Report : Middle East & Africa Solid Fuel Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Fuel Type (Petcoke/Flexicoke, Anthracite, Metallurgical Coke, and Coal)
At -1.9% CAGR, the Middle East & Africa Solid Fuel Market is speculated to be worth US$ 11,366.88 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Middle East & Africa solid fuel market was valued at US$ 12,718.48 million in 2022 and is expected to reach US$ 11,366.88 million by 2028, registering a CAGR of -1.9% from 2022 to 2028. Rising demand for petcoke and establishment of refineries driving use of coal are the critical factors attributed to the Middle East & Africa 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. 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 Middle East & Africa solid fuel market.
Based on fuel type, Middle East & Africa solid fuel market is segmented into petcoke/flexicoke, anthracite, metallurgical coke, and coal. The metallurgical coke segment held 40.8% market share in 2022, amassing US$ 5,185.38 million. It is projected to garner US$ 5,751.20 million by 2028 to expand at 1.7% CAGR during 2022–2028.
Based on country, the Middle East & Africa solid fuel market is segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that South Africa captured 33.2% market share in 2022. It was assessed at US$ 4,225.50 million in 2022 and is likely to hit US$ 3,893.16 million by 2028, exhibiting a CAGR of -1.4% during the forecast period.
Key players dominating the Middle East & Africa solid fuel market are Indian Oil Corp Ltd; Essar Global Fund Ltd; BP Plc; and Lukoil Oil Co, 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.
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