The new report by Expert Market Research titled, ‘Global Charcoal Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global charcoal market, assessing the market based on its segments like product type, application, end-user and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 4.2%
The charcoal market is expected to grow due to rising demand for industrial wastewater treatment and the widespread use of activated carbon. In 2020, Europe, the Middle East, and Africa accounted for the largest market share. In the Middle East and Africa, Kenya was a major charcoal market.
Charcoal Industry Definition and Major Segments
Charcoal is a light, black carbon residue made from incomplete combustion of wood, animal, or plant matter. In the activation process, the charcoal is heated and then subjected to steam or chemically treated to remove any substances that have adhered to it and break it down into finer particles. The item is primarily used for outdoor cooking and is widely used in industrial activities.
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The charcoal market can be broadly categorised based on its end-use segments into:
• Households
• Metallurgical Industry
• Others
Charcoal Market Trends
One of the major key factors driving the charcoal market growth in the forecast period is the high demand for charcoal in the building and construction industry due to its various applications, such as the use of charcoal as a binder in lightweight concrete. The growth of the charcoal market is also influenced by rising demand in metal production due to its high heating capacity. Because of its detoxifying properties, activated charcoal is in high demand in the pharmaceutical and healthcare industries, which accelerates market growth. The product could be used to rid the human body of toxins, and charcoal powder could be used in the event of a drug overdose or poisoning.
Key Market Players
The major players in the market are Gryfskand sp zoo, Mesjaya Sdn Bhd, NAMCHAR (Pty) Ltd. (Namibia Charcoal Association), Royal Oak Enterprises LLC, The Kingsford Products Co., Saint Louis Charcoal Company, LLC. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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