Coal Briquettes Market to Grow with a CAGR of 5.19% through 2028
Increasing demand for energy and growing
infrastructure investments are likely to drive the market in the forecast
period.
According to TechSci Research report, “Coal
Briquettes Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Coal Briquettes Market
stood at USD 3.08 billion in 2022 and is anticipated to grow with a CAGR of 5.19%
in the forecast period.
One of the primary drivers of the global Coal
Briquettes Market is its status as a cost-effective energy source. Coal
briquettes offer an efficient means of utilizing coal for energy generation,
industrial processes, and heating applications. The briquetting process
compacts and densifies coal, resulting in a product that has a higher energy
content and burns more efficiently than loose coal. This enhanced energy
density translates to cost savings for industries and utilities. Industries
often seek cost-effective energy solutions to maintain competitiveness and
manage operational expenses. Coal briquettes provide a viable option in regions
where coal is abundant, as they offer a more efficient energy source compared
to traditional loose coal. The lower cost of coal briquettes can be
particularly advantageous for industries with high energy demands, such as
steel manufacturing, cement production, and power generation. Moreover, coal
briquettes' cost-effectiveness can also benefit residential consumers seeking
affordable heating options. As a result, the market witnesses sustained demand
driven by the economic advantages of using coal briquettes as a reliable and
budget-friendly energy source.
Energy security and the utilization of domestic coal
resources represent another significant driver of the global Coal Briquettes
Market. Many nations prioritize the use of indigenous energy sources to reduce
dependence on imported fuels and ensure a stable energy supply. Coal, as a
widely available and abundant resource in several regions, plays a crucial role
in achieving energy security objectives. Governments and utilities often adopt
policies that support domestic coal production and briquetting operations.
These policies may include subsidies for coal mining, infrastructure
development to facilitate coal transport, and investments in coal processing
technologies. By leveraging domestic coal reserves, nations enhance their
energy security, reduce vulnerability to energy supply disruptions, and support
local economies.
The advantage of using coal briquettes in this context
lies in their improved handling properties, which simplify storage and
transportation. This reduces the logistical challenges associated with coal and
contributes to the reliability of the energy supply chain. Consequently, the
demand for coal briquettes remains robust as nations continue to prioritize
energy security and the responsible utilization of their coal resources.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global Coal
Briquettes Market.”
The Global Coal Briquettes Market is segmented into component,
application and region.
Based on component, The Wood Charcoal segment had the
largest market share in 2022 & expected to maintain it in the forecast
period. Wood charcoal is derived from biomass, primarily from wood sources such
as timber residues, sawdust, wood chips, and wood shavings. These materials are
abundantly available in many regions, making wood charcoal a renewable and
sustainable source of energy. This availability ensures a consistent supply of
raw materials for briquette production. Wood charcoal briquettes are recognized
for their relatively cleaner-burning properties compared to other coal sources.
They produce fewer impurities and emissions during combustion, resulting in
reduced environmental impact. This aligns with global efforts to reduce carbon
emissions and improve air quality. Wood charcoal briquettes find applications
in a wide range of industries and sectors, including residential heating,
cooking, industrial processes, and outdoor grilling. Their versatility makes
them a preferred choice for various energy needs, from household heating to
industrial applications. Many consumers prefer wood charcoal briquettes for
their familiar and natural aroma when used for cooking or grilling. This
preference drives demand for wood charcoal products, especially in the
residential and foodservice sectors. As governments and consumers become
increasingly conscious of environmental sustainability, wood charcoal's
renewable and lower-emission characteristics make it an attractive option.
Businesses and households often opt for wood charcoal briquettes to align with
their sustainability goals and reduce their carbon footprint. The briquetting
technology for wood charcoal is well-developed and widely accessible. This
technology enables the efficient production of uniform and high-quality briquettes,
further contributing to wood charcoal's dominance in the market.
Based on application, The Metallurgy segment had the largest market
share in 2022 and is projected to experience rapid growth during the forecast
period. Metallurgy, particularly steel production, is a major consumer of coal
briquettes. The steel industry relies on coal briquettes as a source of carbon,
which is essential in the reduction of iron ore during the steelmaking process.
As steel remains a crucial material for construction, automotive manufacturing,
infrastructure development, and other industries, the demand for coal
briquettes in metallurgy remains high. Metallurgical processes require
energy-intensive operations, and coal briquettes provide a concentrated source
of energy. The high energy content of coal briquettes makes them suitable for
meeting the intense heat and energy requirements of metallurgical applications.
Coal briquettes are known for their consistent quality and composition, which
is critical in metallurgy. The uniformity of briquettes ensures predictable and
controlled combustion and carbonization processes, essential for achieving
precise metallurgical outcomes. Metallurgical operations often involve
large-scale energy consumption. Coal briquettes offer economic advantages by
optimizing energy efficiency, reducing wastage, and minimizing production
costs. Their cost-effectiveness is a significant factor driving their dominance
in metallurgical applications. Coal briquettes are versatile and can be used in
various metallurgical processes beyond steelmaking, including non-ferrous metal
smelting, casting, and heat treatment. This versatility extends their
applicability and relevance across different segments of the metallurgical
industry. The global demand for steel remains robust, driven by construction,
infrastructure development, automotive manufacturing, and other industrial
sectors. As long as steel continues to be a fundamental material in these
applications, the demand for coal briquettes in metallurgy will remain strong.
Major companies operating in the Global Coal
Briquettes Market are:
- Lanxess AG
- Snesmi Techno Pvt. Ltd.
- Sun Company
- Coal Hut
- Milazzo Industries Inc
- Milward Alloys Inc.
- Halogen Supply Co. Inc.
- Bepex International LLC
- Dauber Co.
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“The Global Coal Briquettes market is expected to rise
in the upcoming years and register a significant CAGR during the forecast
period. The
global demand for energy is increasing due to population growth and economic
development. This is leading to an increase in the demand for coal briquettes,
as they are a versatile and efficient fuel. The cost of traditional fuels, such
as oil and gas, is rising. This is making coal briquettes a more attractive
option for consumers and businesses. Governments around the world are providing
financial and regulatory support to promote the development and use of
renewable energy sources. This is leading to an increase in the demand for coal
briquettes, as they are a renewable and sustainable fuel. Therefore, the
market of Coal Briquettes is expected to boost in the upcoming years.,” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Coal Briquettes Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018-2028
Segmented By
Composition (Wood Charcoal, Coat Dust, Peat & Paper, Saw Dust, Wood Chips),
By Application (Metallurgy, Food Processing), By Region, By Competition”, has evaluated
the future growth potential of Global Coal Briquettes Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision-makers make sound investment decisions., The report also identifies
and analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the Global Coal Briquettes Market.
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