Coal decreased 28.50 USD/MT or 22.75% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Coal - values, historical data, forecasts and news - updated on March of 2025.

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Metallurgical Coal Market Size 2025-2029

The metallurgical coal market size is forecast to increase by USD 99.6 billion at a CAGR of 4.8% between 2024 and 2029.

The market is driven by the increasing demand for steel and the rise in several smart city projects, leading to an increase in consumption of coal. However, the market faces challenges such as volatility in metallurgical coal prices due to supply and demand imbalances. To mitigate this, coal blending and coal characterization through techniques like coal washing, coal property analysis using vitrinite reflectance and petrography, and coal reserve exploration are crucial.
Coal washing enhances coal quality by removing impurities, while coal characterization provides insights into coal's caking index, thermal maturity, and carbonization properties. Fossil carbon's role in the coal industry is significant as it is a critical feedstock in steel manufacturing and carbonization processes. The demand-supply gap in the market necessitates efficient coal production and utilization strategies.

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How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Application

  Steel making
  Non-steel making


Type

  Hard coking coals
  Semi-soft coking coals
  Pulverized coal injection


End-User

  Construction
  Transportation
  Health Care
  Agriculture
  Others


Geography

  APAC

    China
    India
    Japan


  North America

    Canada
    US


  Europe

    Germany
    UK
    France


  Middle East and Africa

    UAE


  South America

    Brazil

By Application Insights

The steel making segment is estimated to witness significant growth during the forecast period. Metallurgical coal plays a crucial role in the steel industry, serving as the primary feedstock for coke production in steelmaking processes. The BF-BOF (Basic Oxygen Furnace-Blast Furnace) and EAF (Electric Arc Furnace) routes are the two primary methods for producing steel. In the BF-BOF process, large quantities of metallurgical coal are required to produce carbon-rich coke, which is essential for reduction of iron ore and the production of pig iron. In contrast, the EAF process uses scrap metal and requires lower volumes of metallurgical coal for anaerobic heating. While both methods contribute to steel production, the BF-BOF process was the dominant method used in 2020.

Furthermore, the consumption of steel is often used as an economic development indicator, and this growth in steel production highlights the ongoing economic recovery. The various types of metallurgical coal, including anthracite, bituminous coal, sub-bituminous coal, and lignite, are utilized based on their carbon content and caking ability in the steelmaking process.

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The steel making segment was valued at USD 160.30 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 85% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional market trends and drivers that shape the market during the forecast period.

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The market in the Asia-Pacific (APAC) region is projected to expand at a faster pace compared to other regions, driven by the significant demand from the steel industry. Factors such as industrialization and infrastructure growth in developing countries like China and India are fueling the demand for steel, which relies on metallurgical coal as a primary raw material for its production. With the rapid urbanization of cities in Asia, the need for steel is high for infrastructure development. Metallurgical coal, with its high carbon content, is essential for producing carbon-rich coke required for coking processes in steelmaking. In 2023, China, Australia, Indonesia, and India were the leading contributors to the growth of the market in APAC.

Furthermore, the demand for this coal type is particularly high in countries like China, which is the world's largest consumer and importer of metallurgical coal. The primary use of these in APAC is for electricity generation and household heating, as well as anaerobic heating and the production of pig iron from iron ore. The caking ability of metallurgical coal is crucial for its use in the steel industry, ensuring the successful production of high-quality iron and steel products.

Market Dynamics

Metallurgical coal, also known as coking coal, plays a vital role in the steelmak

China Shenhua Energy had the largest market capitalization (market cap) of any coal mining company in the world as of October 28th 2024, amounting to over 110 billion U.S. dollars. The Swiss-headquartered multinational mining company Glencore (with a portfolio that includes coal mining) ranked second in this list, with a market cap of over 63 billion U.S. dollars at that time.

Peabody Energy stock price, live market quote, shares value, historical data, intraday chart, earnings per share and news.

According to Cognitive Market Research, the global Coking Coal market size is USD XX million in 2024 and will expand at a compound annual growth rate (CAGR) of 5.00%from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.2% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD XX million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.0% from 2024 to 2031.
Latin America market of more than 5% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031.
Middle East and Africa held the major market ofaround 2% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.
The Steel Production held the highest Coking Coal market revenue share in 2024.

Key Drivers of Coking Coal Market

Growing Demand from Steel Industry to Increase the Demand Globally

The steel industry is a major consumer of coking coal, using it as a primary raw material in the production of steel. As the global economy continues to recover from the impacts of the COVID-19 pandemic, the demand for steel is expected to rise, driven by infrastructure development, construction projects, and the automotive sector. This increasing demand for steel is expected to boost the demand for coking coal, as it is an essential component in the steelmaking process. Additionally, the shift towards electric arc furnaces (EAFs) in steel production, which also require coking coal, is expected to further drive the demand for coking coal in the coming years.

