The Metallurgical Coal Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Metallurgical Coal Global Market Report 2024, The metallurgical coal market size has grown steadily in recent years. It will grow from $14.7 billion in 2023 to $15.18 billion in 2024 at a compound annual growth rate (CAGR) of 3.2%. The growth in the historic period can be attributed to steel production and industrial growth, global economic trends, infrastructure development, supply chain and trade dynamics, environmental and regulatory factors..
The metallurgical coal market size is expected to see steady growth in the next few years. It will grow to $17.03 billion in 2028 at a compound annual growth rate (CAGR) of 2.9%. The growth in the forecast period can be attributed to energy transition and alternatives, investments in mining infrastructure, environmental regulations and sustainability, supply chain dynamics and trade patterns, infrastructure development and urbanization.. Major trends in the forecast period include demand from steel industry, technological advancements in steelmaking, economic growth and industrialization, global trade and supply chain dynamics, environmental regulations and sustainability efforts..
The increased demand for steel is expected to propel the growth of the metallurgical coal market going forward. Steel is a robust and durable metal made of iron alloyed with different amounts of carbon and frequently with other metals, such as nickel, chromium, and manganese, to give properties such as hardness and resistance to rusting. Metallurgical coal is the primary carbon source used in steel production, also known as coking coal. Coking coal is essential in steel-making because it provides the heat needed to melt the ore and removes oxygen from the iron ore during combustion, leaving just the pure metal. Steel demand is rising as infrastructure develops in the automotive industry for the production of vehicles such as cars and trucks, as well as manufacturing and industrial production for industrial uses. For Instance, in November 2021, according to World Steel Association, the steel demand will increase by 0.4% to 1,840.2 Mt in 2022 and will increase by 2.2% in 2023 to 1,881.4 Mt, and world crude steel production increased from 1,879 million tons in 2020 to 1,951 million tons in 2021. Therefore, the increased demand for steel is driving the growth of metallurgical coal.
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The metallurgical coal market covered in this report is segmented –
1) By Type: Hard Coking Coal(HCC), Medium Coking Coal, Semi-Soft Coking Coal(SSCC), Pulverized Coking Injection (PCI) Coal
2) By Application: Steelmaking, Non-Steelmaking
3) By End-User: Iron And Steel, Chemical And Pharmaceutical, Paper And Pulp, Other End-Users
Technological advancements such as 3D Mine visualizers are a key trend gaining popularity in the metallurgical coal market. Major market players are concentrating their efforts on creating innovative technologies such as 3D mine visualizers to strengthen their market position. 3D Mine visualizers refer to employing 3D software to produce visual information. 3D Mine visualizers are used to acquire a real-time digital representation of a mine and come with functions of the 3D geological model, ventilation simulation, real-time data monitoring, and emergency response. For Instance, in March 2021, Arvizio, a provider of enterprise augmented and mixed reality (AR/MR) software solutions for 3D visualization, along the collaboration with Sight Power to bring AR digital twins to the mining industry, introduced Immerse 3D solution, a 3D models and LiDAR scans and geological models from mining operations, which may encompass several miles or kilometers and comprise multiple levels, to be visualized in AR. Immerse 3D expands the capabilities of the Digital Mine platform to incorporate multi-user, multi-location AR visualization and collaboration in fully synchronized sessions.
The metallurgical coal market report table of contents includes:
1. Executive Summary
- Metallurgical Coal Market Characteristics
- Metallurgical Coal Market Trends And Strategies
- Metallurgical Coal Market – Macro Economic Scenario
- Global Metallurgical Coal Market Size and Growth
. - Global Metallurgical Coal Market Competitive Benchmarking
- Global Metallurgical Coal Market Competitive Dashboard
- Key Mergers And Acquisitions In The Metallurgical Coal Market
- Metallurgical Coal Market Future Outlook and Potential Analysis
- Appendix
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