Charcoal Market Size, Share, Growth Analysis, By Product Type(Charcoal Briquettes, Lump Charcoal, Japanese Charcoal, Sugar Charcoal), By Application(Metallurgical Fuel, Barbeque, Filtration, Industrial), By Region - Industry Forecast 2024-2031

Global Charcoal Market size was valued at USD 7.72 billion in 2019 and is poised to grow from USD 8.04 billion in 2023 to USD 10.91 billion by 2031, growing at a CAGR of 4.2% in the forecast period (2024-2031).

Charcoal is used as a metallurgical fuel in steel and iron because of its great heating capacity. Charcoal can burn at temperatures of up to 370 degrees Celsius while emitting comparatively little CO2. With the growth of the building and construction industries in emerging nations such as India and China, demand for iron and steel is expected to rise, which will benefit the global charcoal market. For example, Charcoal is laid on and mixed with foundation soil as a measure against moisture and odours under the floors of houses and buildings, and for room temperature adjustment. When activated charcoal is mixed with cement, it increases the overall strength of the mixture and works as a binder in lightweight concrete. Furthermore, activated charcoal reduces the prevalence of pores in traditional concrete, improving its performance. The construction industry's increased demand for cement, particularly in Asia Pacific, is likely to boost the expansion of the charcoal market.

In the medical and pharmaceutical fields, activated charcoal serves as a detoxifying agent. The substance improves antifungal defence, 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 toxic substances such as NSAIDs and other OTC anti-inflammatories, sedatives, calcium channel blockers, dapsone and carbamazepine (Tegretol). The demand for the product is projected to increase in the coming years due to expanding medical research into the usage of charcoal in healthcare applications.

In the future, rising demand for potable drinking water and rising consumer awareness of water waste are expected to drive demand for activated charcoal. Because of their excellent adsorption characteristics, water purifiers with activated charcoal filters are in high demand. Toxins such as organic volatile chemicals and chlorine are removed from water by activated charcoal filters. Activated charcoal can also improve the quality of water by adding minerals like iron, magnesium, and calcium.