Global Petcoke Gasification Market 2017-2021
About Petcoke Gasification
Gasification is a process that converts carbon material, biomass, or municipal waste into another form of energy or products. It converts solid as well as liquid end-products into gas through a chemical reaction. The process works by combining carbon-based materials, which are known as feedstock. The process involves combining the feedstock with small quantities of oxygen. Thus, during the gasification process, the carbon molecules are broken down into a mixture of carbon monoxide (CO) and hydrogen, which is known as syngas.
Technavio’s analysts forecast the global petcoke gasification market to grow at a CAGR of 16.55% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global petcoke gasification market for 2017-2021. To calculate the market size, the report considers the new installations and planned projects.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Petcoke Gasification Market 2017-2021
Technavio recognizes the following companies as the key players in the global petcoke gasification market: Air Liquide, GE Energy, Royal Dutch Shell, RWE, and Siemens.
Other Prominent Vendors in the market are: CB&I, Huaneng Clean Energy Research Institute, KBR, KEPCO-Uhde, Northwest Research Institute of Chemical Industry, Shaanxi, Sedin, and Synthesis Energy Systems.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is carbon capture and storage through petcoke gasification. Petcoke gasification plays an important role in the field of carbon capture and storage. The end products of the petcoke gasification process produce CO₂, 90% of which can be captured. This will help in the reduction of emissions of CO₂, which is a major greenhouse gas.”
According to the report, one of the major drivers for this market is increasing refinery margins. Petcoke, which is the end product of the crude oil refining value chain, is usually sold as a waste product to power plants as fuel and to other industries such as cement manufacturing and blast furnaces. The petcoke produced in a refinery depends on the type of crude oil; from lighter crude oil, petcoke production is lower but keeps on increasing once the refining of heavier crude oils begins. Refiners look for ways to convert petcoke into useful products to increase their bottom-of-the-barrel margins. One way of doing this is through the petcoke gasification process, where refiners convert low-grade carbon residues to high-grade petroleum products.
Further, the report states that one of the major factors hindering the growth of this market is high project capital costs. The high cost of installation of gasification plants is a major challenge that affects the growth of the petcoke gasification market. High investments in gasification, especially for new power generation, is hindering the market growth because of the high upfront cost. Though gasification uses relatively inexpensive fuel such as petcoke, the cost to construct and operate a gasification plant can be significantly high. However, a gasification project must be cost-effective during power production in conventional coal and natural gas plants. Thus, the high initial cost hinders the growth of the market.
Air Liquide, GE Energy, Royal Dutch Shell, RWE, Siemens, CB&I, Huaneng Clean Energy Research Institute, KBR, KEPCO-Uhde, Northwest Research Institute of Chemical Industry, Shaanxi, Sedin, and Synthesis Energy Systems.