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Rockville, MD , Nov. 21, 2024 (GLOBE NEWSWIRE) -- The latest study by Fact.MR reveals that the global coal mining market is estimated to rise from US$ 2,193.39 billion in 2024 to US$ 6,431.26 billion by 2034-end. The market is evaluated to expand at a remarkable CAGR of 11.4% between 2024 and 2034. The need for metallurgical coal is constantly rising because it is an essential element in steel manufacturing.
The steel demand is rising, especially in countries where building and infrastructure development projects are expanding. A significant amount of high-strength steel is needed for these projects. Consequently, the demand for metallurgical coal is consistently high, leading to an increase in coal mining activities. Aside from this, coal mining operations are becoming safer and more effective due to ever-improving technology. Automation, such as autonomous drilling and hauling, lowers labor costs, expedites extraction, and shields workers from hazardous conditions.
Throughout the forecast period, East Asia is forecasted to hold a sizable share of the global market. Due to its substantial use in the production of steel and energy, China is one of the world's leading producers and consumers of coal.
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Key Takeaways from Market Study
- The worldwide market for coal mining is projected to touch a value of US$ 6,431.26 billion by the end of 2034.
- The market in Western & Eastern Europe is estimated to generate revenue worth US$ 718.89 billion in 2024.
- East Asia is analyzed to achieve a value of 1,651.8 billion by the end of 2034.
- In East Asia, China is estimated to register a turnover of US$ 279.43 billion in 2024.
- The market in North America is projected to reach a size of 154.14 billion by 2034.
- Demand for thermal coal is forecasted to reach US$ 5190.62 billion by the end of 2034.
"Leading coal mining businesses are focusing on improving ...
