According to forecasts, the coal briquettes market is expected to be US$ 2,357.9 million in 2023 and US$ 3,626.9 million by 2033.
The coal briquettes industry with high energy is expanding owing to the expanding steel and cement sectors. Briquettes play a significant role in various sectors. Production and trading of coal briquettes also aid in the growth of the national economy by generating money for creating jobs in rural areas and raising taxes for the government.
The market is expected to develop due to rising concerns about massive carbon emissions and changing trends toward adopting sustainable energy sources. The production of charcoal briquettes from agricultural and forestry waste poses no environmental danger. It is, therefore, the ideal substitute for traditional fuel sources that are predicted to increase industry size.
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The need for more facilities for making charcoal briquettes and the need for specialized equipment are expected to impede the Industry's expansion. Also, customers' need for more knowledge constrains the market's potential.
Key Takeaways
● By 2033, the coal briquettes market in the United Kingdom is likely to expand, with a CAGR of 3.2%.
● In 2023, the United States is expected to develop the coal briquettes business with a share of 20.1%.
● The coal briquettes market grew considerably to US$ 2,273.8 million in 2022.
● The coal briquettes sector expanded at a CAGR of 3.7% from 2018 to 2022.
● By 2033, China's coal briquettes market is projected to develop with a CAGR of 3.9%.
● By 2033, India's coal briquettes industry is projected to expand with a CAGR of 4.7%.
● Japan's coal briquettes industry is likely to grow significantly, with a 4.9% share in 2023.
● Australia's coal briquettes are expected to develop with a share of 3.8% in 2023.
● Germany's coal briquettes business is expected to grow, with a share of 5.3%% in 2023.
● In 2023, based on the application, the industrial segment is expected to dominate the market, with a share of 65.3%.
● In 2023, a wood charcoal segment is expected to dominate the market, with a share of 25.4%, based on composition.
Competitors Winning Strategies
Significant market participants in the global coal briquettes business are implementing various tactics, including product launches, alliances, and acquisitions, which increase industry interaction and opportunities during the forecast period.
Recent Development:
● The Bhilai Steel facility owned by The Steel Authority of India Ltd. underwent significant government modernization in June 2018. Following the improvements, the combined annual capacity for manufacturing steel at the integrated factories increased to 21 million tonnes.
● New OUTSIDE firelogs from DURAFLAME Inc. are manufactured entirely from recycled and renewable wood, agricultural fibers, and bio-derived waxes. Using these firelogs, campers cook marshmallows, hot dogs, and other tasty treats over a crackling bonfire that produces less smoke.
● The Eta Zuma West Africa Group opened a facility in January 2018 to manufacture and market coal briquettes as a substitute fuel for residential usage. The facility in Nigeria's Kogi state has a monthly production capacity of 2,000 tonnes of coal briquettes.
Key Players
ITO Global Trading Company
Snesmi Techno Pvt. Ltd
Sun Company
Coal Hut
Milazzo Industries
Milward Alloys Inc.
Halogen Supply Co. Inc.
Bepex International LLC
Dauber Co.
Key Segmentation of the Market
By Appearance Type:
Pillow Shaped
Hexagonal Shaped
Round Shaped
Square Shaped
By Composition Type:
Wood Charcoal
Coal Dust Briquettes
Peat & Paper
Saw Dust
Wood Chips
By Application:
Industrial Applications
Food Preparation
By Region:
North America
Europe
Asia Pacific
Latin America
Middle East & Africa