Coal Market - Global Industry Size, Share, Trends, Analysis, And Forecasts 2012 - 2018
Albany, New York (PRWEB) July 08, 2014
Transparency Market Research, has announced the addition of a new report titled "Coal Market - Global Industry Size, Share, Trends, Analysis, and Forecasts 2012 - 2018" to its datastore. According to the report, the global market of coal, which already stands as the fastest growing market of fuels since the year 2000, is expected to remain so for coming many years.
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Coal plays an important role in power generation all over the world and is one of the main power sources for generation of electricity today and it is expected to remain so for the next 30 years. Demand for coking coal in iron and steel production as well as consumption of steam coal is set to increase in the coming years. Coal is a fossil fuel that has many widespread and important applications worldwide. The most significant use of coal is seen in electric power generation, steel manufacturing, as a liquid fuel and in cement manufacturing.
The industry of electric power generation, especially, contributes as the major reason for a constant global demand of coal. Currently, an estimated 41% of the global electricity is generated from coal-fired power plants. According to the market intelligence report developed by Transparency Market Research, coal as a major source of power is expected to sustain its demand for the next 30 years. According to the report, the global consumption of coal has grown at rates faster than any other fuel since 2000. The five largest consumers of coal – USA, India, China, Russia and Japan account for an approximately 76% of the total global use.
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According to the report, the global trade of coal was nearly 1142 metric tonnes in the year 2011; while this accounts for a significant amount of coal, it only is about 15% of the total coal consumed. Most coal is utilized in the countries in which it is produced. The report states that the coal industry is a global industry with coal mining carried out commercially in more than 50 countries and used in more than 70. It is the ready availability in abundance and easy transportation of coal that makes it the most commonly used fuels in major parts of the world.
The report states that currently, the biggest market for coal is Asia, accounting for nearly 67% of the global coal use; although China holds the major share of this amount. Many countries that do not have sufficient natural energy resources for their own energy needs - Japan, Korea and Chinese Taipei, for instance – import significant amounts of steam coal for electric power generation and coking coal for steel manufacturing processes from throughout the world.
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According to the report, a constant rise in the demand for electricity from the huge population in these regions is a contributing factor to the growth of the global coal market. Many other application areas such as that of paper manufacturing, alumina refineries and the pharmaceutical and chemical industries along with specialized products industries such as activated carbon, carbon fibre and silicon metal are the constant drivers of the global coal demand.
The major supplier of coal include countries like Australia, Indonesia of which, Indonesia overtook Australia as the world’s largest supplier of coal in 2011 when it exported nearly 300 metric tonnes coal to the world market. Australia still remains the prominent supplier of cocking coal, accounting to a nearly 50% share of the global exports.
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