Metallurgical Coal Market Size, Share, Growth Analysis, By End-User(Iron and Steel, Chemical and Pharmaceutical, Paper and Pulp, and Others), By Type(Hard coking coals (HCC), Semi-soft coking coal (SSCC), and Pulverized coal injection (PCI)), By Region - Industry Forecast 2024-2031

Global Metallurgical Coal Market size was valued at USD 4.20 Billion in 2022 and is poised to grow from USD 4.30 Billion in 2023 to USD 5.20 Billion by 2031, growing at a CAGR of 2.4% in the forecast period (2024-2031).

The demand for steel coal during the forecast period has witnessed an increase due to the growth in the steel processing industry. Furthermore, the demand for iron ore is linked to or dependent on the use of coal to produce vital metals. Also, about 640 kg of coal is needed to produce 1 ton of steel. Furthermore, furnace is one of the most important processes in the production of steel in a conventional oxygen furnace. China, the world’s largest producer and consumer of coking coal, produced about 854 million metric tons and is expected to grow significantly over the forecast period, especially in countries that now and they are making progress. Rising steel coal prices, largely due to scarcity, are driving demand for coking coal. The main factor affecting the steel industry globally is price recovery.

The global metallurgical coal market benefits from government efforts through the provision of various subsidiaries and promotional schemes. Companies are increasing their investments in the ferrous coal market due to stable coal prices despite low ferrous coal prices. Consequently, the market for metallurgical coal is anticipated to grow during the forecast period.