Reports and Data’s latest industry analysis report offers vital data and information relating to the global Charcoal industry. Authors of the study have precisely evaluated the market size and revenue growth rate over the forecast period. The study specializes in detailed analysis of the market and highlights the key market dynamics including drivers, restraints, opportunities, supply & demand ratios, upcoming market trends, technological innovations, and value chain analysis. The global charcoal market is expected to reach USD 6.80 Billion by 2027, according to a new report by Reports and Data. Charcoal finds extensive usage as a fuel in metallurgical smelting applications. The charcoal possesses a fixed carbon content, which lies in the range of around 50.0% to about 95.0%. The fixed carbon content of charcoal is crucial in metallurgy processes, as it is accountable for the reduction of iron oxides of the iron ore for the production of the metal. Brazil is the only nation across the globe that deploys charcoal on a large scale in blast furnaces used in the production of steel, as a heat source, along with providing carbon monoxide for reduction of iron ore.
Charcoal finds widespread usage in the home and outdoor recreational cooking, which, in turn, is playing a significant role in boosting the demand for charcoal. It is used in several hotels and restaurants as part of their marketing strategy to lure customers. Surging demand for wood charcoal has garnered significant traction in the market, allowing existing market players to plan strategies to expand their market share, as well as attracting new entrants into the market.
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However, the adverse impact of the production of charcoal on the environment through the emission of greenhouse gases may hamper the growth of the market in the upcoming years.
In the current situation, metallurgical companies, one significant consumer of charcoal, have shown strong determination and carry on to uphold production amid the prevailing COVID-19 pandemic, which has severely affected businesses worldwide. Although metal production, including iron and steel and related activities, are covered under the Essential Commodities Act, it is a matter of concern as to how long metallurgical companies can go on producing. For instance, steel companies had bookings till March 2020 and would start facing issues to sell products from April as the majority of automotive companies and white goods producers shut down production, and hence impacting the demand for needle coke. Also, the fears of extension to the lockdown period would further rupture the production activity in many sectors comprising the electric vehicles segment.
Key participants include:
Royal Oak Enterprises LLC, Kingsford Product Company, Timber Charcoal Company LLC, GRYFSKAND, Duraflame Inc., Sagar Charcoal Depot, NAMCHAR (Pty) Limited, Mesjaya Abadi Sdn Bhd, Pyrocal Pty Ltd., and Direct Charcoal Ltd., among others.
Further key findings from the report suggest
By type, Lump charcoal held a significant market share in 2019. Lump Charcoal offers advantages such as it has easier temperature adjustment, contains no additives, lights quickly, produces little amount of ash, and burns hotter.
By distribution channel, the offline distribution channel contributed to the largest market share in 2019. The charcoal industry is very offline-intensive. Offline channel is the most preferred channel for distribution as it includes the opportunity for customers to create personal connections with business, which is beneficial in building loyalty. However, the offline channel necessitates the requirement of substantial investment of time by the buyer and high selling costs.
By application, filtration is likely to witness the fastest growth rate of 2.8% in the forecast period. The reason behind the high growth of the filtration application is that charcoal is quite natural and effective at removing several toxic items from the water, including chlorine and volatile organic compounds (VOCs) without disturbing the salt and mineral content of water and the usage of any chemicals.
The market in the Middle East & Africa is likely to grow at the fastest rate of 2.7% in the forecast period, owing to rapid urbanization and surging usage of charcoal in the cooking application in the region.
In February 2020, Kingsford, Product Company, a leading market player, made an announcement of its formal collaboration with OBR (Operation BBQ Relief), which offers meals to emergency personnel at times of natural calamities and other disasters, along with displaced residents.
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For the purpose of this report, Reports and Data have segmented the global charcoal market on the basis of type, distribution channel, application, and region:
Type Outlook (Volume, Kilo Tons, Revenue, USD Million; 2017-2027)
Distribution Channel Outlook (Volume, Kilo Tons, Revenue, USD Million; 2017-2027)
Application Outlook (Volume, Kilo Tons, Revenue, USD Million; 2017-2027)
Regional Outlook (Volume, Kilo Tons, Revenue, USD Million; 2017-2027)
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