At 0.6% CAGR, the Asia Pacific Solid Fuel Market is projected to be worth US$ 2,61,181.03 Million by 2028, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific solid fuel market was valued at US$ 2,52,041.60 million in 2022 and is expected to reach US$ 2,61,181.03 million by 2028, registering a CAGR of 0.6% from 2022 to 2028. Rising demand for petcoke and establishment of refineries driving use of coal are the critical factors attributed to the Asia Pacific solid fuel market expansion. 

Industries across the world are demanding different energy sources. The cement, steel, and power industries are generating high demand for petroleum coke (petcoke). Petcoke is cheaper than overseas coal. Owing to rising urbanization and population, demand for construction and electricity generation is increasing at an exponential rate. Petcoke is used in manufacturing building materials and generating electricity.

In countries such as India, petcoke is no longer available with Reliance company for local markets. Thus, India is increasingly importing petcoke owing to its rising demand from cement makers to produce building materials. Till 2021, Reliance was the biggest domestic supplier of petcoke in India. Moreover, as per India’s solid fuels trade I-Energy Natural Resources, prices of petcoke increased in the country due to the high demand from cement manufacturers. All the factors mentioned above are projected to boost the usage of petcoke, which would bolster the solid fuel market growth during the forecast period.

On the contrary, availability of coal substitutes hurdles the growth of Asia Pacific solid fuel market. 

Based on fuel type, Asia Pacific solid fuel market is segmented into petcoke/flexicoke, anthracite, metallurgical coke, and coal. The metallurgical coke segment held 45.2% market share in 2022, amassing US$ 1,13,906.76 million. It is projected to garner US$ 1,39,274.48 million by 2028 to expand at 3.4% CAGR during 2022–2028.

Based on country, the Asia Pacific solid fuel market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 26.6% market share in 2022. It was assessed at US$ 67,026.26 million in 2022 and is likely to hit US$ 71,720.31 million by 2028, exhibiting a CAGR of 1.1% during the forecast period.

Key players dominating the Asia Pacific solid fuel market are Indian Oil Corp Ltd; Essar Global Fund Ltd; BP Plc; Lukoil Oil Co; Valero Energy Corp; Phillips 66; and JH CARBON PTY LTD, among others. 

Few major and recent key developments in solid fuel market are as follows:

• In 2023, Bp launched the green hydrogen cluster of the Valencia region (HyVal) at its Castellón refinery. Led by bp, 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’s refinery.
• In 2022, Phillips 66 announced the completion of the previously announced merger between Phillips 66 Partners (PSXP) and Phillips 66. The merger resulted in Phillips 66 acquiring all limited partnership interests in PSXP not already owned by Phillips 66 and its affiliates

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