Lignite Market by Application and Geography - Forecast and Analysis 2020-2024
Global Lignite Market: About this market
Technavio’s lignite market analysis considers sales from power generation, syngas generation, and other applications. Our report also finds the sales of lignite in APAC, EMEA, and the Americas. In 2019, the power generation segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as rising global demand for power and the low cost of lignite will play a significant role in the power generation segment to maintain its market position. Also, our global lignite market report looks at factors such as the rise in global energy demand, relatively low price of lignite, and increasing demand for fertilizers. However, competition from alternative energy sources, stringent regulations on carbon emissions, and declining investments in the coal industry may hamper the growth of the lignite industry over the forecast period.
Global Lignite Market: Overview
Increasing demand for fertilizers
With the increasing population and rising disposable incomes, the need for food and agricultural commodities have increased. To cater to this growing demand for food, farmers in various countries are making efforts to improve the yield and quality of the soil by experimenting with several soil nutrients. Lignite is widely used in the production of fertilizers. Lignite is oxidized by nitric acid in two stages, which are then ammoniated to produce coal-based fertilizers. This demand for fertilizers leads to the expansion of the global lignite market at a CAGR of over 1% during the forecast period.
Increasing adoption of CTL
The popularity of the CTL or coal liquefaction process for converting coal into liquid hydrocarbons is because it can be used as a petrochemical feedstock and transportation fuels and in the production of lubricants, synthetic waxes, and chemicals. The popularity of CTL or coal liquefaction process for converting coal into liquid hydrocarbons, such as diesel, naphtha, and kerosene is growing. The environmental benefits of CTL-derived products over conventional liquid fuels will further fuel its adoption in various sectors across the world. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global lignite market during the forecast period 2020-2024, click here.
With the presence of several major players, the global lignite market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading lignite manufacturers, that include ALLETE Inc., China Shenhua Energy Co. Ltd., EP Power Europe AS, JSC Siberian Coal Energy Co., Lanna Resources Public Co. Ltd., Lignitiki Megalopolis SA, NACCO Industries Inc., NLC India Ltd., PT Bukit Asam Tbk, and RWE AG.
Also, the lignite market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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