Mined Anthracite Coal Market: Key Highlights
- The global mined anthracite coal market was valued at ~US$ 58 Bn in 2018, and is expected to expand at a CAGR of ~2% during the forecast period.
- The underground mining segment accounted for a major share of the global mined anthracite coal market in 2018, due to the depletion of near-surface reserves of anthracite coal. Investments in anthracite coal mining are rising at a substantial pace across the world.
- The standard grade segment held a prominent share of the global mined anthracite coal market in 2018. High energy density and carbon content and minimal impurities in comparison to other coal types are leading to the high demand for standard-grade anthracite coal.
- The mined anthracite coal market in Asia Pacific is expected to expand at a significant pace in the near future, due to the rise in mining activities in the region and increase in investments in anthracite coal mining in China and Vietnam.
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Key Drivers of Global Mined Anthracite Coal Market
- Increase in steel demand from the industrial, infrastructure, and construction sectors is expected to drive the demand for mined anthracite coal during the forecast period. Steel manufacturers are ramping up their production to meet the rising steel demand. Steel manufacturing consumes anthracite coal as a key raw material. Steel manufacturers prefer anthracite coal over coke due to its lower price and similar carbon content, which makes the steel production process more economical and cost-effective.
- Rapid industrialization and urbanization, especially in developing economies such as India, China, and Brazil, are likely to boost the demand for steel across the globe in the next few years. Consequently, steel production in these countries has risen over the last few years. This, in turn, is boosting the demand for mined anthracite coal in these countries.
- Rising demand for power across the globe is projected to be another key driver of the global mined anthracite coal market during the forecast period. Even with rapid growth in renewable power generation, coal is a major power generation source across the world. Renewable energy being produced is still not sufficient to meet the increasing power demand. Power generation companies are trying to meet this rising demand by increasing the usage of coal.
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This post was originally published on Crypto Journal