North America Solid Fuel Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Fuel Type (Petcoke/Flexicoke, Anthracite, Metallurgical Coke, and Coal)
The North America solid fuel market was valued at US$ 67,465.56 million in 2022 and is projected to reach US$ 72,950.93 million by 2028; it is expected to grow at a CAGR of 1.3% from 2022 to 2028.
Rising Demand for Petcoke is Driving the North America Solid Fuel Market
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. 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.
North America Solid Fuel Market Overview
The production of coal is rising in North America. According to U.S. Energy Information Administration in January 2023, the coal production in the US was 139.97 MMt [154.3 million short tons (MMst)] in the third quarter of 2022, with an increase of 5.9% compared to its second quarter and growth of around 4.0% compared to the third quarter of 2021. In addition, anthracite accounted for 1% of total coal mined in the US in 2021. Further, the total coal consumption in the US was 131.63 MMt (145.1 MMst) in the third quarter of 2022, with an increase of 23.1% compared to its second quarter. Thus, the rising coal production and consumption increase anthracite production, which boosts the solid fuel market growth in North America.
Coal is one of the largest sources of CO2 emission. According to a report by International Energy Agency (IEA) in November 2022, IEA’s Net Zero Emissions by 2050 aims to reduce the use of coal and look for newer technologies. Moreover, the region is adopting hydropower electricity generation as it is one of the clean sources of energy and extensively used for power system flexibility and resilience. For instance, according to US Department of Energy report January 2021, the hydropower capacity increased by a net of 431 MW in 2019 since 2017. The capacity increased from existing facilities, new facilities and by powering non-powered dams (NPDs) which resulted in total net growth of 1,688 MW from 2010 to 2019. Thus, adoption of hydropower across North America will result in the decline of the solid fuel market.
Coal plays an integral part in electricity generation and iron and steel production. Steel is a crucial material in consumer and industrial products, including vehicles, appliances, and other. US is one of the largest steel producers in the world. According to the US Census Bureau data, the profits from steel production increased to US$ 29.6 billion in 2021 from US$ 2.7 billion in 2020. Rising population propels the demand for steel products, which, in turn, increases steel production. The rise in steel production will boost the demand for coal in North America during the forecast period.
North America Solid Fuel Market Revenue and Forecast to 2028 (US$ Million)
North America Solid Fuel Market Segmentation
The North America solid fuel market is segmented into fuel type, and country.
Based on fuel type, North America 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 North America solid fuel market is segmented into the US and Canada. The US dominated the market in 2022.
Indian Oil Corp Ltd; Essar Global Fund Ltd; BP Plc; Lukoil Oil Co; Valero Energy Corp; and Phillips 66 are the leading companies operating in the North America solid fuel market.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Solid Fuel Market Landscape
4.1 Market Overview
4.2 North America PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. North America Solid Fuel Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Use of Coal Across Different Countries
5.1.2 Establishment of Refineries Driving Use of Coal
5.2 Market Restraints
5.2.1 Availability of Coal Substitutes
5.2.2 Government Mandates for Limiting Greenhouse Gas Emissions
