rowing machines, and many more. Fitness equipment is used in gyms and private home fitness facilities as well as public parks and recreational facilities. Fitness equipment for the home is designed to provide low-impact aerobic workouts. Some items are available for rent or sale on the Internet. Rowing machines and exercise bicycles can give an all-over body workout, while Schwinn exercise bicycles can be used to target specific muscles. Fitness equipment for home gyms can be classified into card
Read more

The market for ureteral stents would benefit from the rising prevalence of urological diseases

Image
  A ureteral stent is a slender adaptable cylinder embedded straightforwardly into the ureter to forestall or cure block of the urinary entry from the ureter. The length of these stents utilized for grown-up quiet's reaches somewhere in the range of 30 and 24 inches. Furthermore, various distances across or sizes of stents are accessible, to suit distinctive ureter sizes. This permits treatment choices to be customized to the person, just as to the degree of obstacle. Urinary stents are made of either metal silicone or plastic. They are set straightforwardly into the bladder through the urethra valve. Ureteral stents can either be made percutaneously, through medical procedure or by methods for an outpatient strategy. Contingent upon the sort of ureter that is influenced, the technique can be either a solitary needle or numerous needles. The developing commonness of urological illnesses around the world is driving the development of the ureteral stents market . Development in t
Read more

The North America Vision Care Market Is Driven by the Increasing Prevalence of Eye Diseases in this Region

Image
  Vision care refers to the prevention and treatment of various eye conditions or eye diseases, such as refractive errors, age-related macular degeneration, cataract, glaucoma, etc. Vision care helps prevent or minimize the threat to eyes or visual integrity. Therefore, in North America, demand for vision care is has increased due the increasing prevalence of eye diseases, driving the North America vision care market growth. According to the Centers for Disease Control and Prevention (CDC), cataract affects around 24.4 million Americans (aged 40 and older) or around one in every six people in this age group. Vision care is important because 80% of what we perceive comes through our sense of sight. By protecting the eyes, people can reduce the odds of vision loss or blindness while also staying on top of any developing eye diseases such as glaucoma and cataracts. Vision care products used for restoration of eye sights include contact lenses, reading glasses, frames, Rx-Lenses, non Rx-
Read more