The global charcoal market was valued at $5,882.8 million in 2018, and is expected to reach $6,566.5 million by 2024, growing at a CAGR of 1.9% during the forecast period. The increasing usage of charcoal in recreational cooking and water treatment plants are the major factors driving the growth of the market. On the basis of type, lump charcoal dominated the market with the highest demand in the historical period, and the trend is likely to continue in the coming years.
Lump charcoal takes less time to burn, produces less ash, and achieves a high temperature in lesser time in comparison to other types of charcoal. Moreover, the adoption of lump charcoal has increased over the years owing to its high calorific value apart from low ash content, in turn, driving the charcoal market.
Increasing Adoption of Barbequed Foods is the Major Trend in the Market
In the recent past, the consumption of barbequed food has picked up rapid pace as a result of the change in tastes and preferences and popularity of new cooking styles. In addition, live barbeque stations at restaurants and residential households allow people to cook for themselves. The demand for this has witnessed a major rise from countries including China and India, owing to the increasing preference for smoked and grilled food. With the growing demand for barbequed food, the demand for charcoal, as a fuel to cook, is expected to increase in the coming years, thereby helping the charcoal market progress.
Increasing Demand for Charcoal in Water Treatment Plants is Driving the Market
Japanese white charcoal is required in water treatment plants to eliminate harmful chemicals and enrich the water with natural minerals. In addition, activated charcoal carbon filters have witnessed an increase in demand owing to their ability to remove harmful volatile organic compounds (VOC), sediments, and foul odor. With the rapid industrialization in the developing countries of Southeast Asia, the amount of pollutants has increased significantly, owing to which the demand for water treatment is increasing as well. In addition, governments of several nations are implementing stringent regulations regarding the treatment of toxic water before it is released. This, in turn, is likely to boost the demand for charcoal from water treatment plants, thereby helping the charcoal market grow in the coming years.
Segmentation Analysis of Charcoal Market
Regional Analysis of Global Charcoal Market
Geographically, LATAM is expected to dominate the global charcoal market during the forecast period. The market held a volume size of 5,561.3 kilotons in 2018. The huge demand is attributed to charcoal being the main source of energy for the production of pig iron in the LATAM region. In addition, steel production in Brazil has witnessed an increase, owing to which the demand for charcoal has risen as well. With the development of the construction industry in the country, the demand for charcoal for the production of steel is further expected to increase at a rapid pace during the forecast period.
In terms of value, MEA is expected to witness the fastest growth, with a CAGR of 5.2%, during the forecast period. This growth is majorly attributed to the high-volume demand for charcoal for shisha and the increasing adoption of barbequed food in Middle Eastern countries. In addition, the usage of charcoal as a filtering agent has witnessed a rise, owing to its ability to eliminate toxic chemicals and other substances from water. Therefore, such factors are likely to boost the growth of the charcoal market globally.
Browse report overview with detailed TOC on "Charcoal Market Research Report: By Type (Lump Charcoal, Charcoal Briquettes, Japanese Charcoal, Sugar Charcoal), Application (Metallurgical Fuel, Barbecue, Industrial, Filtration), Geographical Outlook (U.S., Canada, Germany, France, U.K., Italy, China, Thailand, India, Japan, Australia, Mexico, Brazil, South Africa, Saudi Arabia) – Global Industry Analysis and Growth Forecast to 2024" at:https://www.psmarketresearch.com/market-analysis/charcoal-market
Competitive Landscape of Global Charcoal Market
The charcoal market is highly fragmented, with a large number of players operating globally. Some of the leading players in the market are Kingsford Product Company LLC, Timber Charcoal Company LLC, Bricapar S.A., Duraflame Inc., Royal Oak Enterprises LLC, Maurobera SA, Gryfskand Sp. z o.o, and Parker Charcoal Company.
Charcoal Market Segmentation
Market Segmentation by Type
Market Segmentation by Application
Market Segmentation by Geography