Global Charcoal Market to grow at a slow rate for the next few years

The global charcoal market is projected to reach $6,492.8 million by 2023. 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.

Charcoal is a porous black solid obtained as residue on heating wood or any other organic material in the absence of oxygen. It is the amorphous form of carbon and has lower ignition temperature and higher calorific value than wood. The global charcoal market  has been growing at a very slow rate since the past few years and it isn’t expected to have any changes to that soon. The growing demand for charcoal as a metallurgical fuel in the metal and mining industries is driving the growth of the market.

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In terms of volume, metallurgical fuel was the largest application of charcoal during the historical period. Charcoal is utilized in the metallurgical industry for the smelting and sintering of iron ores, production of pure silicon and ferro-silicon, case hardening of steel, and extraction of non-ferrous metals. Growing concern for environmental protection, increasing prices of traditional fuels, such as coke, and advantages of using charcoal briquettes are the major factors driving the use of charcoal as a metallurgical fuel.

Globally, LATAM is estimated to hold a share of 50.3% in terms of volume in 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. 

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However, during the forecast period, the global charcoal market is expected to witness the highest growth in terms of volume in APAC, owing to the growing chemical industry, increasing silicon production, and rising demand for artificial/synthetic diamonds across the region. Brazil, South Africa, the U.S., China, and Mexico are expected to contribute 69.8% share in terms of revenue to the global charcoal market by 2023.

Kingsford Products Company LLC is a major player in the market, offering a variety of charcoal products, including lump charcoal and charcoal briquettes. GRYFSKAND SP z o.o. and Royal Oak Enterprises LLC are other prominent companies with a broad product portfolio that includes activated charcoal, lump charcoal, and ridge briquettes. Sagar Charcoal Depot has a vast product portfolio, which includes coconut shell charcoal, charcoal, activated carbon, coconut charcoal briquettes, and wood charcoal. Bricapar S.A.E. is also one of the leading players in the market, offering lump charcoal for barbecue grilling and industrial applications. Duraflame Inc. offers Duraflame shear-pro charcoal, Duraflame instant lighting charcoal, and Duraflame charcoal lighter fluid.

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