The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
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Persistence Market Research’s new market study titled “Metallurgical Coke Market: Global Industry Analysis 2013–2018 and Forecast 2019–2027” provides in-depth analysis on the global Metallurgical Coke market and offers an in-depth examination for the forecast period 2019 to 2027. The Metallurgical Coke market report evaluates the macro & micro economic factors supporting the growth of the global and regional level market. This research study on the Metallurgical Coke market also offers insights on the market dynamics and competition landscape in the global as well as the regional markets.
The global Metallurgical Coke market is estimated to be valued at US$ 186 Bn by the end of 2018 and is forecast to reach US$ 241.1 Bn by the end of 2027. The market is projected to grow at a compound annual growth rate (CAGR) of 2.9% during the forecast period. Some factors influencing the growth of the concerned market are growth of construction industry, increasing automotive production and positive global steel production outlook.
Factors Influencing Growth of Metallurgical Coke Market
Iron and Steel production is one of the main application areas of Metallurgical Coke. Hence, the dynamics of the steel industry will directly impact the Metallurgical Coke market. Increasing steel demand from various industry verticals is expected to push the growth of steel production, which in turn, is expected to drive the growth of the Metallurgical Coke market. Growth in infrastructural spending and growing residential and commercial construction are other important factors projected to fuel the demand for Metallurgical Coke over the forecast period. Moreover, increasing protectionist government stance owing to over production of Metallurgical Coke and steel by Chinese manufacturers is also expected to significantly influence the global Metallurgical Coke market during the forecast period.
The growing construction industry is expected to have a positive impact on the global Metallurgical Coke market. Construction industry is the biggest consumer of steel and any growth in the construction industry pushes the demand for steel, thereby in turn driving the growth of the Metallurgical Coke market.
Developing countries, such as India and ASEAN countries, are expected to create significant opportunities for the Metallurgical Coke market owing to increasing government initiatives to promote the domestic manufacturing industry. Further, recovering economic growth and increasing industrial and institutional investments in Latin American Countries, such as Argentina, Brazil and Mexico, will create an optimistic outlook for the growth of the Metallurgical Coke market.
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Metallurgical Coke Market Forecast
The global Metallurgical Coke market is estimated to witness healthy growth over the forecast period. The global Metallurgical Coke market is segmented on the basis of product type, ash content and end use and region.
On the basis of product type, the blast furnace coke segment is estimated to have dominated the global Metallurgical Coke market in 2017 and is expected to maintain its prominence throughout the forecast period. The Technical coke segment is expected to grow at a significant CAGR owing to growing demand from the chemical industry.
Among source ash content segments, the low ash content segment dominates the Metallurgical Coke market owing to high demand from steel manufacturers. Furthermore, low ash content coke is used in cupola furnace to produce casting products.
By end use, the iron & steel segment accounts for a significant share in the global Metallurgical Coke market. In 2017, iron & steel segment is estimated to have accounted for more than 87% of Metallurgical Coke demand. The segment is expected to create incremental $ opportunity worth US$ 39.1 Bn between 2019 and 2027.
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