Charcoal Market Projected to Reach $6,492.8 Million by 2023
The rising demand for charcoal as a purification agent in water treatment plants and a metallurgical fuel in the mining and metal industry helped the charcoal market grow to $5,813.2 million in 2017. It is expected to advance at a CAGR of 2.0% during the forecast period (2018–2023). Charcoal is the black residue of carbon that is formed by the removal of water and other volatile components from biological materials such as wood. The slow heating of organic materials in the absence of oxygen produces charcoal.
A major trend being observed in the charcoal market is the growing demand for the product for barbecue cuisine. To keep up with customers’ demand for innovative and unique dining experiences, the food industry is enthusiastically experimenting with barbecued food items. Developed nations, such as Germany and the U.S., have barbecued food as a tradition. This trend is now spreading to emerging economies, such as India and China. The smokiness and caramelized texture that charcoal adds to the food items is making the cooking technique popular among people, who are now increasingly opting for barbecued foods.
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Segments of the market are region, type, and application. Based on region, the subdivisions are Asia-Pacific, Middle East and Africa, Latin America (LATAM), Europe, and North America. In 2017, the highest revenue share, of more than 45.0%, was accumulated by LATAM. The same year, Brazil was the largest market in LATAM for charcoal, with a revenue share of more than 65.0%. The factors responsible for the significant growth of the charcoal market in LATAM is the wide availability of charcoal, relatively lenient environmental regulations, and strong presence of metallurgy companies in different countries.
The application segment is further categorized into filtration, metallurgical fuel, industrial, barbecue, and others. Horticulture, art, pharmaceuticals, automotive, and medical constitute the ‘others’ category. The metallurgical fuel category dominated the charcoal market in 2017, accounting for more than 65.0% share in terms of value. The application of charcoal in the extraction of non-ferrous metals, and sintering and smelting of iron ores are the driving factors for this market category.
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Therefore, the market is expected to advance owing to the increasing demand for charcoal in the food, metallurgical and various other industries during the forecast period.
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.
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GLOBAL CHARCOAL MARKET
- Lump Charcoal
- Charcoal Briquettes
- Japanese Charcoal
- Sugar Charcoal
- Metallurgical Fuel
- North America
- Rest of Europe
- Asia-Pacific (APAC)
- Rest of APAC
- Latin America (LATAM)
- Rest of LATAM
- Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
- Rest of MEA