Philippines Charcoal Market Analysis and Growth Forecast to 2030
Being a developing country, the Philippines relies on easily available products for everyday use. One of the most essential products that have been deeply integrated into the country’s life and culture is charcoal. People in the country find it cost-effect to procure charcoal over other energy resources, such as oil and gas, which is why it finds heavy usage in low-income as well as middleincome households. The reason behind the cost-effectiveness of the fuel is the ready availability of the raw materials used to produce it, especially coconut shells and wood.
P&S Intelligence says that due to this factor, the Philippines charcoal market will grow from $500.0 million in 2019 to $688.2 million by 2030, at a 2.9% CAGR during the forecast period (2020–2030). The fuel is made by burning organic matter, such as wood and coconut shell, in the absence of oxygen. Compared to burning wood and coal to produce energy, the combustion of charcoal releases no ash and extremely low amounts of smoke and carbon emissions, which is why this fuel is considered an environment-friendly alternative.
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In the country, various types of the fuel are available, such as charcoal briquettes, lump charcoal, sugar charcoal, and Japanese charcoal. Among these, lump charcoal has witnessed the widest usage in the past, as it is the fuel of choice for everyday cooking purposes. People use lump charcoal for cooking in their homes, as well as in restaurants that center around barbecue and grilled food. Being a developing country, the Philippines still lives the traditional way to a large extent, which involves cooking food on open charcoal fires.
Based on application, the Philippines charcoal market is divided into cooking fuel, metallurgical, filtration, industrial, and others, which includes pharmaceutical, medical, automotive, horticulture, and arts. Among these, the cooking fuel division dominated the market during the historical period (2014–2019) because of the deep-rooted association of the fuel with the country’s culinary culture. Charcoal produces a weak smell and sufficient heat and is easy to produce, which is why it is preferred for cooking purposes.
In the years to come, the usage of the product for filtration purposes is set to rise the fastest. Charcoal is used to produce activated carbon, which has widespread industrial, consumer, and medical applications, especially filtration applications. For instance, it is used at water treatment plants to remove drugs, toxins, bacteria, viruses, chemicals, and fungus from water. A number of domestic water purifiers also come with cartridges containing activated charcoal, for a more thorough filtration process. Similarly, it is used in industries for the treatment of flue gas before it is released into the atmosphere.
The Philippines charcoal market is highly fragmented in nature, as there are a large number of small-scale producers in the country. Often, people produce the charcoal and then consume it themselves, and this is the way most of the fuel in the country is produced. Even the marketing and sales of the products are majorly conducted via unregulated channels. The country is home to only a handful of large-large scale industry players, which include Cenapro Inc., BF Industries Inc., Celebes Agricultural Corporation, Jacobi Group, MacKay Green Energy Inc., GCF Multi Products Development Corporation, and Premium A.C. Corporation.
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Therefore, with the increasing application areas of the fuel, its production and consumption are set to increase in the country.
Market Segmentation by Type
• Lump Charcoal
• Charcoal Briquettes
• Japanese Charcoal
• Sugar Charcoal
• Others (Various Forms of Activated Charcoal)
Market Segmentation by Application
• Metallurgical
• Cooking Fuel
• Industrial
• Filtration
• Others (Medical, Pharmaceutical, Horticulture, Automotive, and Arts) © P&S Intelligence. All rights reserved 3
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