Charcoal Market to Generate Revenue Worth $6,566.5 Million by 2024

Press Release

The global charcoal market was valued at $5,882.8 million in 2018, and is expected to reach $6,566.5 milion 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.

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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.

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.

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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

  • Lump Charcoal
  • Charcoal briquettes
  • Japanese Charcoal
  • Sugar Charcoal
  • Others (Various Forms of Activated Charcoal)

Market Segmentation by Application

  • Metallurgical fuel
  • Barbecue
  • Industrial
  • Filtration
  • Others (Medical, Pharmaceutical, Horticulture, Automotive, and Arts)

Market Segmentation by Geography

  • North America Charcoal Market
    • By type
    • By application
    • By country – U.S. and Canada
  • Europe Charcoal Market
    • By type
    • By application
    • By country – Germany, France, U.K., Italy, and Rest of Europe
  • Asia-Pacific (APAC) Charcoal market
    • By type
    • By application
    • By country – China, Thailand, India, Japan, Australia, and Rest of APAC
  • Latin America (LATAM) Charcoal Market
    • By type
    • By application
    • By country –Mexico, Brazil, and Rest of LATAM
  • Middle East and Africa (MEA) Charcoal Market
    • By type
    • By application
    • By country – South Africa, Saudi Arabia, and Rest of MEA

This post was originally published on Financial Sector

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