Global Coal Briquettes Market Highlights Over 2022 - 2031
The global coal briquettes market is estimated to garner a sizeable revenue by growing at a CAGR of ~5% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed primarily to the increasing utilization of the product in manufacturing industries, including steel industry, where high temperature and heat are required. Along with this, coal briquettes have longer burn capacity and emits lesser harmful gases as compared to conventional methods. This is also expected to drive the growth of the market in the forthcoming years. Furthermore, growing demand for renewable energy across the globe, and rising investments by many Asian and African nations in coal briquettes to meet the surging demand for energy are projected to offer ample growth opportunities to the market in the near future. According to the International Energy Agency (IEA), the use of renewable energy increased by 3% in 2020. Also, the share of renewables in electricity generation reached 29% that year, up from 27% in 2019.
The market is segmented by composition into wood charcoal, coal dust, peat & paper, saw dust, and wood chips, out of which, the wood charcoal segment is anticipated to hold the largest share in the global coal briquettes market. This can be accounted to the excellent efficiency, higher practical thermal value and lower ash content of this type of coal briquette. Apart from this, escalating emphasis on wood charcoal briquettes is being given as they are more sustainable, and can reduce the pressure on forests and lower pollution levels in urban areas. This in turn is predicted to boost the growth of the market segment in the future. Additionally, on the basis of application, the metallurgy segment is assessed to acquire the largest share owing to the growing demand for iron and steel, and surge in construction activities worldwide. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
In 2019, the world’s total energy supply was 606EJ, wherein the highest share in terms of source was captured by oil, accounting for 30.9%, followed by coal (26.8%), natural gas (23.2%), biofuels and waste (9.4%), nuclear (5.0%), hydro (2.5%), and other (2.2%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 1% due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
Global Coal Briquettes Market Regional Synopsis
Regionally, the global coal briquettes market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the rising demand for the product from industrial and food sectors in the region. In addition, increasing spending on commercial foodservice sector ascribing to rapidly growing urbanization is also expected to fuel the market segment growth in the coming years. As per the Population Reference Bureau, it is evaluated that Asia will have an overall urbanization rate of 53% in 2030, and the urban population there will exceed 2.6 billion that same year. Moreover, the market in Europe is projected to occupy the largest share during the forecast period in view of the growing government initiatives to reduce greenhouse emissions, and high adoption of renewable energy sources in the region.
The global coal briquettes market is further classified on the basis of region as follows:
Our in-depth analysis of the global coal briquettes market includes the following segments:
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing utilization of the product in manufacturing industries, and growing demand for renewable energy across the globe.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022-2031.
The major players in the market are Duraflame Inc., Timber Charcoal Company Co. LLC, Gryfskand sp. z o.o , Kingsford Products Company, Royal Oak Enterprises, LLC, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by composition, application, and by region.
The wood charcoal segment is anticipated to hold largest market size and is estimated grow at a notable CAGR over the forecast period and display significant growth opportunities.
Difficulties involved in producing coal briquettes are estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the rising demand for the product from industrial and food sectors in the region.
Direct access to analyst to help you understand the market in a better way to handle your critical question
Citing your business specific requirement our consultant would assist you ensuring targeted goal is achieved
Get 10% free customization