Coal to Liquid (CTL) Market By Technology Type (Indirect Liquefaction, Direct Liquefaction); By End-User Application (Transportation Fuels, Power Generation, Industrial Fuels, Petrochemicals); By Region (North America, Asia Pacific, Europe, LAMEA), Segment Revenue Estimation, Forecast, 2024–2030

1. Introduction and Strategic Context

The Global Coal To Liquid Market is poised to experience significant growth, with a CAGR of 5.8% , valued at approximately USD 10.1 billion in 2024 , and expected to reach USD 15.6 billion by 2030 , according to Strategic Market Research. The CTL process, which converts coal into liquid hydrocarbons like synthetic fuels, has garnered attention for its potential to address energy security, especially in countries rich in coal resources but with limited access to crude oil.

 

This market's strategic importance lies in its ability to provide an alternative to conventional petroleum-derived fuels, especially amidst fluctuating global oil prices and the ongoing push for energy independence. The growing demand for liquid fuels in industries like transportation, power generation, and manufacturing, combined with rising coal production in key markets, ensures a steady demand trajectory.

 

As of 2024, coal remains a significant global energy source, particularly in countries like China, India, and the U.S. However, concerns over environmental impact and carbon emissions remain key challenges. The push towards cleaner technologies and the development of carbon capture and storage (CCS) systems is expected to mitigate environmental concerns and enhance market adoption.

 

Key stakeholders in this space include coal mining companies , energy producers , oil and gas majors , and governments promoting energy security and cleaner alternatives. Investment in research and development (R&D) for more efficient and sustainable CTL technologies is essential to the market’s future growth.

 

2. Market Segmentation and Forecast Scope

The Coal to Liquid (CTL) market is segmented across various dimensions, including technology type , end-user applications , region , and production capacity . These segments reflect the diverse factors driving CTL adoption, including technological advancements, economic considerations, and regional energy security needs.

By Technology Type

• Indirect Liquefaction (Fischer- Tropsch Synthesis) : The most common method used in CTL, this involves gasifying coal into syngas and then converting it into liquid fuels via Fischer- Tropsch synthesis. This process is highly efficient and can produce a wide range of liquid fuels. Indirect liquefaction holds the largest market share, expected to grow rapidly, especially in emerging economies seeking energy security.

• Direct Liquefaction : A relatively newer technology compared to indirect liquefaction, this involves directly converting coal into liquid hydrocarbons under high pressure. While it’s less common due to the complexity and cost of the process, direct liquefaction’s appeal lies in its ability to produce higher-value chemicals and fuels.

Indirect liquefaction is expected to account for approximately 75% of the CTL market in 2024, with this share projected to remain dominant due to its proven efficiency and scalability.

By End-User Application

• Transportation Fuels : The CTL market’s largest application, as synthetic fuels derived from coal are utilized in various forms of transportation, including road vehicles , aircraft , and marine vessels . The transportation sector’s dependence on liquid fuels and the increasing demand for energy security in regions like Asia-Pacific ensures this segment’s growth.

• Power Generation : In regions with abundant coal resources, CTL technology is being explored to produce fuels for power generation. This application is expected to see moderate growth but could play a more significant role in regions looking to diversify energy sources away from traditional coal-fired power plants.

• Industrial Fuels : The chemical industry and other manufacturing sectors are increasingly using CTL-derived fuels and chemicals for processes that require liquid hydrocarbons. This segment is projected to grow steadily due to the rising need for synthetic feedstocks and fuels.

The transportation fuels segment holds the highest market share in 2024 , making up over 50% of the total market, with substantial growth expected throughout the forecast period.

By Region

• North America : Currently a leader in CTL development, particularly in the U.S., where the energy security push has led to significant investments in CTL projects. Despite the focus on renewable energy sources, CTL remains a viable option for some applications. The U.S. is expected to continue its market leadership, especially with advancements in direct liquefaction technologies.

• Asia Pacific : The fastest-growing market, driven by countries like China and India, which are major coal producers. The rapid industrialization and the need to reduce dependency on imported crude oil make CTL a strategic option for these nations. China, in particular, is exploring large-scale CTL plants, and the market share in Asia Pacific is expected to grow significantly during the forecast period.

