Asia Pacific Solid Fuel Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Fuel Type (Petcoke/Flexicoke, Anthracite, Metallurgical Coke, and Coal)

The Asia Pacific solid fuel market was valued at US$ 2,52,041.60 million in 2022 and is projected to reach US$ 2,61,181.03 million by 2028; it is expected to grow at a CAGR of 0.6% from 2022 to 2028.

Rising Demand for Power in Developing Country is Driving the Asia Pacific Solid Fuel Market

Power generation, cement, iron & steel, and other industries consume coal. Countries such as Australia, China, and India have the largest number of coal reserves. Also, they are developing new coal reserves.

• The Chinese government recently announced that China has sufficient coal for around five decades and enough oil for minimum 18 years, considering current production rates.
• Three billion tonne of coal deposits have been discovered in Sindh's Thar. The discovery was made at Thar Coal Field Block 1 during exploitation.
• The Indian government has commenced developing new coal projects. Among these projects, 99 new coal mine projects are in the pipeline. The new coal projects are expected to have the capacity to generate 427 million tonnes of coal annually (mtpa).

Therefore, coal is a major fuel consumed across the world. Oil and other fuels would become expensive and scarcer in the coming years, whereas coal will dominate the market for the next 200 years. Thus, the presence of coal reserves in various countries across the world drives the solid fuel market growth.

Asia Pacific Solid Fuel Market Overview  

There is a rise in steel production in Asia Pacific. World Steel Association stated in December 2022 that Asia and Oceania produced 101.4 Mt steel in November 2022, an increase of 2.7% compared to November 2021. In addition, according to the data by Indian Ministry of Steel published in December 2022, domestic steel production rose to 78.09 Mt in the fiscal year 2022 from 73.02 Mt in fiscal year 2021, with an increase of 6.9%. As anthracite is used in steel making process. Rising steel production will propel the demand for anthracite, which, in turn, is expected to bolster the solid fuel market in the coming years.

Various countries' governments are taking specific initiatives and investing in coal gasification for eco-friendly fuel utilization. According to Gasification India Conference in November 2022, under Aatma Nirbhar Bharat, around US$ 2,439.08 (Rs. 20,000 Crore) will be invested in coal gasification projects to gasify 100Mt of coal by 2030. The Indian government will use around 40% of coal mines to make urea through coal gasification by 2025. In addition, coal gasification will be used to produce methanol and fertilizers by 2025. Thus, government spending on coal gasification will propel the solid fuel market growth in Asia Pacific in the coming years.

Asia Pacific Solid Fuel Market Revenue and Forecast to 2028 (US$ Million)

Asia Pacific Solid Fuel Market Segmentation

The Asia Pacific solid fuel market is segmented into fuel type, and country.

Based on fuel type, Asia Pacific solid fuel market is segmented into petcoke/flexicoke, anthracite, metallurgical coke, and coal. The metallurgical coke segment held the largest market share in 2022.

Based on country, the Asia Pacific solid fuel market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Germany dominated the market in 2022.

Indian Oil Corp Ltd; Essar Global Fund Ltd; BP Plc; Lukoil Oil Co; Valero Energy Corp; Phillips 66; and JH CARBON PTY LTD are the leading companies operating in the Asia Pacific solid fuel market.

1. Indian Oil Corp Ltd
2. Essar Global Fund Ltd
3. BP Plc
4. Lukoil Oil Co
5. Valero Energy Corp
6. Phillips 66
7. JH CARBON PTY LTD

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Asia Pacific solid fuel market
• Highlights key business priorities in order to assist companies to realign their business strategies
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• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
• Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the solid fuel market, as well as those hindering it
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution