Charcoal Market Size and Key Trends in Terms of Volume and Demand in Coming Years

The rising demand for charcoal as a purification agent in water treatment plants and a metallurgical fuel in the mining and metal industry helped the charcoal market grow to $5,882.8 million in 2018. It is expected to advance at a CAGR of 1.9% during the forecast period (2019–2024). Charcoal is the black residue of carbon that is formed by the removal of water and other volatile components from biological materials such as wood. The slow heating of organic materials in the absence of oxygen produces charcoal.

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A major trend being observed in the charcoal market is the growing demand for the product for barbecue cuisine. To keep up with customers’ demand for innovative and unique dining experiences, the food industry is enthusiastically experimenting with barbecued food items. Developed nations, such as Germany and the U.S., have barbecued food as a tradition. This trend is now spreading to emerging economies, such as India and China. The smokiness and caramelized texture that charcoal adds to the food items is making the cooking technique popular among people, who are now increasingly opting for barbecued foods.

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The Organization for Economic Co-operation and Development reported that the global demand for water is estimated to increase over 50.0% in by 2050. To meet this huge demand, the purification of wastewater has already become imperative. For water purification purposes, Japanese white charcoal is being used, as it has chemical-eliminating properties and it also enriches the water with natural minerals. Chlorine, volatile organic compounds, and odor are removed from the water by activated charcoal filters. Further, the increasing shift toward clean and renewable energy resources, and technological innovations are aiding in the growth of the market.

It is used in the smelting of some particular types of bronze and brass. Apart from this, charcoal is used in the production of commercially viable ferroalloys, lead, steel, copper, aluminum, nickel, tin, cast iron, and some rare metals. Charcoal briquettes formed by the compression of biomass materials produce less ash and lower greenhouse gas emissions, which is why these are preferred over traditional fuels to fire up blast furnaces. Additionally, their remains can also be used as fertilizers. Therefore, the charcoal market is expected to grow due to the increasing demand for the product in the metallurgy industry.

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Segments of the market are region, type, and application. Based on region, the subdivisions are Asia-Pacific, Middle East and Africa, Latin America (LATAM), Europe, and North America. In 2017, the highest revenue share, of more than 45.0%, was accumulated by LATAM. The same year, Brazil was the largest market in LATAM for charcoal, with a revenue share of more than 65.0%. The factors responsible for the significant growth of the charcoal market in LATAM is the wide availability of charcoal, relatively lenient environmental regulations, and strong presence of metallurgy companies in different countries.

The application segment is further categorized into filtration, metallurgical fuel, industrial, barbecue, and others. Horticulture, art, pharmaceuticals, automotive, and medical constitute the ‘others’ category. The metallurgical fuel category dominated the charcoal market in 2017, accounting for more than 65.0% share in terms of value. The application of charcoal in the extraction of non-ferrous metals and sintering and smelting of iron ores are the driving factors for this market category.

Therefore, the market is expected to advance owing to the increasing demand for charcoal in the food, metallurgical and various other industries during the forecast period.

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This release was published on openPR.