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Sunday, 14 April 2024
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Solid Fuel Market is expected to reach US$ 401.54 billion by 2028

The global solid fuel market value to exceed from $389.14 billion in 2022 to $401.54 billion by 2028; it is estimated to grow at a CAGR of 0.5% during the forecast period 2022-2028.

By The Insight Partners

According to our latest research study on “Solid Fuel Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Fuel Type,” the market is expected to grow from US$ 389.14 billion in 2022 to US$ 401.54 billion by 2028; it is estimated to register a CAGR of 0.5% from 2022 to 2028.

Industries across the world are demanding different energy sources. The cement, steel, and power industries are generating high demand for petroleum coke (petcoke). Petcoke is cheaper than overseas coal. Owing to rising urbanization and population, demand for construction and electricity generation is increasing at an exponential rate. Petcoke is used in manufacturing building materials and generating electricity.

Solid Fuel Market Share – by Region, 2022

To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/brochure/TIPRE00029607 Source: The Insight Partners Analysis

In APAC, there is a rise in steel production. World Steel Association stated in December 2022 that Asia and Oceania produced 101.4 Mt steel in November 2022, an increase of 2.7% compared to November 2021. According to the data by Indian Ministry of Steel published in December 2022, domestic steel production rose to 78.09 Mt in the fiscal year 2022 from 73.02 Mt in fiscal year 2021, with an increase of 6.9%. The anthracite is used in steel making process and therefore with rising steel production, demand for anthracite will also. This in turn, is expected to bolster the solid fuel market growth in the coming years.

Various countries' governments are taking specific initiatives and investing in coal gasification for eco-friendly fuel utilization. According to Gasification India Conference in November 2022, under Aatma Nirbhar Bharat, around US$ 2,439.08 (Rs. 20,000 Crore) will be invested in coal gasification projects to gasify 100Mt of coal by 2030. The Indian government will use around 40% of coal mines to make urea through coal gasification by 2025. In addition, coal gasification will be used to produce methanol and fertilizers by 2025. Thus, government spending on coal gasification will propel the solid fuel market growth in APAC in the coming years.

Impact of COVID-19 Pandemic on Solid Fuel Market

The COVID-19 pandemic severely impacted multiple sectors of economies in Asia Pacific, including power generation. The pandemic resulted in a decline in coal production in countries such as India. According to the government of India, in 2020–2021, the country's coal production decreased compared to the previous year owing to the pandemic. The coal production in 2020–2021 remained at 337.52 million tonnes (MT), 3.3% less than 2019–2020 production levels. In China, the coal markets were affected due to the outbreak. In December 2022, as per Mysteel, the production of coking coal utilized by the steel industry reduced in the top mining hub of Shanxi, with 31 cutting back and 10 mines suspending output. However, during the recovery phase of COVID-19 outbreak crisis, with the resumption of business activities, coal consumption witnessed a rise owing to rise in electricity demand from commercial and industrial sectors.

The solid fuel market is segmented on the basis of fuel type and geography. Based on fuel type, the market is segmented into petcoke/flexicoke, anthracite, metallurgical coke, and coal. In terms of region, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Indian Oil Corp Ltd, Exxon Mobil Corp, RESORBENT Sro, JH CARBON PTY LTD, Essar Global Fund Ltd, BP Plc, Lukoil Oil Co, Valero Energy Corp, Phillips 66, and Hargreaves (UK) Services Ltd are among the key solid fuel market players operating in the industry. During this study, several major solid fuel market players were analyzed to get a holistic view of the global market and its ecosystem.

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