According to the new research report titled “Solid Fuel Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 401.54 billion by 2028 and register a CAGR of 0.5% from 2022 to 2028.
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.With rising demand for electricity and refining metal purposes, the scope of solid fuel is growing which in turn will boost the global solid fuel market size. 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-sulfur 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. Such massive application of metallurgical coal in producing coal and steel-making process will endure to fuel 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 size globally. 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, petcoke is used as feedstock to produce steel. During steel production, metcoke is produced. Thus, the growing steel industry propels the demand for petcoke and produces metcoke that can be used in iron and steel industry processes, which drives the solid fuel market growth.
The solid fuel market is segmented on the basis of fuel type and geography. Based on fuel type, the solid fuel market is segmented into petcoke/flexicoke, anthracite, metallurgical coke, and coal. In terms of region, the solid fuel market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Key Findings of Study:
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