Pune, India., April 05, 2023 (GLOBE NEWSWIRE) -- According to our new research study on “Global Solid Fuel Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Fuel Type and Geography,” the market is expected to grow from US$ 389.14 billion in 2022 to US$ 401.54 billion by 2028; it is estimated to register a CAGR of 0.5% from 2022 to 2028.
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Global Solid Fuel Market Growth Drivers:
• Increasing demand for energy from various end-use industries such as power generation, cement, and steel.
• Growing preference for solid fuel as an alternative to fossil fuels due to its lower cost, wider availability, and reduced emissions.
• Advancements in technology leading to the development of new and improved solid fuels with enhanced properties and performance.
• Increasing investments in research and development activities to improve the properties and performance of solid fuels.
• The rise in construction activities and infrastructure development in developing countries, leading to increased demand for energy.
• The growing trend of using renewable energy sources and the subsequent need for biomass-based solid fuels such as wood pellets and briquettes.
• The increasing demand for solid fuel in the Asia Pacific region due to rapid industrialization and urbanization.
• The growing trend of using clean energy sources and the subsequent need for low-emission solid fuels such as charcoal and biocoal.
• Increasing government initiatives and regulations promoting the use of renewable and sustainable energy sources.
Global Solid Fuel Market Recent Developments:
• Advancements in technology leading to the development of new and improved solid fuels with enhanced properties and performance, such as higher energy density and lower emissions.
• Increasing investments in research and development activities to improve the properties and performance of solid fuels, particularly in the biomass-based solid fuel segment.
• Growing demand for wood pellets and briquettes as a renewable and sustainable energy source, particularly in Europe and North America.
• Development of new production processes and techniques to improve the efficiency and cost-effectiveness of solid fuel production.
• Growing trend of using solid fuels such as charcoal and biocoal for cooking and heating purposes in developing countries, particularly in Africa and Asia.
• Increasing government initiatives and regulations promoting the use of renewable and sustainable energy sources, leading to a growing demand for solid fuels.
• Growing awareness among consumers and end-use industries about the benefits of solid fuel, such as its lower cost and reduced emissions compared to fossil fuels.
• Expansion of the Solid Fuel market through mergers and acquisitions, partnerships, and collaborations between leading players in the market.
Overall, these recent developments in the Solid Fuel market indicate a growing demand for renewable and sustainable energy sources, particularly biomass-based solid fuels, and an increasing focus on improving the efficiency and cost-effectiveness of solid fuel production.
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In Europe, the solid fuel market size is segmented into France, Germany, Italy, the UK, Russia, and the Rest of Europe. The region has a strong steel industry. Due to the rising demand for steel from the automotive, construction, electronics, and other end-use industries, steel production is increasing in Europe to meet the demand.
- European Steel Association AISBL (EUROFER) data shows that Europe, on average, produces around 153 million tons of finished steel annually. The region has ~500 steel production sites across 22 European Union (EU) member states. Thus, Europe's strong steel industry contributes to the demand for petcoke in the region.
- According to Coalmint, in April 2022, India and Europe confirmed a deal for the shipments of 50,000 MT of metallurgical coke from India for the European steel industry.
Europe has made constant efforts to boost its steel industry, thereby bolstering the demand for petcoke and metallurgical coke across the region.
Germany held the largest share in 2022. Germany is considered as the strongest economy in Europe. It is one of the importers of coal for generating electricity. According to Deutsche Welle data published in February 2023, Germany imported 44.4 million tons in 2022, an 8% increase compared to 2021. The rise in import activities of coal is attributed to the increase in coal production in the country. According to Enerdata, coal production in Germany in 2021 increased by 17.7% compared to 2019 due to growing demand for higher electricity and steep gas prices in the country. The demand for energy in the country is dependent on the growing population and rising GDP. According to Enerdata, total energy consumption of Germany rose by ~ 4% compared to 2020. In addition, the GDP growth rate was 2.89% in 2021 as compared to 2020. Thus, the rising import of coal from other countries, increasing production of coal, and growing consumption of energy will propel the solid fuel market growth in Germany in the coming years.
Global Solid Fuel Market: Impact of COVID-19 Pandemic
Though Europe is consuming less coal than other regions, in 2020, nearly 2/3rd of the coal utilized was provided to heat and power generation plants. Additionally, a small dip in inland deliveries of hard coal was witnessed in a few months of 2020. Countries such as Poland, the Czech Republic, Italy, and Russia also witnessed a downturn in their coal business. The aspects collectively caused negative consequences on the European coal business.
Nevertheless, coal consumption in Europe is expected to rise in 2023, driven by the demand from the rising electricity sector. This demand is growing in areas where coal is used to replace gas. In addition, many European countries are extending the lifespan of coal plants scheduled for shutdown or reopening closed plants to lower gas consumption. The region accounts for ~5% of global coal consumption. Such factors are projected to propel the coal market in Europe in the coming years. Rise in coal market will have a positive impact on solid fuel market growth.
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Global Solid Fuel Market: Fuel Type Overview
Based on fuel type, the solid fuel market size is segmented into petcoke/flexicoke, anthracite, metallurgical coke, and coal. In 2022, the metallurgical coke segment dominated the solid fuel market. Metallurgical coal/coking coal/metallurgical coke is exclusively used as a prominent ingredient to produce steel. The coal is “baked” in a coke oven that gushes out impurities to fabricate coke. Metallurgical coke is a fissured, porous, and silver-black solid that is also an essential part of the ironmaking process after steel as it offers carbon and heat needed to chemically lower the iron burden in the blast furnace for producing hot metal. Metallurgical coal majorly arrives from Australia, the US, and Canada, with Australia exporting more than 55% of seaborne trade, which is majorly going to China.
Global Solid Fuel Market: Competitive Landscape and Key Developments
Indian Oil Corp Ltd, Exxon Mobil Corp, RESORBENT Sro, JH CARBON PTY LTD, Essar Global Fund Ltd, BP Plc, Lukoil Oil Co, Valero Energy Corp, Phillips 66, and Hargreaves (UK) Services Ltd are among the key solid fuel market players operating across the world. During this study, several other solid fuel market players were analyzed to get a holistic view of the solid fuel market size and its ecosystem.
In 2022, the Indian government addressed the Plenary Session at the 7th Petrochemical Conclave, New Delhi, which aims to enhance the Indian Petrochemical Industry's sustainability and Aatmanirbharta. AatmaNirbhar Bharat is a vision consisting of economic development plans for making the country a self-reliant nation.
In 2022, The Elin announced that it 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 & natural gas market with the "electricon" and "aerion" brands. Also, it transformed the network of petrol stations into integrated energy stations by investing in Compressed and Liquefied Natural Gas.
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