Global Metallurgical Coal Market Size 2024, Forecast To 2033
6 Mar, 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 the steel industry, technological advancements in steelmaking, economic growth and industrialization, global trade and supply chain dynamics, environmental regulations and sustainability efforts.
Global Metallurgical Coal Market Key Driver
The increased demand for steel is expected to propel the growth of the metallurgical coal market going forward. Steel, a robust and durable metal, is made of iron alloyed with different amounts of carbon and often other metals like nickel, chromium, and manganese to provide properties such as hardness and rust resistance. Metallurgical coal, also known as coking coal, serves as the primary carbon source in steel production. Coking coal plays a crucial role in steel-making by providing the necessary heat for ore melting and removing oxygen from iron ore during combustion, resulting in pure metal. The demand for steel is on the rise, fueled by infrastructure development in various sectors such as automotive, manufacturing, and industrial production. For instance, according to the World Steel Association, steel demand is projected to increase by 2.2% in 2023, reaching 1,881.4 million tons, while world crude steel production rose from 1,879 million tons in 2020 to 1,951 million tons in 2021. Therefore, the increased demand for steel is a significant driver behind the growth of the metallurgical coal market.
Get A Free Sample Of The Global Metallurgical Coal Market ReportGlobal Metallurgical Coal Market Segments
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
By Geography:The regions covered in the metallurgical coal market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Asia-Pacific was the largest region in the metallurgical coal market in 2023. The regions covered in the metallurgical coal market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Metallurgical Coal Industry Players
Coal India Ltd., Anglo American Plc, Arch Coal Inc., Bharat Coking Coal Ltd., BHP Group plc, China Coal Energy Co Ltd., China Shenhua Energy Co Ltd., Coronado Global Resources Inc., Glencore Plc, Teck Resources Ltd., Vale SA, Raspadskaya, Alpha Natural Resources, SHANXI COKING COAL GROUP, Datong Coal Industry Company Limited, Peabody Energy Inc., Whitehaven Coal Ltd., Rio Tinto, Washington H. Soul Pattinson, Alliance Resource Partners LP, Warrior Met Coal Inc., Westmoreland Mining Holdings LLC, Foresight Energy Labor LLC, Prairie State Energy Campus, Hallador Energy Company, Armstrong Energy Inc., Beacon Coal Inc., Bluefield Coal Corporation, Cloud Peak Energy Inc., Consol Energy Inc., Drummond Company Inc., Excel Mining Systems Ltd., General American Coal Company, Hobet Mining LLC, International Coal Group Inc., Kopper-Gloster Coal Company, Liberty Steel Group N.V., Metinvest B.V., Mountaintop Mining Corporation, Murray Energy Corporation
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Metallurgical Coal Market Overview
Metallurgical coal, also referred to as coking coal, is a naturally occurring sedimentary rock found in the earth's crust. It is used to produce coke, the primary carbon source in steel manufacturing.
Metallurgical Coal Global Market Report 2023 provides data on the global metallurgical coal market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The metallurgical coal market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.