Solid fuels are used as a source of energy in various industries such as iron and steel. A few solid fuels are petcoke, anthracite, metallurgical coke, coal, and flexicoke. Coal is the largest source of energy. It is burnt to generate electricity and used for other industrial purposes such as refining metals. Coke is another coal-based fuel that has high carbon content with few impurities. It is formed from the destructive distillation of low-ash, low-sulphur bituminous coal. Cokes made from coal are grey, hard, and porous. Petcoke is a coke type derived from oil refineries or other cracking processes. It has two forms that can be used for different purposes. Green petcoke is used as fuel, and calcinated petcoke is used as feedstock in coatings, paints, and coloring products. Metallurgical coal or metcoke is a grade of coal that is generally used to produce good-quality coke. It is used to reduce iron ore and other bearing materials. It is widely used in steel-making processes. Anthracite, a metamorphosed type of coal, contains a high carbon content that gives smokeless flames when burnt. It is considered environment-friendly coal.
BP Plc, Valero Energy Corporation, PJSC Lukoil, Indian Oil Corporation, and Philips 66 are the Prominent Market Participants in the Solid Fuel Market
Growing demand for solid fuel for electricity generation and from the transportation fuel industry drives the solid fuel market growth. Electricity is used in a wide range of domestic, commercial, and industrial purposes. Over the years, the use of electricity has increased. According to the data by U.S. Energy Information Administration published in May 2022, the total electricity consumption in the US was 3.93 trillion kWh in 2021, which was 13 times greater than electricity use in 1950. Thus, the rising use of electricity is fueling the solid fuel market growth.
BP Plc, Valero Energy Corporation, PJSC Lukoil, Indian Oil Corporation, and Philips 66 Ltd are the prominent market participants in the solid fuel market. The listing of key players is derived by considering multiple factors such as overall revenue, current solid fuel production, geographical reach, new plant launches, market initiatives, and investment in technology up-gradation, partnerships, and other market-related activities. In addition to these players, there are several other important players operating in the solid fuel ecosystems which were studies analyzed during the course of this market research study, such as RESORBENT Sro, JH CARBON PTY LTD, Essar Global Fund Ltd, Valero Energy Corp, and Hargreaves (UK) Services Ltd.
Most of the market initiatives were observed in Europe, which have a high potential of market-related products, solutions, and services. Few of the important market initiatives from the industry are mentioned below:
| Year | Development | Region |
| 2022 | The Elin is transforming the company’s energy profile, with significant investments that will allow it to play a dynamic role in the new energy market. Elin entered the electricity and natural gas market with the “electricon” and “aerion” brands. And transformed the network of petrol station into integrated energy station by investing in Compressed and Liquefied Natural Gas. | Europe |
| 2019 | BP announced major expansion in renewable energy, combining biofuels and biopower with Bunge in Brazil to create a world-class bioenergy company. | Europe |
