Press release
Solid Fuel Market Trends, Industry Share, Growth Drivers, Business Opportunities, and Demand Forecast to 2028
The Solid Fuel Market is expected to grow from US$ 389.14 billion in 2022 to US$ 401.54 billion in 2028; it is expected to record a CAGR of 0.5% during 2022-2028.There is an expansion and development of refineries across the world. 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.
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The List of Companies -
1. Indian Oil Corp Ltd
2. Elinoil Hellenic Petroleum Company SA
3. RESORBENT Sro
4. JH CARBON PTY LTD
5. Hargreaves (UK) Services Ltd
6. Essar Global Fund Ltd
7. BP Plc
8. Lukoil Oil Co
9. Valero Energy Corp
10. Philips 66
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Impact of COVID-19 Pandemic on Solid Fuel Market Growth
The enactment of lockdowns and travel restrictions, the shutdown of production facilities, and the disruption in the supply chain adversely affected major players' performances in the solid fuel market. In the wake of COVID-19 pandemic, the burden on coal miners increased. In the US, three companies declared suspension of their operations within the territory to control the novel coronavirus spread. Coronado Global Resources of Australia suspended their US thermal and metallurgical coal mines owing to the global economic downturn caused by the pandemic in 2020. Moreover, Alliance Resource Partners (ARLP) temporarily closed the coal production at its Illinois basin mines to limit the virus spread. Such a halt in production activities negatively impacted the market. Also, the country's coal production took a nosedive in 2020 since the pandemic caused a sharp rise in electricity demand. On the contrary, the demand for coal has started gaining momentum since the demand for coal is rising from cement makers and power generation plants.
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