• Europe : Though the European market for CTL is relatively smaller, there is increasing interest due to the region's focus on diversifying energy sources and reducing reliance on fossil fuel imports. Investments in carbon capture technologies will help improve the environmental profile of CTL in Europe.

In 2024 , Asia Pacific is projected to capture the largest regional market share, accounting for approximately 45% , with North America trailing at 30% .

 

3. Market Trends and Innovation Landscape

The Coal to Liquid (CTL) market is evolving rapidly, influenced by advancements in technology, regulatory changes, and shifting market dynamics. Key trends are emerging in production technologies , sustainability efforts , and market applications .

Technological Advancements in CTL

• Carbon Capture and Storage (CCS) : As global concerns about carbon emissions mount, the development of carbon capture technologies is paramount for the long-term viability of CTL. Many companies are integrating CCS into their operations to mitigate the carbon footprint of synthetic fuels. This technology is particularly crucial in the Indirect Liquefaction process, where CO2 emissions are significant. With growing regulatory pressures and stricter emissions standards, investments in CCS technologies are expected to increase, which could enhance CTL’s market adoption in regions with stringent environmental policies.

• Improved Efficiency through AI and Automation : New developments in artificial intelligence (AI) and automation are helping optimize CTL plant operations. AI algorithms can monitor and improve processes such as gasification, syngas production, and Fischer- Tropsch synthesis. This results in better yield efficiency, reduced costs, and lower environmental impact. AI is expected to play a significant role in the future of CTL plants, particularly in automating the optimization of operating conditions and resource management.

• Advances in Catalysts and Materials Science : The development of more effective catalysts for the Fischer- Tropsch process is critical for improving the economic and environmental performance of CTL technology. Researchers are exploring new materials that could enhance catalyst performance, reduce energy consumption, and lower operating costs. These advancements are expected to make CTL processes more competitive compared to traditional oil refining methods.

Sustainability and Clean Energy Transition

• Renewable Energy Integration : While coal remains a primary resource for CTL, there is increasing pressure to integrate renewable energy sources into the production process. Hybrid CTL plants , which combine coal with renewable energy inputs like solar or wind, are gaining traction. By utilizing renewable electricity to power certain aspects of the CTL process, these plants could significantly reduce carbon emissions, making them more attractive in markets with stringent environmental regulations.

• Sustainable Fuel Products : As demand for cleaner fuels grows, CTL companies are focusing on producing sustainable aviation fuels (SAFs) and biofuels from coal. These fuels are considered lower-carbon alternatives for aviation and heavy-duty transport, sectors that are difficult to decarbonize using traditional renewable energy sources. This trend aligns with global decarbonization goals and is expected to expand in markets with high aviation demand, such as North America and Europe.

Strategic Mergers and Partnerships

• Collaborations for Technological Development : Several strategic partnerships are being formed between CTL technology developers , energy companies , and research institutions . For instance, collaborations with universities and R&D centers are accelerating advancements in direct liquefaction technologies and improving feedstock efficiency . Joint ventures between energy majors and governments are also supporting large-scale pilot projects aimed at scaling up CTL technology in key coal-producing countries like China and India.

• Government Funding and Incentives : Governments worldwide are recognizing the strategic value of CTL for energy security and economic development. Subsidies , tax incentives , and investment in R&D are being offered to stimulate innovation and bring down the high initial costs associated with CTL plants. In regions like Asia-Pacific and Africa, where coal is abundant, these government incentives are crucial for supporting CTL as a long-term energy solution.

As global regulatory frameworks around emissions tighten, CTL companies that are able to adopt and innovate within clean energy paradigms will likely gain a competitive edge. Companies that integrate sustainable practices, especially CCS and renewable energy integration, will set the stage for future market dominance.

 

4. Competitive Intelligence and Benchmarking

The Coal to Liquid (CTL) market is characterized by a mix of established energy majors , emerging players , and technology innovators that are shaping the competitive landscape. These companies differentiate themselves through a combination of technology leadership , strategic partnerships , and regional market penetration .

Key Players in the CTL Market

• Royal Dutch Shell : Shell is one of the leading players in the CTL market, known for its Fischer- Tropsch technology used in synthetic fuels production. Shell's extensive experience in natural gas and synthetic fuel development positions it as a major player in scaling CTL solutions globally. Their investment in carbon capture technologies is helping reduce the environmental impact of their CTL operations. Shell is also exploring hybrid plants that incorporate renewable energy for a cleaner production process.

