The global coal briquettes market is expected to witness a positive growth outlook by registering a stable CAGR of 4.2% during the forecast period from 2022 to 2032. The global market is expected to hold a value worth US$ 2,273.8 Million in 2022 and garner US$ 3,431.2 Million by 2032. The growth of the market is attributed to the growing demand for coal briquettes in the manufacturing sector such as steel which demands high temperatures and heat. As per the International Energy Agency (IEA), the application of renewable energy increased by 3% in 2020. Also, the share of renewables in electricity generation reached 29% that year, up from 27% in 2019.
Unlike lump charcoal, briquettes are manufactured wood by-product that is compressed with additives that assist them to light and burn easily and for a longer duration. They comprise a higher practical thermal value and produce much lower ash content around 2-10% as compared to 20-40% in coal. They are known to be 40% more efficient, hotter, and longer lasting than firewood. This efficiency can be attributed to their low moisture and density. Besides, they are environment-friendly, renewable, and easy to implement.
Briquettes efficiently replace the application of the conventional type of fuels and have a good thermal calorific value. It consists of Argo waste in order to produce briquette, hence, it is considered cheaper than fuel. Yet another benefit associated with coal briquettes is that it comprises consistent combustion and ignition temperature. Also, due to compression, briquette helps in reducing waste by 90%. Attributed to such factors, the market is likely to progress significantly in the coming period. Surging demand for renewable energy all over the world and paired with increasing investments by several Asian and African nations in coal briquettes to meet the surging demand for energy are projected to offer ample growth opportunities to the market in the near future.
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Key Takeaways
· Surging demand for energy and fuel resources is attributed to the growing energy crisis and pollution of the environment which has resulted in the innovation of alternative energy fuels that is predicted to augment demand for coal briquettes and benefit the market in the forecast period.
· The coal briquettes are gaining immense traction within the metallurgy industry since the increasing application of coal coke in the sector has resulted in environmental degradation. Therefore, coal briquettes are responsible for playing a significant role in the metallurgy sector and are becoming more popular.
· Governments across several countries are actively taking initiatives to encourage the application of coal briquettes, which will benefit the market in the coming time. In 2018 in Africa, a plant for the production and sales of coal briquettes was established as a substitute for home use. Such factors are predicted to augment the market growth during the assessment period.
· As per Future Market Insights, coal briquettes for food preparation are predicted to experience widespread demand that is likely to experience a healthy CAGR of 4% during the 2022-2032 assessment period. Rising consumption of barbecued food preparations is likely to be the chief sales accelerator.
· Furthermore, several benefits are associated with coal briquettes as they comprise higher practical thermal value, lower ash content, and enhanced calorific value are factors adding to the segment’s growth, thus, augmenting the industry size during the forecast period.
Competitive Landscape
Key market players in the global coal briquettes market are adopting various strategies such as acquisition, partnerships, and launching new products, which will make the industry more interactive and garner more opportunities in the forecast period.
Key Companies Profiled
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.
More Insights into the Coal Briquettes Market
According to FMI analysis, Europe is anticipated to dominate the global coal briquettes market during the forecast period by accounting for around 21% of the global revenue. Several countries such as Germany, the United Kingdom, the Netherlands, and Sweden are encouraging renewable resources, which can be used as a source of fuel for various purposes. This is likely to provide ample opportunities for coal briquettes in the coming future.
German Industrial engineering is utilizing biomass briquettes in the energy consumption segment that has undergone several crucial developments, making it highly reliable and offering solutions tailored to meet customer requirements in the best way possible.
According to the FMI analysis, the North American coal briquettes market is predicted to procure the second-largest market share throughout the forecast period. In 2022, the region is likely to garner 18% of the global revenue.