Press release
Coal Market Trends, Industry Analysis, Key Players and Industry Trends, Forecast, 2032
Coal Market
Prominently made up of carbon, coal has varying proportions of elements such as sulfur, oxygen, hydrogen, and nitrogen. The sedimentary deposit was earlier used as a source of light. However, it is commonly used for providing heat for industrial and domestic purposes.
Metallurgical coal finds application as a reducing agent and fuel in blast furnaces and for the production of direct-reduced iron in direct-reduced processes. The heavy reliance on thermal and metallurgical coal for steel production is set to drive industry growth. Coke is used during the process as a fuel in the blast furnace for the generation of added heat.
Fortune Business Insights™ provides this information in its research report, titled "Coal Market, 2024-2032".
Get a Free Sample Report- https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/coal-market-109452
List of Key Players Mentioned in the Report:
JSW Energy Ltd. (India)
NTPC Ltd (India)
Jindal Steel & Power Ltd. (India)
Coal India Limited (India)
Adani Power Limited (India)
Coal Market Segmentation:
Power Generation Segment Records Considerable Share Driven by Extensive Product Usage
By application, the market is categorized into cooking feedstock, power generation, steel production, and others. The power generation segment accounts for a considerable market share. This can be credited to the extensive product usage for firing thermal power stations, including transport, commercial, residential, and public services.
Coal power plants deploy steam turbines, which burn coal to make steam, for the conversion of heat energy into mechanical energy. Several businesses have their power plants, of which some use coal for electricity generation for themselves, prominently in combined power and heat plants.
Based on geography, the market has been studied across five regions, including North America, Asia Pacific, Latin America, Europe, and the Middle East & Africa.
Coal Market Report Coverage:
The report provides an account of the latest industry trends and the key steps deployed by major players to strengthen their market positions. It also gives a detailed analysis of the market on the basis of application and geography. The prominent factors touted to drive industry growth have also been provided in the report.
Drivers and Restraints:
Extensive Product Usage in Various Industries to Push Market Growth
Coal finds application in several industries such as power generation, aluminum, and paper. In addition, it offers a range of raw materials such as coal tar, benzole, creosote, sulfate of ammonia, and others to chemical industries. Furthermore, coke is used as a porous support in the molten material in blast furnaces. The extensive range of applications of the product drive coal market growth.
Regional Insights:
Asia Pacific Market to Surge Owing to High Coal Consumption
The Asia Pacific records massive coal consumption for power generation. The regional consumption surpassed 77% of the global consumption in 2022. The regional market growth is favored by mounting urbanization, which boosts power generation demand.
Chinese Taipei, Australia, Korea, and Japan are some of the key consumers of the product. The combined consumption across these countries stood at 468 Mt in 2022. In Japan, the consumption recorded a rise of 2 Mt over 2021 to 2022 to reach a total of 185 Mt.
Competitive Landscape:
Pivotal Companies Place Greater Emphasis on Enhancing Production to Gain a Strong Market Foothold
Major market players are enhancing their production capacities to meet the rising product demand. They are also focused on adopting other strategies such as mergers, acquisitions, and partnerships. Such steps are being implemented for the consolidation of their market positions and increasing their coal market share.
Coal Industry Development:
February 2024 - NTPC Ltd. crossed a significant milestone of producing 100 MMT of coal. The achievement helped strengthen the company's position in the market.
To get to know more about this market, please visit: https://www.fortunebusinessinsights.com/coal-market-109452
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