• China National Petroleum Corporation (CNPC) : CNPC, along with its subsidiary China Petroleum & Chemical Corporation (Sinopec) , plays a significant role in the CTL market in China. The country’s abundant coal reserves make CTL a viable energy alternative for its growing fuel demand. CNPC’s investments focus on direct liquefaction technologies and large-scale CTL plants . Their government-backed initiatives ensure a competitive advantage in China's transition towards energy security.

• Peabody Energy : As one of the world’s largest coal producers, Peabody Energy is increasingly diversifying into coal-based liquid fuels production. The company focuses on indirect liquefaction and has formed strategic alliances with global energy companies to explore CTL deployment in regions with abundant coal reserves, especially in North America and Australia.

• ExxonMobil : Known for its research into cleaner CTL technologies, ExxonMobil is investing heavily in improving syngas production efficiency and catalyst innovations . ExxonMobil is also exploring co-firing options where coal and biomass are used together in CTL processes, allowing for a cleaner output. The company’s efforts are also directed at scaling sustainable aviation fuels and biofuels , derived from CTL processes, which are becoming more appealing as the aviation sector pushes for lower-carbon fuels.

• Sasol Limited : A significant player in the CTL space, Sasol has extensive experience in Fischer- Tropsch synthesis and direct liquefaction methods. Sasol’s integrated approach allows for vertical integration across the CTL value chain, including coal mining, fuel production, and chemical processing . Sasol has also been active in joint ventures with both government and private sectors to develop and scale CTL technologies in South Africa and beyond.

Competitive Strategies and Market Positioning

• Innovation in Environmental Technology : Companies leading in the CTL market are prioritizing cleaner technologies . This includes the integration of CCS (Carbon Capture and Storage) to meet global emission standards, as well as developing hybrid CTL plants that use renewable energy sources . These innovations help reduce the carbon footprint of the CTL process, aligning with growing regulatory demands for cleaner energy.

• Vertical Integration and Infrastructure Development : Several players, like Sasol and Peabody Energy , are pursuing vertical integration , which allows them to control the entire CTL value chain from coal extraction to liquid fuel production. This provides them with greater control over production costs and operational efficiency, while also improving their competitiveness in the market.

• Strategic Partnerships : Collaboration between technology developers and energy giants is becoming a key trend. Companies like ExxonMobil and Shell are investing in joint ventures with technology startups and research institutions to advance direct liquefaction technologies and improve the efficiency of Fischer- Tropsch processes . These partnerships help accelerate innovation and speed up the commercial rollout of CTL technologies.

• Geographic Expansion : Players in the CTL space are targeting high-potential markets like Asia Pacific , where coal is abundant, and there is a high demand for alternative liquid fuels. Companies like CNPC and Sasol are expanding their footprint in these regions by focusing on developing large-scale CTL facilities, especially in countries like China and India , where the demand for energy security is critical.

As the market continues to grow, success in the CTL space will rely not only on technological innovation but also on the ability to navigate regulatory landscapes, manage costs, and create strategic partnerships. Companies that can lead in clean technology and sustainability will be the dominant players in the coming decade.

 

5. Regional Landscape and Adoption Outlook

The Coal to Liquid (CTL) market exhibits significant regional variations, driven by factors such as coal availability , energy security concerns , technological adoption , and regulatory frameworks . The market is gaining momentum in Asia Pacific , North America , and Africa , while Europe remains a more conservative adopter. Here's a closer look at the adoption and growth trends in each region.

North America

North America holds a steady position in the CTL market due to its abundant coal resources , particularly in the United States, and its ongoing efforts to explore alternatives to conventional oil-derived fuels.

• U.S. : The United States remains a significant player in the CTL market, with companies like Peabody Energy and ExxonMobil driving research and development in indirect liquefaction and carbon capture technologies . Despite a growing focus on renewable energy , CTL offers a complementary solution for energy security , especially for transportation fuels. However, stringent environmental regulations and high production costs remain obstacles.

• Canada : The Canadian market for CTL is growing, driven by the oil sands industry and government initiatives that encourage alternative fuel sources. Canada's regulatory environment is more favorable to energy innovation, with various incentives provided for cleaner technologies like carbon capture and storage (CCS) , which are crucial for CTL adoption.

