Solid Fuel Market Growth Report – Size, Share & Forecasts 2028

Solid Fuel Market Forecast to 2028 - Global Analysis By Fuel Type (Petcoke/Flexicoke, Anthracite, Metallurgical Coke, and Coal)

  • Report Code : TIPRE00029607
  • Category : Energy and Power
  • Status : Published
  • No. of Pages : 173
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The solid fuel market is expected to grow from US$ 389.14 billion in 2022 to US$ 401.54 billion by 2028; it is expected to record a CAGR of 0.5% during 2022–2028.

Rising use of coal due to the establishment of refineries is driving the solid fuel market. Current refineries and combinations of refinery by-products and coal are used to produce an array of end products such as gasoline, carbon anodes, jet fuel, and heating oil. With many refineries, the demand for coal as an energy source has increased. The following table shows the number of operational petroleum refineries in 2021 based on region.

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The US, China, Russia, and India have the largest oil refinery capacities. Asia Pacific is a shelter for the greatest number of operational petroleum refineries. There were around 316 operational petroleum refineries in the region as of 2021. Based on capacity, China National Petroleum Corp, China Petrochemical Corp, Saudi Arabian Oil Co, Valero Energy Corp, and Exxon Mobil Corp were the leading five oil refining companies across the world in 2021. The presence of many refineries drives the demand for solid fuels, bolstering the solid fuel market size.

Solid Fuel Market - 

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Solid Fuel Market: Strategic Insights

Market Size Value inUS$ 389.14 billion in 2022
Market Size Value byUS$ 401.54 billion by 2028
Growth rateCAGR of 0.5% from 2022 to 2028
Forecast Period2022-2028
Base Year2022
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Impact of COVID-19 Pandemic on Solid Fuel Market Growth


The COVID-19 outbreak significantly affected most industries across the globe. The pandemic has been a major factor in slowing the progress toward universal energy access. Approximately 733 million individuals do not have access to electricity globally, and nearly 2.4 billion individuals still use fuels for cooking purposes. Considering the current rate of progress, over 650 million people will remain without electricity by 2030. Due to the imposition of lockdown measures, the pandemic significantly lessened the electricity demand in the industrial and commercial sectors in 2021.

From late 2020 and early 2021, the economies started recovering from COVID-19 pandemic effects. The energy demand is growing as the global economies are regaining their businesses after lockdown measures. This factor is projected to impact solid fuel market penetration gradually and positively. The recovery phase of COVID-19 pandemic is projected to fuel industrial and commercial demand for electricity, easing many of the problems witnessed during the pandemic. This factor will fuel the growth of the solid fuel market.

Lucrative Regions for Solid Fuel Market

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Market Insights – Solid Fuel Market

Rising use of anthracite is expected to bolster the solid fuel market size in the coming years. A few statistics on anthracite and its use and availability in various countries are given below:

  • In the US, the fuel accounted for <1% of the coal mined in 2021. All anthracite mines in the US are in northeastern Pennsylvania. In the country, anthracite is majorly used in the metals industry.
  • The US is a top country in terms of anthracite and bituminous coal reserves globally. As of 2020, the country’s anthracite and bituminous coal reserves were approximately 218,938 million metric tons, ~29.50% of the global reserves of anthracite and bituminous coal.

Currently, China holds the largest share of the world’s anthracite production, accounting for over ¾ quarters of the global output. Most of the Chinese production is standard-grade anthracite, which is utilized for power generation. Thus, the use of anthracite for power generation contributes to the solid fuel market growth.

Fuel Type-Based Insights

Based on fuel type, the solid fuel market is segmented into petcoke/flexicoke, anthracite, metallurgical coke, and coal. The petcoke/flexicoke segment is expected to register the highest CAGR during 2022–2028.

Petcoke, also known as petroleum coke, is a byproduct of all types of oil refining. Petcoke is used as raw material for the manufacturing of graphite electrodes. Thus, with an increase in the manufacturing of graphite electrodes for steel fabricating, the demand for petcoke is also projected to propel. Moreover, in 2017, the US government passed an order saying “petcoke should be utilized only in industries where sulfur is absorbed in manufacturing processes of cement, gasification plants, and lime.” (EPCA 2018). Thus, such initiatives by the government fuel the solid fuel market size.

The lime industry is one of the end users of flexicoke solid fuel. In India, the construction industry is expanding exponentially. Hence, the demand for construction-related products such as gypsum and lime products are rising. Gypsum and lime products are key materials during the construction process; therefore, the quality of the products plays a key role in safety and durability of the structures. J.K. Cement Ltd, UltraTech Cement Limited, JK Lakshmi Cement Ltd., Ambuja Cements Ltd., ACC Limited, and Bharat Heavy Electricals Limited are among the leading players in terms of lime and gypsum products in India. Thus, rising use of lime for construction industry positively propels the solid fuel market growth.

Based on geography, the solid fuel market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). 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.

The solid fuel market players mainly focus on tailor-made solutions to create customer value.

  • In 2023, BP Plc  launched the green hydrogen cluster of the Valencia region (HyVal) at its Castellón refinery. Led by BP Plc, this public–private collaborative initiative is intended to be based around the phased development of up to 2GW of electrolysis capacity by 2030 for producing green hydrogen at BP Plc’s refinery.
  • In 2022, BP Plc acquired Archaea Energy Inc. a renewable natural gas (“RNG”) company for $26 per Archaea Class A and Class B share in cash, or a total enterprise value of approximately $4.1 billion, including approximately $800 million of net debt.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Fuel Type

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
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

What will be the global market size for solid fuel market by 2028?

The estimated global market size for the solid fuel market is US$ 401.54 Bn by 2028.

What is the incremental growth of the solid fuel market during the forecast period?

The US$ 123.92 Bn is the incremental growth of the solid fuel market during the forecast period.

What are the driving factors impacting the global solid fuel market?

1. Use of Coal Across Different Countries.
2. Establishment of Refineries Driving Use of Coal

What is the estimated global market size for the solid fuel market in 2022?

The estimated global market size for the solid fuel market is US$ 389.14 Bn in 2022.

Which are the key players holding the major market share of solid fuel market?

The major companies in solid fuel market includes BP Plc, Valero Energy Corporation, PJSC Lukoil, Indian Oil Corporation, and Philips 66.

Which is the leading fuel type segment in the solid fuel market?

The metallurgical coke segment led the solid fuel market with more than 40% share in 2021. It is further expected to dominate the market share over the forecast period.

The List of Companies - Solid Fuel Market

  1. Indian Oil Corp Ltd
  2. Elinoil Hellenic Petroleum Company SA
  5. Hargreaves (UK) Services Ltd
  6. Essar Global Fund Ltd
  7. BP Plc
  8. Lukoil Oil Co
  9. Valero Energy Corp
  10. Philips 66

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. 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.

  1. 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:

Research Methodology

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.

  1. 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.

  1. 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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