Global Lignite Market 2020-2024| Increasing Adoption of CTL to Boost the Market Growth| Technavio
LONDON--(BUSINESS WIRE)--Nov 6, 2019--
The global lignite market size is expected to post a CAGR of over 1% during 2020-2024, according to the latest market research report by Technavio. Request a free sample report. However, the growth momentum of the market is expected to decelerate over the forecast period.
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Technavio has announced its latest market research report titled global lignite market 2020-2024. (Graphic: Business Wire)
Increasing demand for fertilizers will be a crucial factor influencing market growth during the forecast period. Lignite is oxidized by nitric acid in two stages, and the oxidized product is then ammoniated to produce coal-based fertilizers. The consumption of lignite is expected to increase proportionately with the increase in demand for fertilizers across the globe.
The demand for fertilizers in the APAC region is increasingly being supported by the diverse food requirements in emerging and densely populated countries including India and China. Farmers in these economies are continually making efforts to increase yield and quality of soil by experimenting with several soil nutrients. Thus, with the rising population and disposable incomes, the demand for food and agricultural commodities is likely to rise, which in turn, will boost the demand for lignite during the forecast period.
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As per Technavio, increasing the adoption of CTL will have a positive impact on market growth over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Lignite Market: Increasing Adoption of CTL
There has been an increasing demand for coal liquefaction or CTL due to the rising need for liquid fuels across the globe. CTL helps in the production of hydrocarbon liquids, including diesel, naphtha, and kerosene, which further can be used as a petrochemical feedstock or transportation fuel. The adoption of CTL-derived products has increased across various sectors due to environmental benefits over conventional liquid fuels such as diesel and gasoline. Furthermore, the growth in liquid fuel consumption in emerging economies is increasingly being driven by economic improvements and rising per capita income. Thus, the rising consumption of liquid fuels will drive the growth of global lignite market during the forecast period.
“Apart from the increasing adoption of CTL, other factors such as the advances in mining industry, rise in global energy demand, and the relatively lower prices of lignite are expected to boost the lignite market during the forecast period, ” says a senior analyst at Technavio.
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Lignite Market: Segmentation Analysis
This market research report segments the lignite market by application (power generation, syngas generation, and others) and geography (APAC, EMEA, and the Americas).
APAC led the market in 2019, followed by EMEA and the Americas, respectively. The demand for lignite in APAC is expected to grow steadily during the forecast period, owing to the increasing consumption for power generation in the emerging economies including India and China. Furthermore, various Southeast Asian economies are developing innovative coal-fired power plants deploying high-efficiency, low emission (HELE) technologies, which will further boost the lignite market during the forecast period.
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Some of the key topics covered in the report include:
Five Forces Analysis
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KEYWORD: CHINA INDIA ASIA PACIFIC
INDUSTRY KEYWORD: OTHER MANUFACTURING CHEMICALS/PLASTICS COAL ALTERNATIVE ENERGY MANUFACTURING OTHER NATURAL RESOURCES ENERGY MINING/MINERALS AGRICULTURE NATURAL RESOURCES
SOURCE: Technavio Research
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PUB: 11/06/2019 08:00 PM/DISC: 11/06/2019 08:00 PM