Wilmington, Delaware, United States, Aug. 22, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - In 2021, the value of global mined anthracite coal market stood at US$ 61.5 Bn. The global market is likely to develop at a CAGR of 1.97% during the forecast period, from 2022 to 2031. The global mined anthracite coal market is anticipated to attain value of US$ 74.3 Bn by 2031. A radical movement in the anthracite coal mining market for natural resources can be seen in how suppliers and producers are shifting supplies to local consumers and focusing on imports. Steel is often produced using anthracite coal owing to its affordable price and high carbon content. This is expected to drive future of mined anthracite coal market.
The increase in use of anthracite coal in the construction, industrial, and infrastructure sectors is a key factor influencing growth of the market for mined anthracite coal. The mined anthracite coal market for mined anthracite coal is also being boosted by the steel industry's tremendous rise in anthracite coal consumption. Since anthracite coal has a similar carbon content to coke and is less expensive, steel producers are concentrating on utilizing it more frequently than coke. This is likely to lead to more production of cost-effective steel, thereby driving market demand for mined anthracite coal.
The most environmentally friendly coal is anthracite. Compared to other coals, anthracite coal produces significantly huge amount of heat and much less smoke. The use of it in hand-fired furnaces is widespread. Anthracite is still used in certain private home heating stoves as it burns more slowly than wood. Such diverse usages are anticipated to stimulate market expansion.
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Key Findings of Market Report
- Governments and various regulatory organizations work to boost renewable energy usage, production and also raise its proportion in the global energy mix. A significant portion of the world's electricity, however, still comes from coal. In the recent several years, there has been an increasing demand for mined anthracite coal market, particularly in Asia Pacific.
- Owing to their low ash and high carbon contents, ultra-high and high grade anthracite coal is largely employed in the production of steel. Over the past few years, the market for these coal grades has steadily grown in the steel production industry. An increase in the usage of steel is anticipated to motivate steel producers to boost production. The market for mined anthracite coal is thus expected to expand into new markets as a result.
- In 2021, the standard grade category commanded a solid 91.4% share of the market. The trend is predicted to persist in the market in the forthcoming years. The carbon concentration of standard grade anthracite coal ranges from 86% to 92%, whilst the level of volatile matter lies between 8% and 14%. Given its lesser purity compared to the other two grades, standard grade anthracite coal is largely employed in power generating applications. This factor is expected to open up new growth opportunities for the key vendors in mined anthracite coal market.
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Global Mined Anthracite Coal Market: Growth Drivers
- With an 85.4% share of the mined anthracite coal market in 2021, the category of underground mining led the market for mined anthracite coal globally. Due to the depletion of coal deposits close to the Earth's surface and the finding of newer sources deep inside the Earth's crust, the segment is likely to emerge as one of the trends in the mined anthracite coal market. As a result, the use of underground mining methods is more prevalent than anthracite coal surface mines.
- In 2021, Asia Pacific held a significant share of the global market, accounting for 92.7%. It is anticipated that the manufacturing industry will rapidly expand and industrial activity will develop quickly in nations like Indonesia, India, and China. Due to increase in usage of anthracite coal in power and steel industries, more investments in coal mining are also anticipated.
Global Mined Anthracite Coal Market: Key Players
Some of the key market players are
- Shanxi Jincheng Anthracite Coal Mining Group Co., Ltd
- Feishang Anthracite Resources Limited
- Blaschak Coal Corporation
- Zululand Anthracite Colliery (Pty) Ltd
- Jindal Steel & Power Ltd
- Carbones Holding GmbH
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Global Mined Anthracite Coal Market: Segmentation
Grade
- Standard Grade
- High Grade
- Ultra-high Grade
Mining Type
- Surface Mining
- Underground Mining
Application
- Power Generation
- Steel Production
- Fertilizer Production
- Others
Regions
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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