Charcoal Market is Projected to Reach $6,492.8 Million by 2023: P&S Market Research

NEW YORK, April 30, 2018 (GLOBE NEWSWIRE) -- According to the new market research report published by P&S Market research, the global charcoal market is projected to reach $6,492.8 million by 2023, the market growth is primarily driven by the growing applications of charcoal as a metallurgical fuel in the smelting and sintering of iron ores, case hardening of steel, and production of pure silicon and ferro-silicon.

Based on application, the charcoal market is segmented into metallurgical fuel, barbecue, industrial, filtration, and others, where the category of �others� includes medical, pharmaceutical, horticulture, automotive, and art applications. Metallurgical fuel is estimated to contribute the largest revenue to the market in 2017, accounting for more than 65.0%. Charcoal is widely used for metallurgical applications, such as the smelting and sintering of iron ores, production of pure silicon and ferro-silicon, case hardening of steel, and extraction of non-ferrous metals. In addition, the demand for charcoal is growing as a low-cost metallurgical fuel in developing economies, which, in turn, is driving its market growth.

Asia-Pacific (APAC) is estimated to be the second-largest charcoal market in 2017, with a value share of more than 20.0%. The major growth driver for the market in the region is the increase in the use of sugar charcoal for the production of artificial diamonds. Increasing demand for synthetic diamonds in the region can be attributed to the growing use of artificial diamonds in industries such as jewelry, electronics, and mining. Thus, the growing demand for artificial diamonds is expected to fuel the growth of the APAC charcoal market in the coming years.

North America is estimated to be the third-largest charcoal market in 2017, with a revenue share of more than 9.0%. This can be mainly attributed to the increasing use of charcoal in metallurgical and barbecue applications. Increase in the prices of oil- and gas-based fuels and rising demand for charcoal in urban cities are other factors contributing to its market growth. According to the newspaper Crain's Chicago Business, barbecue restaurant sales showed nearly double growth rate in the U.S. in 2015, as compared to the overall restaurant industry�s growth rate in 2014. Charcoal is widely used as a fuel in barbecue cooking; thus, the expansion of barbecue restaurant business continues to drive the growth of the charcoal market in North America.

 Source : https://globenewswire.com/news-release/2018/04/30/1489620/0/en/Charcoal-Market-is-Projected-to-Reach-6-492-8-Million-by-2023-P-S-Market-Research.html

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