Last Updated : 02 February 2012 at 16:05 IST
Global coal demand picking up on cooling economic crisis
The global coal industry, which experienced a prolonged spell of bleakness in 2008-09 due to the worldwide economic crisis is now finally looking up and providing a better outlook, according to New Report by Global Industry Analysts, Inc.
By Col. Ajay
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NEW YORK (Commodity Online): The global coal industry, which experienced a prolonged spell of bleakness in 2008-09 due to the worldwide economic crisis is now finally looking up and providing a better outlook, according to New Report by Global Industry Analysts, Inc.
According to the report, the global coal consumption is likely to reach 5,168 million tons of oil equivalent (MTOE) by 2015 as the demand is picking up on the back of huge appetite for thermal and metallurgical coal from emerging nations such as China and India, as well as resurgent demand from developed countries in the aftermath of the Japanese nuclear incident.
Coal, a low-cost and relatively abundant fossil fuel, is an important source of heat and energy. Recoverable coal reserves are present in about 70 countries across the globe, and coal mining is undertaken in about 52 countries.
Globally, coal is an important source of electricity generation, with coal and coal-derived fuels powering about 40% of the electricity generation worldwide. The percentage of dependence on coal for electricity generation is significantly higher than the global average in countries such as US, Poland, China and Australia and also the metallurgical or coking coal, a major component in steel manufacture.
The consolidation phase that began in 2011 in the global and in particular the US coal industry is expected to continue in the near term. Although the coal industry displayed resilience in the face of changing environmental policies in the near term, the shift towards eco-friendly and renewable energy sources in the developed economies is a concern for the industry in the long term.
The research report titled “Coal Industry: A Global Outlook” announced by Global Industry Analysts, Inc., provides a collection of statistical anecdotes, market briefs, and concise summaries of research findings.