Press release
Global Industrial and Bar-b-que Charcoal Market is estimated to surpass US$5.4 Bn by 2025: TMR
According to TMR, a US$4.5 bn valuation had been secured by the global industrial and bar-b-que charcoal market in 2017. Furthermore, the market has been anticipated to register a 2.4% CAGR between 2017 and 2025 to collect revenue worth a US$5.4 bn by the final forecast year. In terms of product, it could witness the rise of lump charcoal predicted to expand at the same CAGR. Regionally, Latin America has been foretold to take a king’s share of the market while reaching to a US$2.4 bn valuation by 2025.
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Role of Charcoal as Industry Fuel to Push Demand in Future
The world industrial and bar-b-que charcoal market has been projected to enhance its growth on the back of increasing engagement of charcoal as an industry fuel. However, the role of charcoal is not limited to just industry fuel, it could also be used in a number of applications as a household and domestic fuel. In the iron and steel industry, charcoal finds important application related to the refining and extraction of metals. In the metallurgy industry, it could be used for smelting and casting purposes. In the cement industry, it finds application as a fuel.
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Charcoal finds the role of a fuel and property enhancer in Brazil, which is one country reputed to be a giant pig iron manufacturer across the world. Moreover, charcoal-based industries have already expanded in several other countries.
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Market to Face Brunt of Substitution of Charcoal with Coke
The idea of using mineral coals, viz. coke instead of charcoal has been forecast to put a negative impact on the growth of the international industrial and bar-b-que charcoal market in the coming years. Nevertheless, charcoal could regain its significance because of excessive carbon dioxide emissions of coke and other shortcomings. Moreover, it could find demand due to its role as a novel industrial fuel with sustainable qualities. Manufacturers could use it as a substitute to fuel oil and mineral coal. With its vital attributes and applications, charcoal briquette has been prognosticated to augment the demand for industrial and bar-b-que charcoal.
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Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through ad hoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
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