Metallurgical Coal Global Market Report 2024

The metallurgical coal market has grown steadily in recent years. It will grow from $14.7 billion in 2023 to $15.18 billion in 2024 at a compound annual growth rate (CAGR) of 3.2%. The growth observed in the historical period can be attributed to factors such as steel production and industrial growth, global economic trends, infrastructure development, supply chain and trade dynamics, as well as environmental and regulatory factors.

The metallurgical coal market is expected to see steady growth in the next few years. It will grow to $17.03 billion in 2028 at a compound annual growth rate (CAGR) of 2.9%. The anticipated growth in the forecast period can be attributed to factors such as the ongoing energy transition and interest in alternative energy sources, increased investments in mining infrastructure, adherence to environmental regulations and a focus on sustainability, evolving supply chain dynamics and trade patterns, as well as ongoing infrastructure development and urbanization trends. Major trends expected in this forecast period include continued demand from the steel industry, technological advancements in steelmaking processes, economic growth and industrialization, global trade dynamics and supply chain evolution, and efforts towards environmental regulations and sustainability.

The anticipated surge in demand for steel is poised to drive the growth of the metallurgical coal market in the future. Steel, a resilient and durable metal composed of iron alloyed with varying amounts of carbon and often other metals, serves crucial roles in diverse industries. Metallurgical coal, also known as coking coal, is the primary carbon source integral to steel production, facilitating the necessary heat for ore melting and oxygen removal during combustion. The heightened demand for steel is evident in expanding infrastructure projects within the automotive industry for vehicles such as cars and trucks, as well as increasing manufacturing and industrial production for various industrial applications. According to the World Steel Association in November 2021, global steel demand is expected to rise by 0.4% to 1,840.2 Mt in 2022 and further increase by 2.2% in 2023 to reach 1,881.4 Mt. Global crude steel production has already seen an increase from 1,879 million tons in 2020 to 1,951 million tons in 2021. Consequently, the escalating demand for steel is a key driver propelling the growth of the metallurgical coal market.

The upward trajectory of investments in infrastructure development is anticipated to further fuel the growth of the metallurgical coal market. Infrastructure development involves planning, designing, financing, constructing, and maintaining physical and organizational structures essential for societal and economic functioning. Metallurgical coal plays a pivotal role in infrastructure development, serving as a crucial raw material in steel production, which is extensively used in construction projects. In April 2023, the World Bank reported a sustained recovery in infrastructure investments in low- and middle-income countries, with private participation in infrastructure (PPI) investments surging to $91.7 billion across 263 projects, marking a significant 23% increase compared to 2021. As a result, the increasing investments in infrastructure development are expected to drive the growth of the metallurgical coal market.

Technological advancements, particularly the adoption of 3D Mine visualizers, represent a prominent trend gaining traction in the metallurgical coal market. Major market players are actively developing innovative technologies such as 3D Mine visualizers to enhance their market positioning. 3D Mine visualizers involve the use of 3D software to create visual representations that offer real-time digital insights into mining operations, including features such as 3D geological models, ventilation simulation, real-time data monitoring, and emergency response. An illustrative example is the collaboration between Arvizio and Sight Power in March 2021, resulting in the introduction of the Immerse 3D solution. This solution enables the visualization of extensive mining operations, encompassing multiple miles or kilometers and multiple levels, in augmented reality, enhancing collaboration and visualization capabilities.

Major companies operating in the metallurgical coal market are directing their focus toward strategic investments, such as establishing hard-coking coal facilities, to meet the growing demand and expand their customer base. The development and enhancement of facilities dedicated to the extraction, processing, and production of hard coking coal, a specialized form crucial for steelmaking, exemplify strategic initiatives. In May 2022, Warrior Met Coal, Inc., a U.S.-based producer of hard coking coal, initiated the development of its Blue Creek reserves in Alabama, with an estimated investment ranging from $650 to $700 million over the next five years. This strategic investment aims to solidify Warrior's position as a leading U.S. producer of premium metallurgical coal, addressing the global steel industry's demand for high-quality coal products.

In November 2023, Glencore Plc, a Switzerland-based mining company, completed the acquisition of 77% of Elk Valley Resources (“EVR”) from Teck Resources Limited for US$6.93 billion. This strategic move positions Glencore to leverage the addition of world-class assets and a skilled workforce, enhancing its existing thermal and steelmaking coal production in Australia, Colombia, and South Africa. Elk Valley Resources (“EVR”) is a Canada-based subsidiary of Teck Resources Limited, primarily engaged in steel-making coal resources. The acquisition underscores Glencore's commitment to meeting the demand for coal products crucial to steel production.

Major companies operating in the metallurgical coal market report are Coal India Ltd., Anglo American Plc, Arch Coal Inc., Bharat Coking Coal Ltd., BHP Group plc, China Coal Energy Co Ltd., China Shenhua Energy Co Ltd., Coronado Global Resources Inc., Glencore Plc, Teck Resources Ltd., Vale SA, Raspadskaya, Alpha Natural Resources, SHANXI COKING COAL GROUP, Datong Coal Industry Company Limited, Peabody Energy Inc., Whitehaven Coal Ltd., Rio Tinto, Washington H. Soul Pattinson, Alliance Resource Partners LP, Warrior Met Coal Inc., Westmoreland Mining Holdings LLC, Foresight Energy Labor LLC, Prairie State Energy Campus, Hallador Energy Company, Armstrong Energy Inc., Beacon Coal Inc., Bluefield Coal Corporation, Cloud Peak Energy Inc., Consol Energy Inc., Drummond Company Inc., Excel Mining Systems Ltd., General American Coal Company, Hobet Mining LLC, International Coal Group Inc., Kopper-Gloster Coal Company, Liberty Steel Group N.V., Metinvest B.V., Mountaintop Mining Corporation, Murray Energy Corporation.

Asia-Pacific was the largest region in the metallurgical coal market in 2023. The regions covered in the metallurgical coal market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the metallurgical coal market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of metallurgical coal include hard coking coal (HCC), medium coking coal, semi-soft coking coal (SSCC), and pulverized coking injection (PCI) coal. Hard coking coal specifically refers to a type of metallurgical coal essential for producing strong coke. It is characterized by its high carbon content, low ash content, and high energy value. Metallurgical coal finds applications in various industries, including steelmaking and non-steelmaking sectors such as iron and steel, chemical and pharmaceutical, paper and pulp, and others.

The metallurgical coal market research report provides metallurgical coal market statistics, including metallurgical coal industry global market size, regional shares, competitors with a metallurgical coal market share, detailed metallurgical coal market segments, market trends and opportunities, and any further data you may need to thrive in the metallurgical coal industry. This metallurgical coal market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The metallurgical coal market consists of sales of steam coal and anthracite coal. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.