• Mexico : Mexico has yet to fully embrace CTL, but its energy policy, which focuses on increasing energy independence , presents an opportunity for CTL technology development, particularly as the country looks to diversify its fuel sources.

In 2024, North America is expected to account for 30% of the global CTL market share, with continued growth driven by innovation in cleaner CTL technologies and regional energy policies.

Asia Pacific

Asia Pacific is the fastest-growing region for the CTL market, driven by countries like China , India , and Australia , which have vast coal reserves and increasing energy demands.

• China : As the world's largest coal producer and consumer, China is investing heavily in CTL technologies to meet its energy security needs . The Chinese government has been funding large-scale CTL projects , especially in the Inner Mongolia region, to reduce its dependency on imported oil. Direct liquefaction technologies are also being explored as part of the nation's strategy to diversify its energy mix.

• India : India, with its rapidly growing economy and industrial base, is turning to CTL as a means to reduce dependence on foreign crude . The government's push for energy independence and the development of large-scale coal-based liquid fuel plants will continue to drive growth in India.

• Australia : Australia, with its vast coal resources, is an emerging market for CTL. While the country is focusing more on renewable energy, the economic importance of coal ensures that CTL remains a strategic alternative for specific industries, particularly for power generation.

Asia Pacific is projected to capture the largest regional market share , expected to reach 45% by 2024. The rapid growth of industrialization, particularly in China and India, along with their commitment to energy security, ensures the region remains the focal point for CTL development.

Europe

Europe remains a conservative adopter of CTL due to its strong commitment to renewable energy and stringent carbon emissions regulations. However, there are still pockets of opportunity , particularly in Eastern Europe and for niche applications like synthetic aviation fuels .

• Germany and the UK : Both countries are highly focused on decarbonization , and CTL is viewed as a less sustainable option. However, research into cleaner CTL technologies with integrated carbon capture is gaining traction, particularly in the context of alternative fuels for the aviation industry.

• Eastern Europe : Countries like Poland and Ukraine , with their abundant coal reserves, may increasingly look to CTL technologies to enhance energy security while diversifying their fuel mix. However, the lack of infrastructure and high costs could delay widespread adoption.

In 2024, Europe is expected to account for 20% of the CTL market share, with the highest growth potential seen in Eastern Europe, where energy security remains a priority.

Latin America, Middle East, and Africa (LAMEA)

The LAMEA region is less developed in terms of CTL adoption, but it is an emerging market with significant potential due to its reliance on coal reserves and the growing interest in alternative energy solutions.

• South Africa : South Africa has significant experience in CTL through Sasol , a global leader in the technology. The country remains one of the few to have successfully integrated CTL into its energy infrastructure , and Sasol’s technology is helping the region develop new CTL plants.

• Brazil and Argentina : Both countries are exploring CTL as part of their strategy to reduce fuel imports and develop alternative fuel sources. However, high costs and lack of infrastructure pose challenges.

• Middle East : The Middle East remains heavily reliant on oil and natural gas, but some countries, such as Saudi Arabia , are beginning to explore CTL technology to diversify their energy mix and reduce dependency on crude oil for domestic consumption.

In 2024, LAMEA is expected to capture around 15% of the global CTL market, with the highest growth coming from South Africa and potential expansion in Brazil and Saudi Arabia .

In summary, the regional adoption of CTL technologies will be influenced by factors like coal availability , energy security needs , and government policies . Asia Pacific will dominate the market in the coming years, but North America, Europe, and LAMEA will continue to contribute to growth, with each region facing its own set of opportunities and challenges.

 

6. End-User Dynamics and Use Case

The Coal to Liquid (CTL) market serves a diverse set of end users , each with specific needs and objectives. From large industrial power plants to aviation and automotive industries, the range of CTL applications is broad. This section explores how different end users are adopting CTL technologies and the use cases that highlight the value of CTL in various sectors.

End-User Segmentation

• Transportation Sector : The primary end-user of CTL-derived fuels is the transportation industry , which relies on liquid fuels for both road and air transport. The growing demand for synthetic diesel , jet fuel , and gasoline derived from CTL is driven by energy security concerns and the desire to reduce reliance on crude oil imports.