Growing Urbanization and Industrialization to Propel Market Growth

Rapid urbanization and industrialization in emerging economies such as China, India, and Brazil are driving the demand for steel and, consequently, coking coal. As these countries continue to invest in infrastructure development, the demand for steel for construction, transportation, and manufacturing purposes is expected to increase. This trend is particularly pronounced in the construction of skyscrapers, bridges, and other infrastructure projects that require large quantities of steel. The growing middle class in these countries is also driving demand for consumer goods, automobiles, and appliances, all of which require steel, thus boosting the demand for coking coal.

Restraint Factors of Coking Coal Market

Environmental Concerns and Regulations to Limit the Sales

One of the key restraints in the coking coal market is the increasing environmental concerns associated with coal mining and steel production. The mining and burning of coal releases greenhouse gases and other pollutants into the atmosphere, contributing to air and water pollution and climate change. In response to these concerns, governments around the world are implementing stricter environmental regulations and emissions standards, which could increase the cost of coal production and limit its use in steelmaking. Additionally, the growing awareness of environmental issues among consumers and investors has led to a shift towards cleaner and more sustainable energy sources, potentially reducing the demand for coking coal in the long run.

Impact of Covid-19 on the Coking Coal Market

The COVID-19 pandemic has had a significant impact on the coking coal market, leading to disruptions in production, supply chains, and demand. The lockdowns and restrictions imposed to curb the spread of the virus resulted in a slowdown of economic activity, leading to a decrease in demand for steel and, consequently, coking coal. Many steel mills around the world either shut down or operated at reduced capacity, leading to a decline in coking coal consumption.

However, despite these challenges, the coking coal market showed resilience, with prices remaining relatively stable due to the gradual recovery of the global economy and the resumption of steel production. Governments around the world implemented stimulus packages to support economic recovery, which boosted infrastructure projects and construction activities, leading to an increase in ...

United States PPI: Mfg: PC: PF: Unfinished Oils & Lubricating Oil Base Stock data was reported at 416.024 Jun1985=100 in Jan 2025. This records an increase from the previous number of 407.218 Jun1985=100 for Dec 2024. United States PPI: Mfg: PC: PF: Unfinished Oils & Lubricating Oil Base Stock data is updated monthly, averaging 402.450 Jun1985=100 from Jun 1985 (Median) to Jan 2025, with 188 observations. The data reached an all-time high of 727.509 Jun1985=100 in Jul 2022 and a record low of 100.000 Jun1985=100 in Jun 1985. United States PPI: Mfg: PC: PF: Unfinished Oils & Lubricating Oil Base Stock data remains active status in CEIC and is reported by U.S. Bureau of Labor Statistics. The data is categorized under Global Database’s United States – Table US.I082: Producer Price Index: by Industry: Manufacturing: Petroleum and Coal Products.

The global coal mining industry's market value has fluctuated greatly since 2010. The market value of coal mining during this period peaked in 2011 at 1.27 trillion U.S. dollars, but declined in the following years, dropping to 501 billion U.S. dollars by 2020. In 2023, the market value of coal mining amounted to approximately 1989 billion U.S. dollars.

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Calcined Petcoke Market Size 2024-2028

The calcined petcoke market size is forecast to increase by USD 4.85 billion at a CAGR of 6.69% between 2023 and 2028.

The market is experiencing significant growth due to the rising demand from various industries, particularly in the steel, aluminum, and cement sectors. Calcined petcoke serves as a crucial raw material in these industries for its high calorific value and ability to enhance the production process. Additionally, mineral extraction from petcoke is gaining traction as a lucrative byproduct, further boosting market growth. However, the market faces challenges with declining investments in the coal industry, which is a primary source of petcoke production. This trend may impact the availability and affordability of petcoke, potentially affecting market dynamics. Despite these challenges, the market is expected to continue its growth trajectory, driven by its essential role in various industries and the increasing demand for mineral extraction.

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Calcined petroleum coke, derived from the coker unit in a crude oil refinery, is a crucial feedstock in various industries. Its primary applications include anodes for aluminum and steel manufacturing, titanium smelting, and carburizing and recarburizing in steel industry. In the aluminum industry, calcined petcoke serves as a critical raw material for producing anodes, which are essential in the electrolytic process of aluminum production. Similarly, in the steel industry, it is used in the production of electrodes and for carburizing and recarbonizing processes. The titanium smelting industry also relies on calcined petcoke as a feedstock for producing high-quality titanium sponge.
Calcined petcoke finds applications in the cement industry and paint manufacturing due to its needle-like crystals and physical qualities. The crude oil supply and upstream operations significantly impact the market. The manufacturing units in the downstream operations continuously seek high-quality calcined petcoke to meet their specifications. Coal is another alternative feedstock for calcined petcoke production, but its availability and quality can influence the market dynamics. Overall, the market is driven by the demand from various industries, including aluminum, steel, and titanium smelting.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Type

  Anode grade
  Needle grade


Application

  Aluminum
  Others


Geography

  APAC

    China
    India


  North America

    US


  Europe

    France
    Spain


  Middle East and Africa



  South America

By Type Insights

The anode grade segment is estimated to witness significant growth during the forecast period.

