Petroleum coke will serve as a major contributor to clean hydrogen production in power plant applications
Rapid evolution in consumer demand for differentiated and better products has triggered a significant transformation in petroleum refining processes. Once established as a production source for economical kerosene, and eventually diesel fuel and gasoline, modern petroleum refineries are involved in the production of a vast range of advanced products, including those intended as feedstock for the petrochemical industry.
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Petcoke or petroleum coke is one such product that is gaining rapid traction in recent years. The substance, created as a byproduct from the refining process of heavy crude oil, is being increasingly used across many applications in the modern industrial landscape. While the application scope of the product depends on the specific type of coke and the coking processed used to produce it, most of the petcoke produced in the United States is exported overseas for use in cement kilns or power stations.
Petcoke demonstrates several benefits that make it suitable for industrial applications, including high stability, low combustion risk during transport, and long-term storage capability. Based on estimates from Global Market Insights, Inc. the global petcoke market size is poised to exceed $25 Billion by 2024.
Petrolcoke gains traction as a key feedstock for clean hydrogen production
The growing demand for more sustainable electricity production worldwide has led to a massive upsurge of interest in sources like clean hydrogen. With its high fuel stability and low combustion risk, among other advantages, petrolcoke is rapidly emerging as a viable solution for this in recent years and is being employed in many modern clean hydrogen production projects. According to GMI projections, the petcoke industry from power plant applications with register a growth rate of nearly 9% through 2024.
A notable example of this is Nikola Corporation’s $50 million cash and stock investment in Wabash Valley Resources LLC in June 2021, to purchase a 20% equity interest in the upcoming West Terre Haute-based clean hydrogen project. The project, which is poised to become one of the largest clean hydrogen production and carbon capture projects in the U.S., will combine biomass with solid byproducts like petcoke, to produce sustainable, clean hydrogen. This hydrogen will be used for base-load electricity generation and as transportation fuel, while the CO2 emissions generated will be captured for permanent sequestration underground.
Growing product adoption in EV supercapacitors will emerge as a petcoke industry megatrend
Specific industrial developments, as well as a steady shift in energy transition, are expected to be major driving factors for petcoke industry advancement going forward. One such development or megatrend for petcoke is the growing propensity for and adoption of electric vehicles.
Other than the myriad benefits petroleum coke demonstrates for the transport sector, including low ash generation and reduced transport emissions, the compound is now being used extensively as an integral part of sophisticated EV components like supercapacitors, to abate emission-related issues.
For instance, in November 2020, engineers and scientists at ARCI (Advanced Research Centre for Powder Metallurgy and New Materials) developed the first petcoke-based indigenous 1200 F supercapacitor device, powered with high performance porous activated carbon electrodes. The new supercapacitor, which is expected to generate significant commercial appeal for the EV industry, uses petroleum coke supplied by HPCL (Hindustan Petroleum Corporation Limited), to deliver performance rivaling that of globally acclaimed commercial supercapacitors.
Despite certain ecological concerns associated with the production of petcoke feedstock, the product continues to gain significant attention from major industries, mainly due to its cost-effectiveness. Its affordability coupled with ease of export and popularity as a cheap fuel source in developing economies will thus ensure sustained demand for petroleum coke over the years ahead.
