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Charcoal Market Growth, Market Strategies, Segmentation, Market Growth And Market Forecasts to 2023

09-04-2018 12:01 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: P&S Intelligence

Charcoal Market Growth, Market Strategies, Segmentation,

The global charcoal market is projected to reach $6,492.8 million by 2023. The market growth is primarily driven by the growing applications of charcoal as a metallurgical fuel in the smelting and sintering of iron ores, case hardening of steel, and production of pure silicon and ferro-silicon.

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the charcoal market is segmented into lump charcoal, charcoal briquettes, Japanese charcoal, sugar charcoal, and others. Others include various forms of activated charcoal. Lump charcoal held the largest revenue share in the market during the historical period and is estimated to contribute more than 67.0% share to the market in 2017. Lump charcoal burns more quickly, produces less ash, and achieves higher temperature as compared to other charcoal types. In addition, low cost and wide availability of lump charcoal have pushed its demand in the market.

the charcoal market is segmented into metallurgical fuel, barbecue, industrial, filtration, and others, where the category of “others” includes medical, pharmaceutical, horticulture, automotive, and art applications. Metallurgical fuel is estimated to contribute the largest revenue to the market in 2017, accounting for more than 65.0%. Charcoal is widely used for metallurgical applications, such as the smelting and sintering of iron ores, production of pure silicon and ferro-silicon, case hardening of steel, and extraction of non-ferrous metals.

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LATAM is estimated to contribute more than 45.0% revenue share to the charcoal market in 2017. The region is expected to continue holding the largest share in the market in the coming years, owing to the high growth of the exhaustive energy industry, such as the metallurgical industry, and the increasing production of cement. In value terms, lump charcoal accounted for the largest market share during the historical period because of its strong demand for iron and steel production in the region.

Asia-Pacific (APAC) is estimated to be the second-largest charcoal market in 2017, with a value share of more than 20.0%. The major growth driver for the market in the region is the increase in the use of sugar charcoal for the production of artificial diamonds. Increasing demand for synthetic diamonds in the region can be attributed to the growing use of artificial diamonds in industries such as jewelry, electronics, and mining.

Some of the major players operating in the global charcoal industry are Royal Oak Enterprises LLC, Maurobera SA, GRYFSKAND SP z o.o., Sagar Charcoal Depot, Parker Charcoal Company, NAMCHAR (Pty.) Ltd., Timber Charcoal Company LLC, Bricapar S.A.E., Duraflame Inc., and Kingsford Products Company LLC.

About P&S Intelligence

P&S Intelligence, a brand of P&S Market Research, is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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