Wilmington, Delaware, United States, Feb. 17, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global white coal market size stood at US$ 3.0 Bn in 2022. Industry growth is projected at a CAGR of 7.8% between 2023 and 2031. The global market is expected to be valued at US$ 5.9 Bn by 2031. White coal demand is anticipated to increase due to rise in environmental concerns and demand to cut greenhouse gas emissions. Governments in several countries are providing subsidies to promote the development and use of white coal as a power source. Developing countries are looking for alternate energy sources to fulfil their rising energy needs, which is expected to drive business opportunities in the global white coal market.
Furthermore, it is predicted that rise in energy consumption in the industrial sector would accelerate market growth. However, the global market is likely to face challenges in the near future due to high cost of production and need for specialized equipment and technology for production of white coal.
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Around the world, coal is a major source of energy. However, on the downside, it is associated with significant amounts of CO2 emission. White coal, commonly referred to as bio-coal, is a kind of fuel that is made using organic waste from agriculture, forestry, and other sources. This fuel is regarded as a source of renewable energy. White coal is gaining popularity as an alternative source of energy due to its environmental benefits and rising demand for alternative sources of energy. In industrial operations, bio-coal can take the place of fossil coal as a carbon-neutral fuel. White coal is witnessing substantial demand in carbon-intensive industries.
It is substantially more efficient compared to raw biomass due to its increased energy density and carbon content. Additionally, it has hydrophobic qualities and strong resistance to biological deterioration. For companies that make use of raw biomass as a reducing agent in a blast furnace, bio-coal is a viable and fossil-free substitute. The volatile matter, oxygen concentration, and high moisture of raw biomass, together with its low fixed carbon content, makes it difficult to use.
Key Findings of Market Report
- Based on type, the cylindrical segment is anticipated to have the highest market share during the forecast period. White coal briquettes are often made in a cylindrical form. It provides a sizable surface area, making it possible to drain moisture throughout the curing process, which explains why it is preferred in several industries. Besides, when burning briquettes, its cylindrical form aids in better transfer of heat, which is expected to drive business growth of the segment.
- In terms of market segmentation, the pyrolysis segment is projected to lead the global industry (based on process) between 2023 and 2031. It is the most popular method of producing bio-coal. This process results in a product that resembles coal in appearance and energy content. Additionally, the method helps lower the moisture content in bio-coal, which makes the product more resistant to degradation and high in energy content. These factors are estimated to drive growth of the segment in the next few years.
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Global White Coal Market: Growth Drivers
- Crop leftovers are produced in large quantities in agrarian economies. These wastes are burned, which causes air pollution. With the growing emphasis on reducing environmental pollution, governments of different countries have banned open crop burning and stressed on making use of agricultural waste. Production of bio-coal is an effective way to use biomass waste and reduce air pollution from open burning. As environment concerns grow, several countries have accepted the Paris Agreement to decrease global temperatures. However, many countries still rely heavily on coal as a primary energy source. Consequently, they have adopted bio-coal as a sustainable alternative to conventional fossil fuels, which is anticipated to drive the global industry.
Global White Coal Market: Regional Landscape
- Based on region, Asia Pacific is anticipated to have the largest share of the global white coal market between 2023 and 2031. Market development in the region is influenced by rise in environmental concerns and presence of major agro-based economies. Majority of local industries still rely on conventional fuels including diesel, kerosene, coal, and furnace oil. Agro-waste is used to make bio-coal in a number of countries in Asia Pacific which has an abundance of biomass generated from agricultural waste.
Global White Coal Market: Key Players
Some of the key market players in the global white coal market include:
- Vega Biofuels Inc.
- SSGE Bio-Energy Company Ltd.
- Balaji Agro Coal Industries
- Global Bio-Coal Energy Inc.
- CSC Bio-Coal Sdn Bhd.
- KKR Bio Fuels
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Global White Coal Market: Segmentation
Type
- Cylindrical
- RUF
- Pini Kay
- Others
Process
- Pyrolysis
- Hydrothermal Carbonization
- Others
End-use
- Ceramic
- Chemical
- Food & Beverage
- Textile
- Power
- Others
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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