LONDON--(BUSINESS WIRE)--The global coal to liquid (CTL) market is expected to post a CAGR of over 3% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The rising demand for clean fuel will be one of the major drivers in the global coal to liquid (CTL) market. Governments across the world are taking various initiatives to curb the growing CO2 emissions due to the increasing economic activities. Moreover, the decarbonization of the transportation, petrochemical, and chemical sectors will augment the adoption of CTL during the forecast period. This is because coal to liquid is a cleaner alternative, with virtually zero emissions of hazardous air pollutants, criteria pollutants, and mercury. Therefore, the rising need for clean fuel and environmental benefits of using CTL will boost the market growth during the forecast period.
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As per Technavio, the technological developments, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Coal to Liquid (CTL) Market: Growing Trend of Technological Developments in CTL Process
The increasing trend of technological developments will be one of the critical trends in the global coal to liquid market. The CO2 released from the CTL plants adversely impacts the environment and development of these plants involves high capital costs as well. Therefore, companies are carrying out various technological developments to make CTL plants economically feasible and environmentally friendly. The primary focus is on the development of small-scale modular CTL plants that will reduce the costs through the principle of mass production. Modular systems can take advantage of improvised reactor designs, reaction intensification, and advanced manufacturing methods for cost reduction and better performance. Such technological developments will allow plant owners to reduce the capital cost incurred for the building of CTL plants. These technological developed CTL plants are widely recognized by the end-users, which will boost market growth during the forecast period.
“Apart from the growing trend of technological developments, the increase in liquid fuel consumption and the rise in coal production are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Coal to Liquid (CTL) Market: Segmentation Analysis
This market research report segments the global coal to liquid (CTL) market by product (liquid fuels and chemicals) and geographical regions (APAC, Americas, and EMEA).
The APAC region led the market in 2018, followed by Americas and EMEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market. This is due to the growing demand for clean fuel and increasing coal production in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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