The global charcoal market is projected to reach $6,492.8 million by 2023, according to P&S Market Research.
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.
Insights on market segments
On the basis of type, 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.
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. 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. In addition, the demand for charcoal is growing as a low-cost metallurgical fuel in developing economies, which, in turn, is driving its market growth.
Browse report overview with 85 tables and 35 figures spread through 130 pages and detailed TOC on "Charcoal Market by Type (Lump Charcoal, Charcoal Briquettes, Japanese Charcoal, Sugar Charcoal), by Application (Metallurgical Fuel, Barbecue, Industrial, Filtration), by Geography (U.S., Canada, Germany, U.K., France, Italy, China, Thailand, India, Australia, Brazil, Mexico, South Africa, Saudi Arabia) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023" at:https://www.psmarketresearch.com/market-analysis/charcoal-market
Latin America (LATAM) stands as the largest charcoal market
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. During the forecast period, the charcoal market is expected to witness the highest growth in Brazil because of the increase in the demand for charcoal in metal and chemical industries.
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. Thus, the growing demand for artificial diamonds is expected to fuel the growth of the APAC charcoal market in the coming years.
North America is estimated to be the third-largest charcoal market in 2017, with a revenue share of more than 9.0%. This can be mainly attributed to the increasing use of charcoal in metallurgical and barbecue applications. Increase in the prices of oil- and gas-based fuels and rising demand for charcoal in urban cities are other factors contributing to its market growth. According to the newspaper Crain's Chicago Business, barbecue restaurant sales showed nearly double growth rate in the U.S. in 2015, as compared to the overall restaurant industry’s growth rate in 2014. Charcoal is widely used as a fuel in barbecue cooking; thus, the expansion of barbecue restaurant business continues to drive the growth of the charcoal market in North America.
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.
GLOBAL CHARCOAL MARKET