5.3 Market Opportunities
5.3.1 Development and Expansion of Refineries
5.4 Future Trends
5.4.1 Rising Demand for Petcoke
5.5 Impact Analysis of Drivers and Restraints
6. Solid Fuel Market – North America Market Analysis
6.1 North America Solid Fuel Market Overview
6.2 North America: Solid Fuel Market – Revenue and Forecast to 2028 (US$ Million)
7. North America Solid Fuel Market Analysis – By Fuel Type
7.1 Overview
7.2 North America Solid Fuel Market, By Fuel Type (2021 and 2028)
7.3 Petcoke/Flexicoke
7.3.1 Overview
7.3.2 Petcoke/Flexicoke: North America Solid Fuel Market – Revenue and Forecast to 2028 (US$ Million)
7.3.3 Cement
7.3.3.1 Cement: North America Solid Fuel Market – Revenue and Forecast to 2028 (US$ Million)
7.3.4 Lime Kilns
7.3.4.1 Lime Kilns: North America Solid Fuel Market – Revenue and Forecast to 2028 (US$ Million)
7.3.5 Gasification Units
7.3.5.1 Gasification Units: North America Solid Fuel Market – Revenue and Forecast to 2028 (US$ Million)
7.3.6 Industrial Boilers
7.3.6.1 Industrial Boilers: North America Solid Fuel Market – Revenue and Forecast to 2028 (US$ Million)
7.4 Anthracite
7.4.1 Overview
7.4.2 Anthracite: North America Solid Fuel Market – Revenue and Forecast to 2028 (US$ Million)
7.5 Metallurgical Coke
7.5.1 Overview
7.5.2 Metallurgical Coke: North America Solid Fuel Market – Revenue and Forecast to 2028 (US$ Million)
7.5.3 Iron & Steel
7.5.3.1 Iron & Steel: North America Solid Fuel Market – Revenue and Forecast to 2028 (US$ Million)
7.5.4 Glass
7.5.4.1 Glass: North America Solid Fuel Market – Revenue and Forecast to 2028 (US$ Million)
7.5.5 Others
7.5.5.1 Others: North America Solid Fuel Market – Revenue and Forecast to 2028 (US$ Million)
7.6 Coal
7.6.1 Overview
7.6.2 Coal: North America Solid Fuel Market – Revenue and Forecast to 2028 (US$ Million)
7.6.3 Thermal
7.6.3.1 Thermal: North America Solid Fuel Market – Revenue and Forecast to 2028 (US$ Million)
7.6.4 Metallurgical
7.6.4.1 Metallurgical: North America Solid Fuel Market – Revenue and Forecast to 2028 (US$ Million)
8. North America Solid Fuel Market – Country Analysis
8.1 Overview
8.1.1 North America: Solid Fuel Market, by Key Country
8.1.1.1 US: Solid Fuel Market – Revenue and Forecast to 2028 (US$ Million)
8.1.1.1.1 US: Solid Fuel Market, By Fuel Type
8.1.1.1.1.1 US: Solid Fuel Market, By Petcoke/Flexicoke
8.1.1.1.1.2 US: Solid Fuel Market, By Metallurgical Coke
8.1.1.1.1.3 US: Solid Fuel Market, By Coal
8.1.1.2 Canada: Solid Fuel Market – Revenue and Forecast to 2028 (US$ Million)
8.1.1.2.1 Canada: Solid Fuel Market, By Fuel Type
8.1.1.2.1.1 Canada: Solid Fuel Market, By Petcoke/Flexicoke
8.1.1.2.1.2 Canada: Solid Fuel Market, By Metallurgical Coke
8.1.1.2.1.3 Canada: Solid Fuel Market, By Coal
9. Industry Landscape
9.1 Overview
9.2 Market Initiative
9.3 Product Development
9.4 Mergers & Acquisitions
10. Company Profiles
10.1 Indian Oil Corp Ltd
10.1.1 Key Facts
10.1.2 Business Description
10.1.3 Products and Services
10.1.4 Financial Overview
10.1.5 SWOT Analysis
10.1.6 Key Developments
10.2 Essar Global Fund Ltd
10.2.1 Key Facts
10.2.2 Business Description
10.2.3 Products and Services
10.2.4 Financial Overview
10.2.5 SWOT Analysis
10.2.6 Key Developments
10.3 BP Plc
10.3.1 Key Facts
10.3.2 Business Description
10.3.3 Products and Services
10.3.4 Financial Overview
10.3.5 SWOT Analysis
10.3.6 Key Developments
10.4 Lukoil Oil Co
10.4.1 Key Facts
10.4.2 Business Description
10.4.3 Products and Services
10.4.4 Financial Overview
10.4.5 SWOT Analysis
10.4.6 Key Developments
10.5 Valero Energy Corp
10.5.1 Key Facts
10.5.2 Business Description
10.5.3 Products and Services
10.5.4 Financial Overview
10.5.5 SWOT Analysis
10.5.6 Key Developments
10.6 Phillips 66
10.6.1 Key Facts
