Charcoal Market to Witness a CAGR of 1.9% 2019–2024

Charcoal Market Size, Share, Growth and Forecast to 2024

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Growing preference for barbecue foods has increased the consumption of charcoal worldwide. This is due to the alteration in taste and preference for new cooking styles. Moreover, application of live barbecue stations at residential households and restaurants for cooking will fuel the growth of the charcoal market in coming years. Furthermore, the application of these stations is rising in developing countries, like India and China, owing to the augmenting preference for grilled and smoked food.

Owing to this changing lifestyle and food preference, the charcoal market is projected to increase its revenue size from $5,882.8 million in 2018 to $6,566.5 million by 2024. According to P&S Intelligence, the market will progress at a CAGR of 1.9% during 2019–2024. Besides, silicon producers will replace coal with charcoal in the production process to curtail carbon dioxide emission. For instance, companies such as Simcoa Operations Pty. Ltd. and Elkem ASA are already utilizing charcoal to produce silicon and developing technologies to entirely replace coal with charcoal, while keeping the quality intact.

Download report sample at: https://www.psmarketresearch.com/market-analysis/charcoalmarket/report-sample Apart from this, the requirement for charcoal, primarily the Japanese white charcoal, is growing in the water treatment plants to eliminate toxic chemicals and enrich the water with natural minerals. Additionally, these plants use a large amount of activated charcoal carbon filters to remove sediments, volatile organic compounds (VOCs), and foul odor. Due to the increasing pollution in Southeast Asia, the number of water treatment plants is also rising. Moreover, the stringent government regulations regarding the treatment of water will fuel the charcoal market growth during the forecast period.

Latin America (LATAM) consumes the largest quantity of charcoal, due to rapid industrialization, expansion of the food industry, and surge in production of cement. Additionally, the region uses high-volume of charcoal in the iron industry, as it is the main source of energy for the production of pig iron. Among LATAM countries, Brazil is projected to utilize large quantities of charcoal in coming years, due to the increase in production of iron, steel, and several other metals.

Furthermore, the demand for charcoal will rapidly surge in the Middle East and African (MEA) region in future, owing to the escalation in barbecue activities and increasing urbanization in the region. Besides, the people in MEA use highvolume of charcoal for shisha. Apart from this, MEA countries use charcoal as a filtration agent to eliminate pesticides, oils, toxic chemicals, and salts from air and water. Among these nations, South Africa is projected to utilize the maximum quantity of charcoal for cement production, barbecue cooking, industrial manufacturing, and power generation.

Due to the widening application base of charcoal, the demand for lump charcoal, charcoal briquettes, and sugar charcoal is escalating in the charcoal market

growth. In 2018, lump charcoal was used in the highest volume, as it burns faster, achieves higher temperature, and produces less ash than the other types.

Additionally, the adoption of charcoal briquettes is also increasing due to its low ash content and high-calorific value. Further, the application of sugar charcoal will rise in future, due to its usage in the preparation of artificial diamonds.

Browse full report at: https://www.psmarketresearch.com/marketanalysis/charcoal-market Thus, the rising preference for barbecue foods and the increasing number of water treatment plants will augment the charcoal market in foreseeable future.

Market Segmentation by Type •

Lump Charcoal

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Charcoal briquettes

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Japanese Charcoal

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Sugar Charcoal

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Others (Various Forms of Activated Charcoal)

Market Segmentation by Application •

Metallurgical fuel

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Barbecue

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Industrial

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Filtration

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Others (Medical, Pharmaceutical, Horticulture, Automotive, and Arts)

Market Segmentation by Geography •

North America

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Europe

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Asia-Pacific (APAC)

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Latin America (LATAM)

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Middle East and Africa (MEA)

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