Press release
White Coal Market Forecast 2024-2033 - Major Trends, Segments And Fastest Growing Regions
White Coal Global Market Report 2024
According to The Business Research Company's, The white coal market size has grown strongly in recent years. It will grow from $2.87 billion in 2023 to $3.10 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to rural development initiatives, international agreements, volatility in fossil fuel prices, carbon pricing and emission regulations.
The white coal market size is expected to see strong growth in the next few years. It will grow to $4.30 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to renewable energy policies, international trade and agreements, climate change mitigation efforts, population growth and urbanization. Major trends in the forecast period include reduction in energy consumption, efficient cylindrical bio-coal briquettes, cybersecurity concerns.
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Market Drivers and Trends:
The growing demand for renewable energy is expected to propel the growth of the white coal market going forward. Renewable energy is derived from naturally replenishing resources that are virtually inexhaustible on human timescales. It arises because of climate concerns, increased awareness about environmental impacts, and favorable economic conditions. White coal, derived from renewable biomass materials, offers a greener alternative to traditional coal. For instance, in October 2023, according to reports published by the European Environment Agency, a Denmark-based government organization, the share of renewable energy in the European Union reached 22.5% in 2022, representing an increase of 0.6% compared to 2021. Renewable consumption saw a modest growth of 1.4 million metric tons of oil equivalent (Mtoe) between 2021 and 2022. Therefore, the growing demand for renewable energy is driving the growth of the white coal market.
Major companies operating in the white coal market are developing innovative plans for supply-side bio-coal solutions to expand their production capacities, improve production processes, and introduce new bio-coal products to gain a competitive edge in the market. For instance, in November 2022, SSGE Bio-Energy, a Hong Kong-based energy supplier, announced plans to supply bio-coal as an alternative energy source to power plants and households. This bio-coal, made from waste such as rice husks or peanut shells, has a similar energy value as coal but a smaller carbon footprint, reducing carbon dioxide emissions by 2.5 metric tons per ton of bio-coal used. Additionally, this process ensures that bio-coal combustion does not release new carbon dioxide into the atmosphere, making it an environmentally friendly fuel source.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
KKR Bio Fuels, Nexgen Energia, Vow ASA, CSC Bio-Coal Sdn Bhd, Vega Biofuels Inc, Balaji Agro Coal lndustries, NextCoal International Inc, VIGIDAS PACK, Global Bio-Coal Energy Inc, TorrCoal, Airex Energy Inc, SSGE Bio-Energy Company Ltd, Hind Bio Coal, BMK Woods LLC, JK Bio Energy, Ronak Agrotech Engineering, Radhe Engineering Co, Lehra Fuel Tech Pvt Ltd, Birquetting Machine Co, Green Fuel India, Eco Stan Ltd, Guru Nanak Agro Industries Inc, Biomass Briquette Systems LLC, Drax Group plc, White Energy Inc
White Coal Market 2024 Key Insights:
• The white coal market size is expected to see strong growth in the next few years. It will grow to $4.30 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%.
• Renewable Energy's Ascendance Fuels Growth In The White Coal Market
• Innovative Supply-Side Bio-Coal Solutions Shaping The Future Of The White Coal Market
• North America was the largest region in the white coal market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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