• Aviation : With the rising need for sustainable aviation fuels (SAFs) , CTL is emerging as a viable option for the aviation industry, especially in regions like Asia Pacific and Africa , where energy security and oil price volatility are concerns. Airlines are increasingly looking for alternatives to petroleum-based aviation fuels, and CTL provides an energy-secure solution for countries seeking to develop domestic aviation fuel supply chains .

• Automotive : The automotive sector is also a significant consumer of CTL-derived synthetic fuels. This is particularly true in markets like China and India , where rising fuel demands are met with an increasing focus on CTL as an alternative. These fuels are used to power commercial vehicles , including trucks and buses, in addition to passenger cars.

• Power Generation : While CTL is traditionally associated with fuel production, there is also growing interest in using CTL-derived synthetic fuels for power generation . Large-scale CTL plants, especially those in regions with abundant coal resources, can provide reliable electricity generation solutions while reducing the dependency on natural gas or imported fuel.

• Chemical and Industrial Applications : The chemical industry is a key adopter of CTL, where the conversion of coal into liquid hydrocarbons provides raw materials for petrochemical production , including plastics , fertilizers , and synthetic rubbers . CTL technology, particularly indirect liquefaction, allows for the creation of various feedstocks that are essential for manufacturing industries.

Use Case Highlight: A South African CTL Facility

A major use case of CTL technology is observed in South Africa , where Sasol , a global leader in CTL, operates several facilities. Sasol's CTL plants in South Africa provide a successful example of coal-to-liquid fuel conversion , offering a variety of liquid fuels, including diesel , kerosene , and synthetic gasoline . These fuels are critical to both domestic energy needs and international exports, especially to markets like Europe and Asia .

The Sasol facility has been integral to South Africa’s energy security strategy , ensuring a stable supply of synthetic fuels despite global oil price fluctuations. Moreover, Sasol has also incorporated carbon capture and storage (CCS) technology into its CTL operations, significantly reducing the environmental impact of its production processes.

This facility’s ability to produce low-sulfur fuels has positioned it as a sustainable energy provider in a country that is traditionally reliant on coal for electricity generation. The adoption of CTL technologies in South Africa not only addresses domestic fuel needs but also offers a replicable model for other coal-rich countries seeking to diversify their energy sources.

In regions like South Africa, CTL has enabled a closed-loop energy system , where coal resources are converted into liquid fuels that support power generation, transport, and industrial needs—effectively addressing both energy security and fuel supply challenges.

 

7. Recent Developments + Opportunities & Restraints

The Coal to Liquid (CTL) market has seen notable developments in the last two years, with advancements in technology, strategic partnerships, and investments driving its evolution. However, several opportunities and restraints continue to shape the future of the market.

Recent Developments (Last 2 Years)

1. ExxonMobil’s Expansion in CTL Technology: In 2024, ExxonMobil announced a new partnership with academic institutions and energy companies to advance direct liquefaction technology. The collaboration aims to improve the cost-efficiency and scalability of CTL processes, with a focus on reducing carbon emissions by incorporating carbon capture and storage (CCS).

2. China's CTL Plant Launch: In 2023, China National Petroleum Corporation (CNPC) commissioned a new CTL facility in Inner Mongolia, one of the world’s largest such plants. This plant uses indirect liquefaction to produce synthetic fuels, particularly diesel and jet fuel, aimed at reducing China’s dependence on imported oil. This move strengthens China's position in the CTL market, focusing on energy security and reducing the impact of volatile global oil prices.

3. Sasol’s Innovation in Sustainable CTL: Sasol Limited unveiled an updated CTL production facility in South Africa in 2024, which incorporates renewable energy sources in the production process. By integrating wind and solar energy into the CTL plant operations, Sasol aims to reduce its carbon footprint and create sustainable aviation fuels (SAFs) from coal.

4. Global Carbon Capture Initiatives: The launch of several government-backed carbon capture initiatives in regions like North America and Europe is helping CTL companies adopt CCS technologies more efficiently. These initiatives are part of broader national efforts to reduce greenhouse gas emissions, providing CTL operators with financial incentives and support for sustainable fuel production.

5. India’s Coal-to-Liquid Pilot Program: The Indian government, through state-owned Coal India Limited (CIL), launched a pilot program in 2024 to explore the potential of CTL technologies for producing synthetic fuels. The project aims to assess the feasibility of scaling CTL technology as a long-term solution to India’s growing energy demands, particularly in the transportation and power generation sectors.

