Report : North America Solid Fuel Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Fuel Type (Petcoke/Flexicoke, Anthracite, Metallurgical Coke, and Coal)
At 1.3% CAGR, the North America Solid Fuel Market is speculated to be worth US$ 72,950.93 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America solid fuel market was valued at US$ 67,465.56 million in 2022 and is expected to reach US$ 72,950.93 million by 2028, registering a CAGR of 1.3% from 2022 to 2028. Rising demand for petcoke and establishment of refineries driving use of coal are the critical factors attributed to the North America solid fuel market expansion.
In June 2022, the IEA oil market report predicted that net global refining capacity would expand by an extra 1.6 million b/d in 2023. The expansion or new refining capacity growth consists of various high-capacity refinery projects underway. Therefore, the expansion of refineries would increase the use of solid fuels, which is expected to offer lucrative opportunities for the solid fuels market during the forecast period. 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. Three out of the ten biggest oil refining companies across the world are in North America. The US, have the largest oil refinery capacities. The presence of a large number of refineries drives the demand for solid fuels, bolstering the solid fuels market growth.
On the contrary, availability of coal substitutes hurdles the growth of North America solid fuel market.
Based on fuel type, North America solid fuel market is segmented into petcoke/flexicoke, anthracite, metallurgical coke, and coal. The metallurgical coke segment held 43.1% market share in 2022, amassing US$ 29,088.12 million. It is projected to garner US$ 25,141.01 million by 2028 to expand at -2.4% CAGR during 2022–2028.
Based on country, the North America solid fuel market is segmented into the US, and Canada. Our regional analysis states that the US captured 76.7% market share in 2022. It was assessed at US$ 51,741.59 million in 2022 and is likely to hit US$ 56,595.33 million by 2028, exhibiting a CAGR of 1.5% during the forecast period.
Key players dominating the North America solid fuel market are Indian Oil Corp Ltd; Essar Global Fund Ltd; BP Plc; Lukoil Oil Co; Valero Energy Corp; and Phillips 66, 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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