The Middle East & Africa solid fuel market was valued at US$ 12,718.48 million in 2022 and is projected to reach US$ 11,366.88 million by 2028; it is expected to grow at a CAGR of -1.9% from 2022 to 2028.
Development and Expansion of Refineries is Driving the Middle East & Africa Solid Fuel Market
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, especially in the Middle East and China. The aforesaid region and country have the potential to add over 4.0 million b/d of new capacity in next two years. Substantial refinery capacity was extended in the Middle East in 2021. In Saudi Arabia, Jizan refinery with 400,000 b/d capacity came online by the end of 2021 and commenced exporting petroleum products at the beginning of 2022.
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.
Middle East & Africa Solid Fuel Market Overview
The region is rich in oil reserves, coal production, and petroleum refineries. It is projected that oil product sales would reach 8–9 million b/d at the end of 2023 since projects for new refineries are open in the UAE, Iraq, Oman, and Saudi Arabia. With respect to coal usage in the energy sector, the largest market for hard coal is APAC, accounting for 54% of global statistics. Moreover, the Middle East is interested in coal energy. China is the largest and business partner for the region with respect to coal usage. Countries such as the UAE, Morocco, and Israel are known for high coal usage.
The three major oil producers in the region are Iraq, Iran, and Saudi Arabia. Oman, Qatar, Kuwait, and the UAE are the next in the regional oil league countries. However, Bahrain and Yemen have a combined output of nearly 1 m barrels/day. In 2021, the region had 13 countries with active refineries and a total refining capacity of 12,145 mbd. The major active refineries are Ras Tanura, Ruwais, Jubail II, Bandar Abbas II, and Mina Abdullah. Moreover, 18 new refineries are predicted to start operations in the region. Al-Zour (Kuwait), Siraf and Bandar Jask (Iran), and Duqm I (Oman) are among the upcoming refineries in the region, which are expected to start by 2026. Commence of new refineries in the region is projected to bring opportunities for solid fuels.
Middle East & Africa Solid Fuel Market Revenue and Forecast to 2028 (US$ Million)
Middle East & Africa Solid Fuel Market Segmentation
The Middle East & Africa solid fuel market is segmented into fuel type, and country.
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 the largest market share in 2022.
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. South Africa segment dominated the market in 2022.
Indian Oil Corp Ltd; Essar Global Fund Ltd; BP Plc; and Lukoil Oil Co are the leading companies operating in the Middle East & Africa solid fuel market.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 12,718.48 Million |
| Market Size by 2028 | US$ 11,366.88 Million |
| CAGR (2022 - 2028) | -1.9% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Fuel Type
|
| Regions and Countries Covered |
Middle East and Africa
|
| Market leaders and key company profiles |
|
The Middle East & Africa Solid Fuel Market is valued at US$ 12,718.48 Million in 2022, it is projected to reach US$ 11,366.88 Million by 2028.
As per our report Middle East & Africa Solid Fuel Market, the market size is valued at US$ 12,718.48 Million in 2022, projecting it to reach US$ 11,366.88 Million by 2028. This translates to a CAGR of approximately -1.9% during the forecast period.
The Middle East & Africa Solid Fuel Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Middle East & Africa Solid Fuel Market report:
The Middle East & Africa Solid Fuel Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Middle East & Africa Solid Fuel Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Middle East & Africa Solid Fuel Market value chain can benefit from the information contained in a comprehensive market report.
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