Global Coal Market Size, Share and Growth Analysis Report - Forecast Trends and Outlook (2024-2032)

Global Coal Market Growth

The global increase in gas prices and the declining levels of power production from hydropower and nuclear energy resources led to a 4% year-on-year increase in global coal demand, which reached 8.42 billion tons in 2022. Coal-based power generation rose to 5.687 Mt, while its usage for non-power applications surged to 2728 Mt.

As per the coal market analysis, China accounts for around 50% of the world’s coal production and consumption. In 2022, rising electricity demand led to a 4.6% year-on-year increase in coal demand, which accounted for over 60% of the power production. Furthermore, India also witnessed a 9% year-on-year increase in coal demand, which reached 1.162 Mt. In 2022, Europe also witnessed a 4.3% increase in coal consumption.

In 2023, global coal production surged by around 1.8%, with rapid economic growth in India, China and other Asia Pacific countries offsetting declines registered in Western nations like the United States and European Union. Lignite and steam coal accounted for nearly 87% of coal production worldwide, while coking coal fuelled growth in Mongolia. The coal market value is contingent on China’s economic activities and hydropower production, as it is used as an alternative fuel in times of need.

Key Trends and Developments

Global Coal Market Trends

Despite the anticipated reduction in global demand, the cement industry is expected to record sustained growth in margin expansion, driven by reducing fuel prices and higher cement prices. In India, major cement manufacturers are expected to increase their capacity by 1 billion tons by 2030. This is in line with the production expansion trends witnessed in emerging markets. Over the forecast period, the coal market development is expected to be driven by the exponential surge in cement demand in emerging markets.

Global Coal Industry Segmentation

Global Coal Market Share

Based on region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. Over the forecast period of 2024-32, the Asia Pacific is estimated to grow at a CAGR of 1.8% due to the increasing coal demand from countries such as China, India, Vietnam, Indonesia, and the Philippines. These countries are collectively responsible for 70% of the global coal demand for fuelling strong economic growth.

Leading Companies in the Global Coal Market

Major players are expected to benefit from the expansion of the global construction sector, which can fuel the coal market revenue over the forecast period.

Peabody Energy Corp.

Peabody Energy Corp. was founded in 1883 and is headquartered in Missouri, United States. It is a mining company which is engaged in the production of reliable and affordable products for steel.

Coal India Ltd.

Coal India Ltd. was founded in 1975 and is headquartered in West Bengal, India. It is the world’s single lar...

CHINA SHENHUA

CHINA SHENHUA was incorporated in November 2004 and is headquartered in Beijing. It is a leading mining and me...

BHP Group Limited

BHP Group Limited was incorporated in 1885 and is headquartered in Victoria, Australia. It is engaged in explo...

*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*

Other players included in the coal market report are Arch Resources, Inc., China Coal Energy Group Co., Anglo American plc, Glencore plc, and Whitehaven Coal Limited, among others.