Product ID: SQMIG10G2018
Report ID: SQMIG10G2018 | Region: Global | Published Date: October, 2022 | Pages: 165 | Tables: 90 | Figures: 67
Charcoal Briquette Market size was valued at USD 0.9 billion in 2021, and it is poised to grow from USD 0.96 and expected to attain a value of USD 1.56 billion by 2030, at a CAGR of 6.3% over the forecast period (2023-2030).
Due to growing demand for the product in recreational cooking, metal manufacturing, building & construction, healthcare, industrial filtration, and pharmaceutical applications, the Global Charcoal Briquette Market is anticipated to expand significantly over the anticipated period. In recreational cooking, charcoal serves as a substitute for coal as a fuel. The popularity of barbecue cooking in restaurants is also anticipated to increase demand. It can burn up to 370 degrees Celsius while emitting comparatively little carbon dioxide during the manufacture of metal. Due to its great heating capability, charcoal is employed as a metallurgical fuel in the production of steel and iron.
The need for iron and steel rises with the expansion of the building and construction sector in developing nations like China and India, which is projected to have a beneficial impact on the growth of the charcoal briquette market. When used with cement, charcoal briquette increases the cement's overall strength and serves as a binder for lightweight concrete. Additionally, it improves the performance of traditional concrete by reducing the quantity of pores. The construction industry's rising demand for cement, particularly in Asia Pacific, is anticipated to drive the market expansion. In the medical and pharmaceutical fields, activated charcoal is used as a detoxifier. The substance improves antifungal defense, lessens dyspepsia, and purifies blood. Due to its excellent adsorbent properties, charcoal powder is easily employed in cases of poisoning, drug overdoses, and alcohol overdoses. The product also aids in cleansing the body of hazardous pollutants. The demand for the product is projected to increase in the years to come due to expanding medical research into the usage of charcoal in healthcare applications.
The market for charcoal briquettes is predicted to rise in the approaching years due to rising consumer awareness of water waste and rising need for potable drinking water. Due to its effective adsorption qualities, activated charcoal filters for water purifiers are in high demand. Toxins from water, including chlorine and other volatile chemicals, are eliminated by charcoal filters. Additionally, it can enhance the quality of the water by introducing minerals like calcium, magnesium, and iron.
US Charcoal Briquette Market is poised to grow at a sustainable CAGR for the next forecast year.
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The global charcoal briquette market is segmented based on product, application type, and region. Based on product, the market is further segmented into lump, Japanese, sugar charcoal and other segments. On the basis of application, the market can be bifurcated into metallurgical industry, BBQ and other segments. Based on type, the market is segmented into wood type and others. The regional insights of the market are into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa.
Charcoal Briquette Market Analysis by Product
The high calorific value, lump charcoal currently holds a dominant position in the market. It burns more quickly than briquettes and at a greater temperature of about 12000F than other varieties of charcoal. Lump charcoal also creates less ash. Depending on the raw materials used, briquettes burn at a temperature between 800 and 10,000 °F. Applications include dehumidifiers, which keep the root water fresh and eliminate moisture and stink from closets. These numerous uses of charcoal are anticipated to increase demand for the substance.
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North America held the largest share of the global charcoal briquette market during 2021. The modest growth in North America is owing to the rise in the cost of conventional fuel sources. In comparison to other conventional fuel sources, charcoal briquettes are fairly inexpensive. The industry size is anticipated to increase because of the rising demand from the residential sector. Europe has a legal obligation to use clean energy sources to reduce GHG emissions. Clean energy sources are predicted to be driven by the severe pollution regulations and rising concern over global warming.
Due to substantial use by growing nations like India and China, where the majority of the population still lives in rural regions, the Asia Pacific region is expected to dominate the industry size. With regard to agriculture, both nations are independent. The agricultural waste is easily transformed into charcoal briquettes for use as fuel in household applications such as heaters and boilers. Due to a lack of infrastructure, African nations rely primarily on natural resources. As a result, for a wide range of applications, charcoal briquettes prove to be the optimum supply.
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Charcoal Briquette Market Driver
Charcoal Briquette Market Restraint
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The nature of the global market is fragmented. To support different industries, these important players are funding R&D projects. To preserve their market supremacy, they are putting into practise a variety of growth tactics, such as providing extensive product portfolios, fortifying their distribution networks, expansions, and acquisitions.
Top Players in the Global Charcoal Briquette Market
Charcoal Briquette Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global charcoal briquette market is segmented based on product, application and regions. In terms of product, the high calorific value, lump currently holds a dominant position in the market. It burns more quickly than briquettes and at a greater temperature of about 12000F than other varieties. The modest growth in North America is caused by a rise in the cost of conventional fuel sources. In comparison to other conventional fuel sources, charcoal briquettes are fairly inexpensive.
|Growth Rate||ong>US Charcoal Briquette Market is poised to grow at a sustainable CAGR for the next forecast year.|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Charcoal Briquette Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Charcoal Briquette Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Charcoal Briquette Market:
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