Metallurgical Coke Market size is poised to reach USD 335 Billion by the end of 2036, growing at a CAGR of 4% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of Metallurgical Coke was USD 222 Billion. The reason behind the growth is due to the mounting capacity of steel production across the globe. Metallurgical coke is a type of coal that is used in the production of steel. For instance, over 2 billion tonnes of iron ore, 1 billion tonnes of metallurgical coal, and 650 million tonnes (Mt) of recycled steel were utilized by the global steel industry in 2021 to manufacture more than 1 billion tonnes of crude steel.
The growing advancements in more eco-friendly coke production methods are believed to fuel the metallurgical coke market growth. Businesses are investing in environmentally friendly coke production techniques, to provide effective use of coal as a domestic fuel, and partially replace imported coking coal with less expensive domestic alternative materials.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~4% |
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Base Year Market Size (2023) |
~ USD 222 Billion |
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Forecast Year Market Size (2036) |
~ USD 335 Billion |
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Regional Scope |
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Application (Iron and Steel Making, Sugar Processing, Glass Manufacturing, Non-Ferrous Metal Casting, Chemical Industry)
The iron and steel-making segment is estimated to hold 40% share of the global metallurgical coke market by 2036 impelled by growing production of steel. For instance, steel consumption is expected to rise by over 15% by 2050 compared to current levels as it is widely used in the manufacturing of industrial equipment owing to its unique physical and mechanical characteristics. Moreover, it is utilized in machinery, electrical appliances, furniture, ships, trains, automobiles, bicycles, structures, infrastructure, tools, and weapons and is found in everything including cars, building supplies, washing machines, refrigerators, cargo ships, and surgical scalpels. This has significantly driven the demand for metallurgical coke as over 65% of the steel produced worldwide comes from the burning of coal.
The most expensive and important raw material used by the steel industry is metallurgical coke which is an ancient carbon substance used to melt iron ore. Moreover, metallurgical coal is a porous, carbon-rich substance that is used to manufacture coke, which is a necessary reactant and fuel in the blast furnace process for basic steelmaking.
According to estimates, the global production of steel has increased from around 185 million metric tons to an astounding 1,880 million metric tons in 2022.
Product Type (Blast Furnace Coke, Foundry Coke, Technical Coke)
Metallurgical coke market from the blast furnace coke segment is set to garner a notable share. The majority of pig iron made today comes from blast furnaces, which use a cold blast that requires coke, limestone, and carbon that is reduced at a high temperature then they are charged into the furnace from the top and moved downward.
Metallurgical coke is utilized in the blast furnace method of producing iron as a reducing agent made from coke that combines with oxygen at the bottom of the blast furnace.
Our in-depth analysis of the global metallurgical coke market includes the following segments:
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Application |
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APAC Market Forecast
Metallurgical coke market in Asia Pacific is predicted to account for the largest share of 52% by 2036 impelled by the enormous production of metallurgical coke. China is a global leader in the production of metallurgical coke as over 60% of the world's metallurgical coke was produced in the country. Besides this, more than 8 million tons of cargo were registered in 2022, and around 5 million metric tons of metallurgical coke were exported from China in 2023 making it to be the leading seaborne exporter of the product. For instance, China's metallurgical coke production increased by over 3% annually to more than 477 million tons in 2021.
European Market Statistics
The Europe metallurgical coke market is estimated to be the second largest, during the forecast timeframe led by an increasing focus on sustainability. The European Union has pledged to pursue long-term, ambitious environmental and climate goals as sustainability is now a requirement for any future economic model. This has led to an increase in the demand for green products such as wind turbines and electric cars, which both require steel which is frequently produced from coking coal in the region.
Author Credits: Smruti Ranjan, Rajrani Baghel
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