Opportunities

1. Emerging Markets and Energy Security: Countries in Asia Pacific, Africa, and Latin America, especially those with abundant coal reserves, present high growth opportunities for CTL adoption. Nations like India, China, and South Africa are increasingly exploring CTL as a means of reducing dependency on oil imports and enhancing energy security. The shift towards domestic fuel production will drive demand for CTL technologies, particularly for transportation and power generation applications.

2. Sustainable Aviation Fuels (SAFs): With the aviation industry facing pressure to reduce its carbon emissions, CTL-derived sustainable aviation fuels are gaining attention as a cleaner alternative to traditional jet fuel. The continued development of low-emission CTL technologies, including carbon capture and renewable energy integration, will be key to meeting aviation’s decarbonization goals. This growing market for SAFs presents a significant opportunity for CTL operators to diversify their product offerings.

3. Carbon Capture and Storage (CCS) Integration: As governments implement stricter environmental regulations, there is a substantial opportunity for CTL companies to invest in CCS technologies. By integrating CCS into CTL operations, companies can reduce their carbon emissions and align with green energy goals, potentially opening doors to government incentives and public-private partnerships.

Restraints

1. High Capital and Operational Costs: The initial capital investment required for setting up CTL plants remains high, primarily due to the complex technology involved in converting coal into liquid hydrocarbons. Additionally, the operational costs of running CTL plants, including maintenance and energy consumption, can make it difficult for smaller players or countries with limited budgets to adopt the technology at scale. Cost-effectiveness remains a challenge for many markets, particularly in regions with limited access to capital.

2. Environmental Concerns: Despite technological advancements like carbon capture, CTL still faces significant environmental scrutiny. The process of converting coal into liquid fuels inherently involves high carbon emissions, making it difficult for CTL technologies to align with global sustainability targets. Additionally, the growing focus on renewable energy sources and electric vehicles (EVs) presents a competitive threat to the long-term viability of CTL in the global energy landscape.

3. Technological Challenges in Direct Liquefaction: While indirect liquefaction is well-established, direct liquefaction technologies are still in the early stages of development. The difficulty in scaling this process efficiently and economically remains a major barrier to its widespread adoption. Moreover, the technology's complexity, combined with high feedstock costs, presents challenges in making it commercially viable without significant technological breakthroughs.

4. Regulatory and Policy Uncertainty: Regulatory frameworks for CTL vary widely across regions, and in some areas, the lack of clear policies and financial incentives can hinder market growth. Carbon emissions regulations, renewable energy mandates, and oil price volatility may impact the feasibility of large-scale CTL projects, particularly in regions where the regulatory environment is uncertain.

Despite these challenges, the CTL market remains a critical player in global energy strategies, particularly for countries seeking to bolster their energy independence and reduce reliance on imported oil. Companies that focus on improving the sustainability of their CTL processes and adapt to evolving regulatory landscapes will find significant growth opportunities in the coming decade.

 

7.1. Report Coverage Table

The Coal to Liquid (CTL) market report provides an in-depth analysis of market size, trends, opportunities, and challenges, focusing on global and regional dynamics. Below is a breakdown of key attributes covered in this report.

Report Attribute	Details
Forecast Period	2024 – 2030
Market Size Value in 2024	USD 10.1 Billion
Revenue Forecast in 2030	USD 15.6 Billion
Overall Growth Rate	CAGR of 5.8% (2024 – 2030)
Base Year for Estimation	2023
Historical Data	2019 – 2023
Unit	USD Million, CAGR (2024 – 2030)
Segmentation	By Technology Type, By End-User Application, By Region
By Technology Type	Indirect Liquefaction, Direct Liquefaction
By End-User Application	Transportation Fuels, Power Generation, Industrial Fuels, Chemical and Petrochemical Industries
By Region	North America, Asia Pacific, Europe, LAMEA
Country Scope	U.S., China, India, South Africa, Brazil, Australia, and others
Market Drivers	Energy security, demand for alternative fuels, technological advancements, regulatory support
Customization Option	Available upon request

This report includes all essential details regarding the Coal to Liquid (CTL) market from market size and growth forecasts to segmentation analysis by technology, end-user, and region. It offers a comprehensive look at the strategic landscape for stakeholders in the CTL industry.