Albany, NY -- (SBWIRE) -- 01/12/2018 -- The global industrial and bar-b-que charcoal market has been projected in a report by Transparency Market Research (TMR) to hold a fragmented characteristic with several international and local companies operating therein. The market could be marked by the presence of top companies such as Duraflame, PT Dharma Hutani Makmur, Maurobera SA, Namchar, and Gryfskand Sp. z o.o. The report has focused on the competitive landscape of the market with a study on key end-use industries, products and services, and other important aspects. The analysts authoring the report have also provided a business overview and company details of the significant players profiled. Under company details, the report has shed light on vital findings, viz. key management, employee strength, foundation year, and headquarters.
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TMR has prophesied the global industrial and bar-b-que charcoal market to rise at a CAGR of 2.4% during the forecast tenure 2017-2025. By the end of the forecast tenure, the market could earn an around US$5.4 bn. In 2017, the market secured a valuation of US$4.5 bn. On the basis of product, lump charcoal has been predicted to account for a lion's share of the market while growing at the same CAGR of 2.4%. By region, Latin America could secure a larger share of US$2.4 bn by the final forecast year.
Since decades, charcoal has been engaged as an industry fuel, which speaks for the growth of the world industrial and bar-b-que charcoal market. Besides playing the role of an industry fuel, charcoal has found several applications as a domestic and household fuel. It has found crucial applications in the cement, metallurgy, and steel and iron industries as a fuel, for casting and smelting, and for the extraction and refining of metals respectively. A slow moving process called pyrolysis is generally used to produce charcoal. The black carbonaceous material is obtained when heat is applied to wood or an organic substance in the absence of air.
Charcoal-based industries have demonstrated expansion in a number of countries. Brazil, which has been researched to be a vast manufacturer of pig iron around the globe, engages charcoal as a property and fuel enhancer.
The international industrial and bar-b-que charcoal market has been projected to face the brunt of the replacement of charcoal with coke and other mineral coals. However, charcoal has been looked back again due to coke's shortcomings as a fuel having high carbon dioxide emissions. It has been looked upon as a fine alternative to mineral coal and fuel oil. Besides being used in the steel industry, it has started to gain significance as a new sustainable industrial fuel. The industrial application has been forecast to offer immense growth in the coming years on the back of the metal industry.
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Charcoal briquette could be another product augmenting the demand in the international industrial and bar-b-que charcoal market owing to its important applications and unique attributes.