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. Power generation, cement, iron & steel, and other industries consume coal. 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.
As of 2021, Brazil had the largest coal reserves in South America, predicted at nearly 7.3 billion short tons. After Brazil, Colombia ranked second with approximately five billion tons in 2021, followed by Chile and Mexico with coal reserves amounting to ~1.3 billion tons each. Brazil is one of the region's leading coal producers, and most of the coal is directed into power generation. The coal produced in excess is exported to China; therefore, both countries are trade partners for the same. Brazil is stuck in an intense economic crisis. The state of Rio Grande do Sul is holding 90% of Brazil’s coal reserves. It is open to increase mining, develop a coal gasification center, and lock-in into a high-carbon energy infrastructure. China is investing in this gasification center. Since China leverages well-established technologies worldwide, the investment will provide new opportunities for the coal reserves from Rio Grande do Sul state.
Additionally, the region has a large number of operating refineries, which will further promote the use of solid fuels. Countries in the region such as Argentina, Aruba, Brazil, Bolivia, Chile, Costa Rica, Ecuador, El Salvador, Peru, Venezuela, and Colombia have the presence of operating refineries. However, the region is emphasizing on foreign direct investments to facilitate regional development to supply green energy through sea or land and use it leverage re-industrialization process. Colombia is planning to shift from coal-based energy investment plans to clean energy production. Such initiatives are projected to hamper coal usage in countries in South America.
The South America solid fuel market is segmented into fuel type, and country.
Based on fuel type, South 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 South America solid fuel market is segmented into Brazil, Argentina, and the Rest of South America. Brazil dominated the market in 2022.
Indian Oil Corp Ltd; Essar Global Fund Ltd; BP Plc; and Valero Energy Corp are the leading companies operating in the South America solid fuel market.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 22,791.09 Million |
| Market Size by 2028 | US$ 25,353.39 Million |
| CAGR (2022 - 2028) | 1.8% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Fuel Type
|
| Regions and Countries Covered |
South and Central America
|
| Market leaders and key company profiles |
|
The South America Solid Fuel Market is valued at US$ 22,791.09 Million in 2022, it is projected to reach US$ 25,353.39 Million by 2028.
As per our report South America Solid Fuel Market, the market size is valued at US$ 22,791.09 Million in 2022, projecting it to reach US$ 25,353.39 Million by 2028. This translates to a CAGR of approximately 1.8% during the forecast period.
The South America 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 South America Solid Fuel Market report:
The South America Solid Fuel Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South America Solid Fuel Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South America Solid Fuel Market value chain can benefit from the information contained in a comprehensive market report.
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