Coal Mining Market to Surge to US$ 6,431.26 billion by 2034 with Impressive 11.4% CAGR | Fact.MR Report
Rockville, MD , Nov. 21, 2024 (GLOBE NEWSWIRE) -- The latest study by Fact.MR reveals that the global coal mining market is estimated to rise from US$ 2,193.39 billion in 2024 to US$ 6,431.26 billion by 2034-end. The market is evaluated to expand at a remarkable CAGR of 11.4% between 2024 and 2034. The need for metallurgical coal is constantly rising because it is an essential element in steel manufacturing.
The steel demand is rising, especially in countries where building and infrastructure development projects are expanding. A significant amount of high-strength steel is needed for these projects. Consequently, the demand for metallurgical coal is consistently high, leading to an increase in coal mining activities. Aside from this, coal mining operations are becoming safer and more effective due to ever-improving technology. Automation, such as autonomous drilling and hauling, lowers labor costs, expedites extraction, and shields workers from hazardous conditions.
Throughout the forecast period, East Asia is forecasted to hold a sizable share of the global market. Due to its substantial use in the production of steel and energy, China is one of the world's leading producers and consumers of coal.
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Key Takeaways from Market Study
- The worldwide market for coal mining is projected to touch a value of US$ 6,431.26 billion by the end of 2034.
- The market in Western & Eastern Europe is estimated to generate revenue worth US$ 718.89 billion in 2024.
- East Asia is analyzed to achieve a value of 1,651.8 billion by the end of 2034.
- In East Asia, China is estimated to register a turnover of US$ 279.43 billion in 2024.
- The market in North America is projected to reach a size of 154.14 billion by 2034.
- Demand for thermal coal is forecasted to reach US$ 5190.62 billion by the end of 2034.
“Leading coal mining businesses are focusing on improving the efficiency of maintenance, logistics, and extraction processes to reduce operating costs,” says a Fact.MR analyst
Leading Players Driving Innovation in the Coal Mining Market:
BHP Group Limited; China Shenhua Energy Company Limited; Coal India Limited; Yankuang Energy Group Company Limited; Anglo American Plc; NTPC Limited; Yancoal Australia Ltd.; Consol Energy Inc.; Peabody Energy Inc.; Adani Group; Alpha Metallurgical Resources Inc.; Arch Resources Inc.; Ningxia Baofeng Energy Group Co. Ltd.; Sasol Limited; South32 Limited; Teck Resources Limited; Whitehaven Coal Limited; ÇEZ Group
Demand for Thermal Coal Continuously Growing Globally:
The need and demand for thermal coal are increasing due to its vital function in the production of energy. Power plants are widely utilizing thermal coal, which is an important resource for several countries to generate steam and electricity. With the increasing need for energy, thermal coal remains a reliable and cost-effective means of supplying electricity.
Due to advancements in coal technology, including improved combustion efficiency and emissions management, thermal coal is now a more environment-friendly choice. Thermal coal is still in high demand because of the pressing need for dependable and affordable energy sources, despite the global shift toward renewable energy.
Coal Mining Industry News:
- In September 2024, to finance the purchase of an Australian coking coal mining company, JSW Steel Ltd turned to the Japanese lender MUFG Group.
- In September 2024, Aussie miner South32 sold the bulk of Illawarra Coal Holdings to Golden Energy and Resources, which is owned by Indonesia's Sinar Mas Group, for US$ 1.65 billion. After purchasing another Australian miner, Stanmore SMC, from BHP and Japanese trading business Mitsui in 2022, the company now has more metallurgical coal, also referred to as coking coal.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the coal mining market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product & service (thermal coal, coking coal) and major market (electricity generators, industrial users), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
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