Anode-grade petcoke, a type of calcined petcoke, is a crucial component in the metal industry, particularly in the production of graphite electrodes for steel sector. This high-quality petcoke is derived from heavy crude oils during upstream operations and undergoes further processing in manufacturing units to create needle-like crystals with desirable physical qualities. The anode-grade petcoke's carbonized structure makes it an essential supplement for steel production as a carburizer. The global refining industry's commercialization and industrialization have led to an increased demand for anode-grade petcoke. Its application extends beyond the steel sector, as it is also used in the energy production industries, including inductive furnaces and electrical arc furnaces.

The transportation industry's infrastructure development, such as roads, bridges, dams, and residential infrastructure, further fuels the demand for this petcoke. However, the anode-grade petcoke's susceptibility to contamination during transportation and storage makes it a challenge for the market. Its chemical structure, with a sulfur level below 3%, makes it a valuable petroleum feedstock. Despite being a hazardous ingredient due to its spongy structure, its importance in various industries ensures its continued production and use, contributing to sustainable green environments.

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The anode grade segment was valued at USD 6.87 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 50% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

For more insights on the mar

In 2023, the price of natural gas in Europe reached 13.1 constant U.S. dollars per million British thermal units, compared with 2.5 U.S. dollars in the U.S. This was a notable decrease compared to the previous year, which had seen a steep increase in prices due to an energy supply shortage exacerbated by the Russia-Ukraine war. Since 1980, natural gas prices have typically been higher in Europe than in the United States and are expected to remain so for the coming two years. This is due to the U.S. being a significantly larger natural gas producer than Europe.

What is natural gas and why is it gaining ground in the energy market? Natural gas is commonly burned in power plants with combustion turbines that generate electricity or used as a heating fuel. Given the fact that the world’s energy demand continues to grow, natural gas was seen by some industry leaders as an acceptable "bridge-fuel" to overcome the use of more emission-intensive energy sources such as coal. Subsequently, natural gas has become the main fuel for electricity generation in the U.S., while the global gas power generation share has reached 22 percent.

How domestic production shapes U.S. natural gas prices The combination of hydraulic fracturing (“fracking”) and horizontal drilling can be regarded as one of the oil and gas industry’s biggest breakthroughs in decades, with the U.S. being the largest beneficiary. This technology has helped the industry release unprecedented quantities of gas from deposits, mainly shale and tar sands that were previously thought either inaccessible or uneconomic. It is forecast that U.S. shale gas production could reach 35 trillion cubic feet in 2050, up from 1.77 trillion cubic feet in 2000.

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Coal Tar Pitch Market Size 2024-2028

The coal tar pitch market size is forecast to increase by USD 618.2 million at a CAGR of 2.19% between 2023 and 2028.

The market is driven by the increasing use of aluminum across various industries. The market is significant due to its crucial role in aluminum production, especially in manufacturing graphite electrodes and carbon anodes for electric arc furnaces. The growing demand for aluminum in sectors like automobiles, aircraft, and infrastructure development fuels market growth. 
A key trend shaping the market is the increasing use of advanced coal tar pitch types, driven by the demand for lightweight and fuel-efficient materials, especially in electric and autonomous vehicles. However, a major challenge the market faces is the restrictions on using coal tar pitch due to its hazardous components, like carcinogens, impacting its growth.

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In addition, these chemicals are essential in various industries, including the production of fuels and plastics. The market is a crucial component in the production of aluminum, which is in high demand in various industries, including automotive, aerospace, and electric vehicles. The market's significance is further prioritized by its use in the production of essential chemicals through industrial processes.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Application

  Aluminum production
  Graphite electrodes and specialty graphite
  Carbon processing
  Others


Type

  Solid coal tar pitch
  Liquid coal tar pitch


Geography

  APAC

    China
    India
    Japan


  Europe

    Germany
    UK
    France
    Italy


  North America

    US
    Canada


  Middle East and Africa
  South America

By Application Insights

The aluminum production segment is estimated to witness significant growth during the forecast period. The market plays a crucial role in the production of tubes, rods, wires, aluminum foil, and other aluminum products. As an impermeable and inert material, it is essential in the aluminum smelting process using the electrolytic Hall-Heroult process. Coal tar pitch functions as a base material for producing carbon anodes and graphite electrodes, which are integral components in aluminum anodes and cathodes. In modern aircraft, coal tar pitch is used to manufacture lightweight yet strong materials like carbon fiber and refractories. It is also a non-toxic and odorless material, making it suitable for use in packaging and recycled aluminum production.

