Coal Mining Market Size

Coal Mining Market size is anticipated to witness lucrative growth rate during the forecast period i.e., between 2024-2036. The growth of the market can be attributed to an increase in the usage of coal in electricity generation, and steel manufacturing. According to the data published by World Coal Association, 70% of the total steel produced requires coal as a vital ingredient. Steel is one of the essential materials for construction and infrastructural engineering. From making cars, washing machines, refrigerators, and construction products, steel is widely used ubiquitously. Hence, the global market is expected to grow over the forecast period on the back of increasing demand for steel production. Furthermore, the demand for coal has grown with the increase in the demand for electricity. It is estimated that the world’s electricity consumption had reached approximately 24,000 terawatt-hours in 2019. Coal plays a significant role in the generation of electricity worldwide. The World Coal Association states that the coal-fired plants are fulfilling 37% of the global electricity requirement. The electricity is utilized for heating, cooling, lighting, and operating appliances, such as computers, electronics, and machinery. The global coal mining market is estimated to grow exponentially over the forecast period, on account of the increasing demand for electricity worldwide.