A fuel is any compound that has stored energy. This energy is captured in chemical bonds through processes such as photosynthesis and respiration. Energy is released during oxidation. The most common form of oxidation is the direct reaction of a fuel with oxygen through combustion. Wood, gasoline, coal , and any number of other fuels have energy-rich chemical bonds created using the energy from the Sun, which is released when the fuel is burned (i.e., the release of chemical energy). Chemical fuels or the fossil fuels are useful reserve of fuels and are therefore used extensively to satisfy the demands of an energy-dependent civilization.
The biofuel business in India is expected to touch 50,000 crore by 2022. The Indian biofuel market has been consistently witnessing growth and developments for past few years. The Government of India is injecting huge amount of money and resources into the development of this sector in an attempt to reduce dependency on imported oil. High volatile oil prices and production levels have further enlightened the need for continuous developments of this sector.
The world petroleum coke market is anticipated to touch a revenue valuation of US$24.11 bn by the end of 2020. On account of environmental concerns and some traits causing pollution, the employment of petroleum coke could be discouraged, thus negatively affecting the demand in the world petroleum coke market. However, the process of gasification of petroleum coke is expected to up profit margins and encourage clean power production.
India's energy demand is set to rise, and hydrocarbons will play a key role in any possible growth scenario. The industry recognizes the potential, and global players are eager to contribute towards India's growth.