Market Definition:
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.
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.
To Know More: https://www.globalinsightservices.com/reports/solid-fuel-market/
Market Outlook:
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.
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.
Request Sample: https://www.globalinsightservices.com/request-sample/GIS25914
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
Request Customization: https://www.globalinsightservices.com/request-customization/GIS25914
Global Solid Fuel Market Segmental Overview
The report analyses the global Solid Fuel Market based on fuel type, and region.
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.
Request Discounted Pricing: https://www.globalinsightservices.com/request-special-pricing/GIS25914
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
Buy your copy here: https://www.globalinsightservices.com/checkout/single_user/GIS25914
About Us:
With Global Insight Services, you receive:
• 10-year forecast to help you make strategic decisions
• In-depth segmentation which can be customized as per your requirements
• Free consultation with lead analyst of the report
• Infographic excel data pack, easy to analyze big data
• Robust and transparent research methodology
• Unmatched data quality and after sales service
Contact Us:
Global Insight Services LLC
16192, Coastal Highway, Lewes DE 19958
E-mail: [email protected]
Phone: +1-833-761-1700
Website: https://www.globalinsightservices.com/
About Global Insight Services:
Global Insight Services (GIS) is a leading multi-industry market research firm headquartered in Delaware, US. We are committed to providing our clients with highest quality data, analysis, and tools to meet all their market research needs. With GIS, you can be assured of the quality of the deliverables, robust & transparent research methodology, and superior service.