The global Solid Fuel Market was valued at US$ 391.2 billion in 2022 and it is anticipated to grow up to US$ 411.7 billion by 2032, at a CAGR of 0.5% during the forecast period.
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Solid fuels are employed as an energy source in a variety of sectors, including iron and steel. Petcoke, anthracite, metallurgical coke, coal, and flexicoke are a few examples of solid fuels. Coal is the most abundant energy source. It is used to generate energy and for various industrial uses like metal refining. Another coal-based fuel with a high carbon content and minimal impurities is coke. It is produced by destructive distillation of low-ash, low-sulfur bituminous coal. Coal-based colas are greyish, hard, and porous. Petcoke is a form of coke produced by oil refineries or other cracking operations. It comes in two varieties that may be utilized for various reasons. Green pet coke is used as fuel, whereas calcined pet coke is utilised as a raw material in coatings, paints, and coloring goods. Metallurgical coal, also known as met coke, is a kind of coal that is commonly used to manufacture high-quality coke. It is used to reduce iron ore and other materials containing iron. It is commonly utilized in steel production operations. Anthracite, a metamorphosed coal, has a high carbon content and produces smokeless flames when burned. It is regarded as environmentally beneficial coal.
Market Drivers and Trends
The solid fuel industry is being driven by the increased usage of coal as a result of the building of refineries. Current refineries, as well as mixtures of refinery byproducts and coal, are used to create a variety of end products such as petrol, carbon anodes, jet fuel, and heating oil. With the rising number of refineries, the need for coal as an energy source has grown. The United States, China, Russia, and India possess the most oil refinery capacity. The Asia Pacific region has the most functioning petroleum refineries. In the region, there were around 316 functioning petroleum refineries. China National Petroleum Corp, China Petrochemical Corp, Saudi Arabian Oil Co, Valero Energy Corp, and Exxon Mobil Corp were the top five oil refining businesses in the world in terms of capacity. The presence of several refineries stimulates demand for solid fuels, hence increasing the size of the solid fuel industry.
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Furthermore, rising demand for solid fuel in the power generating and transportation fuel industries is driving the market growth. Electricity is utilized for a variety of home, commercial, and industrial applications. Electricity use has risen over time. According to statistics from the United States Energy Information Administration that were released in May 2022, overall power consumption in the United States in 2021 was 3.93 trillion kWh, which was 13 times larger than electricity usage in 1950. As a result, the growing usage of electricity is supporting the rise of the solid fuel industry. These drivers are likely to propel market expansion.
Market Restraints and Challenges
Coal is one of the most significant sources of CO2 emissions. According to an International Energy Agency (IEA) study released in November 2022, the IEA’s Net Zero Emissions by 2050 goal is to limit the use of coal and seek out innovative technologies. Furthermore, the region is embracing hydroelectric electricity generation since it is a clean source of energy and is widely utilized for power system flexibility and resilience. According to data from the US Department of Energy, hydropower capacity expanded by a net of 431 MW in prior years. Capacity was added through existing facilities, new facilities, and powering non-powered dams (NPDs), resulting in a net gain of 1,688 MW in recent years. As a result, the widespread use of hydropower will limit the expansion of the solid fuel industry in the next years.
Major Players in the Global Solid Fuel Market
The key players studied in the global Solid Fuel Market are Indian Oil Corp Ltd , Elinoil Hellenic Petroleum Company SA, RESORBENT Sro , JH Carbon Pty Ltd , Hargreaves (UK) Services Ltd, Essar Global Fund Ltd, BP Plc, Lukoil Oil Co, Valero Energy Corp , and Philips 66 others.
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COVID-19 Impact
The COVID-19 pandemic had a substantial impact on most businesses throughout the world. The epidemic has slowed efforts towards universal energy access significantly. Globally, over 733 million people do not have access to electricity, and nearly 2.4 billion people continue to rely on fossil fuels for cooking. Given the present rate of improvement, almost 650 million people will still be without power by 2030. The pandemic reduced power demand in the industrial and commercial sectors dramatically in 2021 due to the application of lockdown measures.
The economy began to recover from the COVID-19 pandemic impacts in late 2020 and early 2021. Energy consumption is increasing as global economies re-establish themselves following lockdown measures. This aspect is expected to have a gradual and favorable influence on solid fuel market penetration. The recovery phase of the COVID-19 pandemic is expected to boost industrial and commercial demand for energy, alleviating many of the pandemic’s difficulties. This element will help the solid fuel industry flourish.
Global Solid Fuel Market Segmentation
By Component
- Petcoke/Flexicoke
- Anthracite
- Metallurgical Coke
- Coal
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