Market Definition
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 Outlook
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.
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.
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.
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Research Objectives
- Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
- Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
- Identify factors influencing market growth and challenges, opportunities, drivers and restraints
- Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
- Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
- Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
- To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
- Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Market Segmentation
The report analyses the global Solid Fuel Market based on fuel type, and region.
Global Solid Fuel Market by Fuel Type
Based on fuel type, the Solid Fuel Market is segmented into petcoke/flexicoke, anthracite, metallurgical coke, and coal. The metallurigical segment is expected to dominate the market during the forecast period. Metallurgical coke is often referred as coking coal or metallurgical coke is solely utilized in the production of steel. The coal is “baked” in a coke oven, which extracts impurities to produce coke. Metallurgical coke is a fissured, porous, silver-black solid that is also an important element of the ironmaking process after steel because it provides the carbon and heat required to chemically decrease the iron load in the blast furnace for the production of hot metal. Metallurgical coal is mostly imported from Australia, the United States, and Canada, with Australia shipping more than 55% of seaborne commerce, the majority of which is destined for China.
Geographical Analysis of Global Solid Fuel Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Europe has the biggest market share in terms of Solid Fuel Market value followed by Asia-Pacific. The steel industry in Europe is robust. Steel production in Europe is expanding to satisfy increased demand from the automobile, construction, electronics, and other end-use sectors. According to figures from the European Steel Association AISBL (EUROFER), Europe produces around 153 million tonnes of finished steel each year on average. Across 22 European Union (EU) member states, the area boasts 500 steel-producing locations. Thus, Europe’s robust steel sector contributes to the region’s need for pet coke. According to Coalmint, India and Europe agreed in April 2022 to transport 50,000 MT of metallurgical coke from India to the European steel sector. Europe has made consistent attempts to strengthen its steel sector, which has increased demand for pet coke and metallurgical coke throughout the area.
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Major Players
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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Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
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