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The lignite market size is forecast to increase by USD 4.57 billion and is estimated to grow at a CAGR of 2.05% between 2023 and 2028. The report includes historic market data from 2018-2022. The market is witnessing a growing demand for improvements in ash-handling technologies, the increasing adoption of advanced technology in the mining industry, and the increasing adoption of CTL.
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The increasing adoption of CTL is the primary trend shaping market growth. CTL, or coal liquefaction, is the process of converting coal into liquid hydrocarbons. Direct liquefaction and indirect liquefaction are the two different CTL conversion processes that exist. CTL results in the production of hydrocarbon liquids, such as diesel, naphtha, and kerosene, which can be used as a petrochemical feedstock or as transportation fuels. These products can be further used in the production of lubricants, synthetic waxes, and chemicals. The adoption of CTL-derived products has increased across various sectors around the world because of their environmental benefits over conventional liquid fuels, such as diesel and gasoline.
Moreover, the increasing demand for CTL is due to the rising need for liquid fuels across the globe. The growth in liquid fuel consumption in developing countries is driven by economic improvements and rising per capita income. Furthermore, coal (including lignite) contributes to fulfilling the demand for liquid fuels. Lignite can be converted into liquid fuels, such as diesel. Therefore, the rise in the consumption of liquid fuels is expected to drive the growth of the global lignite market during the forecast period.
The power generation segment is estimated to witness significant growth during the forecast period. Rapid urbanization and industrialization across the globe have led to a significant rise in global electricity demand. Coal-fired power generation is a method in which electricity is generated through the combustion of coal. Traditional coal-based power plants are being replaced by more efficient technologies like co-generation and combined heat and power (CHP) technologies, which are being adopted by coal-based power plants.
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Furthermore, clean coal technologies are employed to increase the efficiency of steam coal-based power plants and reduce the environmental impact of coal-based power generation by reducing carbon dioxide and other toxic emissions. Besides, as lignite is comparatively cheaper than sub-bituminous, bituminous, and anthracite, lignite has a high potential for use in coal-fired power generation. Hence, the rise in global demand for power and the low cost of lignite are likely to drive the power generation segment of the global lignite market during the forecast period.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Source
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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