10.6.2 Business Description
10.6.3 Products and Services
10.6.4 Financial Overview
10.6.5 SWOT Analysis
10.6.6 Key Developments
11. Appendix
11.1 About The Insight Partners
11.2 Word Index
LIST OF TABLES
Table 1. North America Solid Fuel Market Revenue and Forecast to 2028 (US$ Million)
Table 2. US: Solid Fuel Market, By Fuel Type – Revenue and Forecast to 2028 (US$ Million)
Table 3. US: Solid Fuel Market, By Petcoke/Flexicoke – Revenue and Forecast to 2028 (US$ Million)
Table 4. US: Solid Fuel Market, By Metallurgical Coke – Revenue and Forecast to 2028 (US$ Million)
Table 5. US: Solid Fuel Market, By Coal – Revenue and Forecast to 2028 (US$ Million)
Table 6. Canada: Solid Fuel Market, By Fuel Type – Revenue and Forecast to 2028 (US$ Million)
Table 7. Canada: Solid Fuel Market, By Petcoke/Flexicoke – Revenue and Forecast to 2028 (US$ Million)
Table 8. Canada: Solid Fuel Market, By Metallurgical Coke – Revenue and Forecast to 2028 (US$ Million)
Table 9. Canada: Solid Fuel Market, By Coal – Revenue and Forecast to 2028 (US$ Million)
Table 10. List of Abbreviation
LIST OF FIGURES
Figure 1. North America Solid Fuel Market Segmentation
Figure 2. North America Solid Fuel Market Segmentation – By Country
Figure 3. North America Solid Fuel Market Overview
Figure 4. North America Solid Fuel Market, by Fuel Type
Figure 5. North America Solid Fuel Market, by Country
Figure 6. North America – PEST Analysis
Figure 7. North America Solid Fuel Market – Ecosystem Analysis
Figure 8. North America Solid Fuel Market: Impact Analysis of Drivers and Restraints
Figure 9. North America: Solid Fuel Market – Revenue and Forecast to 2028 (US$ Million)
Figure 10. North America Solid Fuel Market Revenue Share, by Fuel Type (2021 and 2028)
Figure 11. Petcoke/Flexicoke: North America Solid Fuel Market – Revenue and Forecast to 2028 (US$ Million)
Figure 12. Cement: North America Solid Fuel Market – Revenue and Forecast to 2028 (US$ Million)
Figure 13. Lime Kilns: North America Solid Fuel Market – Revenue and Forecast to 2028 (US$ Million)
Figure 14. Gasification Units: North America Solid Fuel Market – Revenue and Forecast to 2028 (US$ Million)
Figure 15. Industrial Boilers: North America Solid Fuel Market – Revenue and Forecast to 2028 (US$ Million)
Figure 16. Anthracite: North America Solid Fuel Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. Metallurgical Coke: North America Solid Fuel Market – Revenue and Forecast to 2028 (US$ Million)
Figure 18. Iron & Steel: North America Solid Fuel Market – Revenue and Forecast to 2028 (US$ Million)
Figure 19. Glass: North America Solid Fuel Market – Revenue and Forecast to 2028 (US$ Million)
Figure 20. Others: North America Solid Fuel Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. Coal: North America Solid Fuel Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. Thermal: North America Solid Fuel Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. Metallurgical: North America Solid Fuel Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. North America: Solid Fuel Market – Revenue and Forecast to 2028 (US$ Million)
Figure 25. North America: Solid Fuel Market Revenue Share, by Key Country (2021 & 2028)
Figure 26. US: Solid Fuel Market – Revenue and Forecast to 2028 (US$ Million)
Figure 27. Canada: Solid Fuel Market – Revenue and Forecast to 2028 (US$ Million)
- Indian Oil Corp Ltd
- Essar Global Fund Ltd
- BP Plc
- Lukoil Oil Co
- Valero Energy Corp
- Phillips 66
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America solid fuel market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the North America solid fuel market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth North America 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