Global Charcoal Market Overview:
The Global Charcoal Market is projected to reach $6,492.8 million by 2023 is projected to grow at a CAGR of 2.0% during the forecast period. 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. Based on application, 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.
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Global Charcoal Market – Drivers and Restraints:
Charcoal is increasingly being used in the production of steel, ferroalloys, aluminium, lead, cast iron, tin, copper, lanthanides, nickel, and some rare metals. It is also employed in the smelting of certain types of brass and bronze. The demand for charcoal is increasing due to technological developments and growing inclination toward the use of clean and renewable resources. Charcoal briquettes compressed from biomass materials produce less ash and reduce greenhouse gas emissions. They are, therefore, more preferred than traditional fuels. Such environmental sustainability benefits are fuelling their demand among users, which, in turn, is driving the growth of the charcoal market.
Charcoal production is often perceived to have destructive environmental and ecological effects. One of the most cited impacts is the clearance of woodland or forest, i.e. deforestation. Developing countries follow unsustainable ways of producing charcoal to meet their energy needs, as sustainable solutions, such as the utilization of metal kilns, are too expensive. Majority of unsustainable charcoal production comes from the cutting down of forest trees, which can impede the market growth.
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Global Charcoal Market – Geographical Segmentation:
The Charcoal Market is geographically segmented into North America, Europe, Asia Pacific, and LAMEA. Asia-Pacific (APAC) is estimated to be the second-largest charcoal market 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. Latin America is estimated to contribute more than 45.0% revenue share to the charcoal market. 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.
List of Major Key Players in Global Charcoal Market:
Some of the major players operating in the global charcoal industry are Royal Oak Enterprises LLC, Maurobera SA, GRYFSKAND Spz, Sagar Charcoal Depot, Parker Charcoal Company, NAMCHAR (Pty.) Ltd., Timber Charcoal Company LLC, Bricapar S.A.E., Duraflame Inc., and Kingsford Products Company LLC.
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