Coal Market to Worth USD 2.1 trillion, Growing at CAGR of 4.4% by 2031: Transparency Market Research Report, Inc.

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Dec 07, 2023, 10:15 ET

Increasing environmental regulations and investments in clean coal technologies drive the coal market

WILMINGTON, Del., Dec. 7, 2023 /PRNewswire/ -- The coal market was worth US$ 1.4 trillion in 2022. It is estimated to expand at a CAGR of 4.4% from 2023 to 2031. The market is expected to reach US$ 2.1 trillion by the end of 2031. Policy and regulatory changes can have a significant impact on the coal industry. Coal producers and consumers may face challenges and opportunities depending on government support.

The consumption of coal often correlates with economic growth. Urbanization and industrialization tend to increase the demand for coal and other forms of energy. Among the fossil fuels available in the United States, coal is the most abundant source of electricity generation. Clean coal technologies, like carbon capture and storage (CCS), could make coal-fired power plants more environmentally friendly in a carbon-constrained world by enhancing their environmental performance.

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Working towards reducing emissions and addressing environmental concerns could create growth opportunities for the coal industry. Carbon offset programs, the adoption of cleaner technologies, and efficiency improvements can all contribute to this goal.

Precipitated Silica Market Report Scope:

Report Coverage	Details
Forecast Period	2023-2031
Base Year	2021
Size in 2022	US$ 1.4 Trn
Forecast (Value) in 2031	US$ 2.1 Trn
Growth Rate (CAGR)	4.4 %
No. of Pages	355 Pages
Segments Covered	Type, End-user Industry, Mining Technology

Key Findings of the Market Report

Power generation industries will likely drive demand for the coal market in the coming years.
Underground mining, based on mining technology, is expected to gain popularity in the near future.
Bituminous coal provides a higher level of energy, making it a preferred alternative for generating electricity.
As power generation demand rises, the Asia Pacific region is expected to drive demand for coal in the market.

Global Coal Market: Growth Drivers

The need for reliable and affordable energy sources has primarily driven the demand for coal in recent years. Coal has historically been one of the most important fuels for generating electricity and powering industrial processes in numerous countries around the globe. Policy and regulation can have a significant impact on the coal market. In addition to government policies, public policy plays an important role.
The use of coal can be significantly affected by environmental regulations designed to reduce greenhouse gas emissions and promote clean energy sources. Coal's competitiveness in the energy mix is also affected by government subsidies and incentives for renewable energy sources. Technology plays a major role in shaping coal markets. Efficiencies can be enhanced in the use of coal through the development of clean coal technologies that reduce environmental impacts.
Renewable energy sources can also affect coal demand through integration into the energy mix. Trade patterns and policies related to trade play an important role in global market dynamics. Changes in global trade relationships can affect coal exports and imports, while natural gas and renewable energy sources also influence coal markets. Building infrastructure is one of the most important practical considerations. Coal prices and accessibility are directly affected by the efficiency and availability of transportation and mining infrastructure.
Concerns about climate change also influence the coal market. Public awareness and concerns about environmental impact influence government policies and corporate decisions regarding coal use. Various geopolitical factors can influence coal markets, including trade policy shifts and supply chain disruptions. Social factors such as public opinion and societal values affect a coal-related project's social license to operate.

Global Coal Market: Regional Landscape

A strong economic environment and the demand for low-cost base-load electricity remain key factors driving the coal market in Asia Pacific. China and India, which have large economies, are experiencing a significant increase in electricity demand to fuel economic growth. Coal demand is steadily increasing in developing countries, particularly in emerging markets. Most countries, especially those with abundant coal reserves, continue to rely heavily on coal for electricity generation.
India's power generation industry remains heavily dependent on coal, which has been a major source of energy for the country for many years. As a result of this development, thermal power plants are expected to benefit. Throughout the next few years, government initiatives and programs are expected to boost demand for coal.
Uppur Thermal Power Plant was slated for commissioning in Ramanathapuram, Tamilnadu, by 2023, having a 1600 MW capacity, about 110 kilometers from Chennai, the capital city. With an investment cost of US$ 1.7 billion, the project belongs to Tamil Nadu Generation and Distribution Corporation Ltd.

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Global Coal Market: Key Players

Many players are present in the global coal market, which is highly fragmented. Several coal manufacturers are strategically accelerating innovation and expanding their business lines locally and internationally by attending to the latest coal market trends.

China Shenhua Energy Company Limited
Coal India Limited
China Coal Energy Co., Ltd
Yanzhou Coal Mining Company Limited
BHP
Others

Key Developments

On August 24, 2023, Whitehaven Coal, based in Australia, announced massive investment in coal production and growth until 2044. The capital expenditures (capex) for Whitehaven in the fiscal year 2023 to 2024 are expected to double.
In December 2023, the Rockefeller Foundation announced a pilot project to use carbon credits to retire coal power plants in the Philippines before they end their useful lives.

Global Coal Market: Segmentation

By Type

Bituminous Coal
Sub-Bituminous Coal
Lignite Coal
Anthracite Coal

By End Use Industry

Power Generation
Steel
Cement
Residential & Commercial
Others

By Mining Technology

Surface Mining
Underground Mining

By Region

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

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