Anthracite Coal Mining Market to Touch Valuation of $81.65 Billion | Global Anthracite Coal Mining to Witness Structural Decline
Global anthracite coal mining market was valued at US$ 60.0 billion in 2021, and it is expected to reach a value of US$ 81.65 billion by 2028, at a CAGR of 4.5% over the forecast period (2022–2028).
Westford, USA, Dec. 12, 2022 (GLOBE NEWSWIRE) — SkyQuest’s analysis of the anthracite coal mining market shows that the industry is in decline. The number of mines has declined from over 2,000 in 2000 to less than 500 in 2021 in the US, and employment has fallen from over 100,000 to less than 30,000 during the same period. As of 2021. The global reserve of anthracite coal has remained around 742,237 million tons, which is less than 1% of the global coal reserve.
The primary reasons for the decline of the anthracite coal mining industry are declining demand for coal and increased competition from natural gas and renewable energy sources. Anthracite coal is used predominantly for electric power generation, and demand for electric power has been flat in recent years. In addition, natural gas prices have declined sharply in recent years, making it a more competitive fuel for electricity generation. Renewable energy sources such as wind and solar have also become increasingly competitive, further reducing demand for anthracite coal.
The report found that the anthracite coal mining market is currently experiencing a “structural decline” and is unlikely to recover. The report outlines a number of challenges facing the market, including declining demand, high costs, and competition from other energy sources. It also notes that the industry faces significant challenges in terms of safety, environmental regulations, and social acceptability. Despite the challenges facing the industry, there are still some potential opportunities for growth.
The report of the anthracite coal mining market identifies two potential areas for growth: metallurgical coal and carbon capture and storage (CCS). Metallurgical coal is used in steelmaking and is currently in high demand due to the construction boom in China. The report notes that metallurgical coal production has been relatively stable over the past few years and is expected to continue to grow. This could provide a boost to the struggling anthracite mining companies.
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Global Anthracite Coal Mining Market to Witness Structural Decline
Industry analysts at SkyQuest expect the anthracite coal mining market to continue its decline in the next few years. A saturated market, declining demand from key markets and high production costs are expected to result in further consolidation and a reduction in output. In the short term, we expect prices to remain volatile as the industry adjusts to oversupply. In the longer term, prices are expected to decline as new supply comes on line and demand remains weak.
SkyQuest’s outlook is consistent with other recent forecasts for the anthracite coal mining market. The US Energy Information Administration (EIA) expects production to fall by 11% in 2022, followed by a further 9% decline in 2023. The EIA also expects prices to continue falling, with the benchmark price for Central Appalachia coal dropping from $76 per ton in 2018 to $62 per ton in 2022.
As a result, US producers are increasingly relying on lower-quality coal, which is less competitive in the global market. labor costs in the US are also relatively high compared to other major producers, such as China and India. And finally, environmental regulations have made it more difficult and expensive to mine coal in the US.
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China is Severally Impacting Global Anthracite Coal Mining Market
The global anthracite coal mining market is in a state of decline, largely due to falling demand from China, the world’s largest consumer of the commodity. In response to this situation, producers have been scaling back production, with the result that global output is forecast to decline at a compound annual rate of 3.5% between 2015 and 2021. In terms of major producers, Australia is expected to be the hardest hit, with output forecast to decline at a compound annual rate of 7.6% between 2015 and 2021. China is also expected to see a significant decline in production, with a compound annual rate of 6.5%. These two countries are expected to account for almost 60% of the total decline in global output over the next five years.
There are some bright spots on the horizon of the global anthracite coal mining market, however. India is one of the few countries where demand for anthracite coal is still growing, and witnessed an increased production of 3.2% per year between 2015 and 2021. India is followed by the United States, where production is forecast to grow at a compound annual rate of 1.7%.
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UK is Planning to Extract 2.5 million Tons of Anthracite Coal
The United Kingdom is planning to extract 2.7 million tons per year of high-grade anthracite coal from a deposit in West Cumbria. The coal will be used to generate electricity at a new power plant that is being built in the area. The power plant in the UK anthracite coal mining market will be able to generate enough electricity to power 1.5 million homes. It is expected to create up to 1,000 jobs during the construction phase and 500 permanent jobs once it is operational. The project has been controversial, with environmental groups raising concerns about the impact of mining on the local environment and the global climate. However, the UK government has said that the project will be carbon neutral, as the coal will be used to displace other forms of generation that are more carbon-intensive.
Major Players in Global Anthracite Coal Mining Market
- Lehigh Anthracite (US)
- Atlantic Coal Plc. (UK)
- Robindale Energy Services, Inc. (USA)
- Sadovaya Group (Europe)
- Siberian Anthracite (Russia)
- Atrium Coal Ltd (Australia)
- Celtic Energy (US)
- Vietnam National Coal-Mineral Industries Group (US)
- Vostok Coal (Russia)
- Blaschak Coal Corporation (US)
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