Solid Fuel Market Size, Share, and Forecast to 2031
The solid fuel market size is projected to reach US$ 485.54 billion by 2031 from US$ 344.94 billion in 2023. The market is expected to register a CAGR of 4.4% during 2023–2031. Increasing demand for pet coke with rapid industrialization is expected to remain a key trend in the market.
Solid Fuel Market Analysis
The use of coal across different industries across the world is anticipated to boost the growth of the market during the forecast period. In addition, a rise in the development or establishment of oil and gas refineries is further anticipated to fuel the solid fuel market growth during the analyzed timeframe. However, government regulations towards reducing carbon emissions and the availability of coal substitutes are the key restraining factors hampering the solid fuel market growth in the coming years. Moreover, the development and expansion of refineries and the rise in demand for solid fuel are anticipated to drive market growth from 2023 to 2031.
Solid Fuel Market Overview
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 the U.S. Energy Information Administration published in 2023, the total electricity consumption in the US was 4.07 trillion kWh in 2022, which was 14 times greater than electricity use in 1950. Thus, the rising use of electricity is fueling the solid fuel market growth.
Steel is increasingly used across industries, as it is the most important material for the manufacturing of components used in cars, utensils, construction products, refrigerators, washing machines, and other appliances. In addition, pet coke is used as feedstock to produce steel. During steel production, a metcake is produced. Thus, the growing steel industry propels the demand for getcoke and produces metcoke that can be used in iron and steel industry processes, which drives the solid fuel market growth.
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Solid Fuel Market: Strategic Insights
Market Size Value in US$ 389.14 billion in 2022 Market Size Value by US$ 401.54 billion by 2028 Growth rate CAGR of 0.5% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Solid Fuel Market: Strategic Insights
| Market Size Value in | US$ 389.14 billion in 2022 |
| Market Size Value by | US$ 401.54 billion by 2028 |
| Growth rate | CAGR of 0.5% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Solid Fuel Market Drivers and Opportunities
Establishment of Refineries Driving Use of Coal to Favor Market
Petroleum refineries in the world are utilized in producing a variety of end products, including petrol, carbon anodes, aviation fuel, and heating oil. The increasing establishment of petroleum refineries in the world resulted in raising the demand for coal as an energy resource. Four out of the ten biggest oil refining companies across the world are in Asia, whereas three are in North America, and other oil refining companies are in Europe. The US, China, Russia, and India have the largest oil refinery capacities in the world. Asia Pacific is a shelter that has the largest number of operational petroleum refineries. There were around 310 operational petroleum refineries in the region as of 2021. Owing to rising demand from economic powerhouses such as India and China, ~ 90 refining facilities are in a planning phase or work-in-progress (construction) phase.
Development and Expansion of Refineries
In June 2022, the IEA oil market report predicted that net global refining capacity would expand by an extra 1.6 million b/d in 2023. The expansion or new refining capacity growth consists of various high-capacity refinery projects underway, especially in the Middle East and China. The region above and the country has the potential to add over 4.0 million b/d of new capacity in the next two years.
- In China, it is projected that overall capacity would have a snowball effect owing to commence of a minimum of two new refinery projects and one major refinery expansion.
- Substantial refinery capacity was extended in the Middle East in 2021. In Saudi Arabia, the Jizan refinery with 400,000 b/d capacity came online by the end of 2021 and commenced exporting petroleum products at the beginning of 2022.
- New refining construction with more than 2 million b/d capacity is estimated to come online to assist markets in the Indian Ocean basin. Along with this, another major project is scheduled in the Atlantic basin. After completion of the mentioned project, a 650,000 b/d Dangote Industries refinery in Lagos (Nigeria) will be the largest in the country. The development of a refinery would meet domestic and neighboring African countries’ demand for petroleum.
Therefore, the expansion of refineries would increase the use of solid fuels, which is expected to offer lucrative opportunities for the solid fuels market during the forecast period.
Solid Fuel Market Report Segmentation Analysis
The key segment that contributed to the derivation of the solid fuel market analysis is fuel type.
- Based on the fuel type, the solid fuel market is divided into petcoke/flexicoke, anthracite, metallurgical coke, and coal. The coal segment held a larger market share in 2023.
Solid Fuel Market Share Analysis by Geography
The geographic scope of the solid fuel market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Asia Pacific is leading the market. Based on country, the solid fuel market in Asia Pacific is categorized into Australia, China, India, Japan, South Korea, & the Rest of Asia Pacific. Asia Pacific has the presence of many pet coke producers which resulted in driving the market growth during the analyzed timeframe. China is one of the prominent countries in the solid fuel market in the Asia Pacific. The region has strong coal production as it is very essential source for energy production which can increase the demand for coal in the region which in turn is expected to fuel the market growth from 2023 to 2031. There is a increase in steel production in Asia Pacific region. The 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. In addition, 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%. As anthracite is used in steel making process. Rising steel production will propel the demand for anthracite, which, in turn, is expected to bolster the solid fuel market in the coming years.
Solid Fuel Market Report Scope
Solid Fuel Market News and Recent Developments
The solid fuel market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the solid fuel market are listed below:
- Petróleos de Venezuela, S.A. (PDVSA) signed two contracts with Latif Petrol and Reussi Trading. Through these agreements, PDVSA will export ~ 1.6 million metric tons of pet coke. (Source: PDVSA, Press Release, July 2023)
- SOCAR Star Oil Refinery increased production of pet coke by 23.7% in October 2023. This has expanded the production capacity of the refinery in the pet coke market. (Source: SOCAR Star Oil Refinery, Press Release, December 2023)
Solid Fuel Market Report Coverage and Deliverables
The “Solid Fuel Market Size and Forecast (2021–2031)” report provides a detailed market analysis of the covering below areas:
- Solid fuel market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Solid fuel market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Solid fuel market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the solid fuel market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Fuel Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Russia, Saudi Arabia, South Africa, South Korea, UAE, United Kingdom, United States
Frequently Asked Questions
Asia Pacific dominated the solid fuel market in 2023.
Increasing demand for pet coke with rapid industrialization is the future trend in the solid fuel market
Indian Oil Corp Ltd, Elinoil Hellenic Petroleum Company SA, RESORBENT Sro, JH CARBON PTY LTD, Chevron Corporation, Phillips 66 Company, Consol Emnergy, BP Plc, Lukoil, and Valero Energy Corp are some of the leading players in the solid fuel market.
US$ 485.54 billion estimated value of the solid fuel market by 2031.
4.4% is the expected CAGR of the solid fuel market.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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