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The aluminum production segment was valued at USD 3.3 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 43% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

For more insights on the share of various regions, Request Free Sample

The market primarily utilizes this impermeable and UV radiation-resistant material for the production of tubes, rods, wires, and aluminum foil in various industries. Coal tar pitch, which can be non-toxic and odorless, is a crucial binder in aluminum smelting for carbon electrodes, anodes, and Soderberg electrodes. Additionally, it is used as a base material in refractories, roofing, and paints and coatings. However, due to environmental regulations, coal tar pitch is restricted in road construction in most European nations. Recycled aluminum and carbon footprint are essential considerations in modern aircraft manufacturing, leading to an increase in demand for coal tar pitch.

Market Dynamics

The market plays a significant role in the aluminum industry, particularly in the production process. Coal tar pitch is a byproduct of coal tar, which is obtained during the distillation of coal. This pitch is further processed to produce electrodes used in aluminum smelting. The automotive and aerospace industries are major consumers of lightweight aluminum components, which has led to an increased demand for aluminum production. Stringent regulations regarding vehicle emissions have further fueled the demand for lightweight vehicles, making aluminum an attractive option due to its low weight. Coal tar pitch is also used in industrial process applications, including the production of phenols and aromatics through fractional distillations.

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A

The coal tar pitch market is set to experience promising growth with a CAGR of 6.20% from 2024 to 2034. This market is projected to witness a significant jump in its value, reaching a staggering US$ 9,237.50 million by 2034 from its current value of US$ 5,076.30 million in 2024.

Attributes	Details
Market Size, 2024	US$ 5,076.30 million
Market Size, 2034	US$ 9,237.50 million
Value CAGR (2024 to 2034)	6.20%

Category Wise Insights

Attributes	Details
Grade	Blinders & Impregnation Pitch
Market share in 2024	58.90%

Attributes	Details
Application	Aluminium Smelting
Market Share in 2024	31.36%

Country wise insights

Countries	CAGR from 2024 to 2034
United States	3.40%
China	6.90%
Germany	2.90%
Japan	2.60%
South Korea	2.70%

Iron Ore decreased 1.36 USD/MT or 1.31% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Iron Ore - values, historical data, forecasts and news - updated on March of 2025.

Baltic Dry increased 637 points or 63.89% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Baltic Exchange Dry Index - values, historical data, forecasts and news - updated on March of 2025.

生产者价格指数（PPI）：MFG：PC：PF：Unfinished Oils & Lubricating Oil Base Stock在01-01-2025达416.024Jun1985=100，相较于12-01-2024的407.218Jun1985=100有所增长。生产者价格指数（PPI）：MFG：PC：PF：Unfinished Oils & Lubricating Oil Base Stock数据按月更新，06-01-1985至01-01-2025期间平均值为402.450Jun1985=100，共188份观测结果。该数据的历史最高值出现于07-01-2022，达727.509Jun1985=100，而历史最低值则出现于06-01-1985，为100.000Jun1985=100。CEIC提供的生产者价格指数（PPI）：MFG：PC：PF：Unfinished Oils & Lubricating Oil Base Stock数据处于定期更新的状态，数据来源于U.S. Bureau of Labor Statistics，数据归类于全球数据库的美国 – Table US.I082: Producer Price Index: by Industry: Manufacturing: Petroleum and Coal Products。

As of March 2025, mining company BHP reached a market capitalization of nearly 122.67 billion U.S. dollars. The company specializes in mining and selling iron ore, copper and coal. Top mining companies worldwide Based on market capitalization in 2025, BHP, Rio Tinto, and China Shenhua Energy were the three leading mining companies in the world. Headquartered in Australia, BHP’s revenue more than doubled between 2004 and 2014, growing from 24.9 billion to 52.1 billion U.S. dollars, and reached a peak of 65.1 billion U.S. dollars in 2022. In 2024, BHP's revenue decreased again to 55.6 billion U.S. dollars. On the other side of the world from Australia, London is also the headquarters of some of the world's most prominent mining companies, including Rio Tinto, Anglo American, and Antofagasta. Rio Tinto's main segments are categorized based on the company's main mineral products produced: aluminum, iron ore, copper, and other minerals. Where gold mining companies are based Several of the world's largest gold mining companies are headquartered in Canada. Barrick Gold and Agnico Eagle Mines are both based in Canada and are among the largest mining companies in the world. However, gold producers from South Africa, the United States, Australia, and other countries are also among the global leaders in gold production. Regulations have been formed in order to harmonize and stabilize the mining sector, especially within mineral-rich countries.