The coal to liquid fuel market size was valued at $3.4 billion in 2021, and coal to liquid fuel industry is estimated to reach $7.7 billion by 2031, growing at a CAGR of 8.7% from 2022 to 2031. Coal-to-liquid (CTL) fuel is a process of converting coal into liquid fuel that can be used in transportation and other applications. The process typically involves gasification of coal to produce a synthesis gas (syngas) consisting of carbon monoxide and hydrogen, which is then converted into liquid fuels such as diesel or gasoline through a series of chemical reactions.
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CTL fuel has several advantages over conventional crude oil-based fuels. For example, it can be produced domestically from abundant coal reserves, reducing dependence on foreign oil imports. Additionally, CTL fuel can be produced from lower-grade coal that is not suitable for use in power plants, thus increasing the overall efficiency of coal usage.
The major companies profiled in this report includes Sasol Energy, Cleanse Corporation, Shenhua Group, Yitai Coal OIl Manufacturing Co. Ltd., Jincheng Anthracite Mining Co., Ltd., Shanxi Lu’an Co. Ltd., Bumi Plc, Envidity Energy Inc., Altona Energy, DKRW Energy, and Monash Energy.
Increase in dependency on natural gas and crude oil to produce transportation fuels along with stagnant or slowly declining reserves as per the current industry scenario is the key factor responsible for the CTL technology implementation.
The rise in the costs of crude oil or natural gas processing is further projected to drive demand for the CTL process. Technological advancements coupled with sustained growth of the liquid fuels demand for transportation are the key factors driving the global CTL market.
In the current industry scenario, there are twenty active CTL facilities across the globe. With a rise in gas prices, the substitution of natural gas from dry coal, to be used in natural gas-fired power generation facilities, seems to be significantly economical.
The coal liquefaction market also has certain restraints. These include environmental pollution if coal is burned in the atmosphere. Coal liquefaction may cause health problems and optimum air quality issues if handled inappropriately.
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Risk associated with soil and water contamination in the process of coal liquefaction is high. High capital investment in setting up liquefaction plants and technology implementation are also hampering the coal to liquid fuel market growth.
On the basis of technology, the market is segmented into direct liquefaction and indirect liquefaction. In addition, on the basis of application, the market is segmented into transportation fuel, cooking fuel, and others.
Asia-Pacific accounts for the largest coal to liquid fuel market share, followed by North America, Europe, and LAMEA.
China is the leading country in the global CTL industry with the maximum number of actively operating projects, i.e., eight as of the total plants in the world. Companies involved in the development or operation maintenance of these projects include Shenhua Group (Erdos, Inner Mongolia); Yitai Coal Oil Manufacturing Co., Ltd. (Ordos, Zhungeer); Jincheng Anthracite Mining Co., Ltd. (Jincheng); Shanxi Lu’an Co. Ltd. (Lu’an); Yitai Yili Energy Co. (Yili); Yitai (the Ordos, Zhungeer-Dalu and Guanquanbao, Urumqi); and Shenhua Group Corp. Ltd. (Yinchuan, Ningxia).
Impact of Covid-19
The global COVID-19 pandemic has negative impact on the coal to liquid fuel market. The pandemic outbreak has not only caused infections and deaths but also created havoc in the global economy.
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Mining companies have been severely affected by the pandemic outbreak. Global restrictions to encourage social distancing have negative impact on mining and construction projects, which have either slowed or put on hold for further notice.
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