New York, May 24, 2023 (GLOBE NEWSWIRE) -- According to this detailed study by Persistence Market Research, the U.S. metallurgical coke market was valued at US$ 4.56 billion in 2022 and is predicted to exhibit a growth rate of 2.5% between 2023 and 2033.
Market growth is mainly due to increasing demand for steel products, especially in the construction and automotive sectors. Furthermore, the industry's transition toward sustainable and cleaner production methods, such as recycling steel scrap and utilizing renewable energy sources, is also expected to drive market growth.
Sales of metallurgical coke products in the country are being boosted by the abundant availability of raw materials, especially coal, as the U.S. has vast reserves of high-quality coal. Companies can actively improve their profitability and competitiveness by expanding production capacity, exploring new applications, improving coke quality, and leveraging new technologies and production processes.
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Owing to its strategic location and proximity to prominent ports, the Southeast U.S. is a favorable location for the import and export of metallurgical coke, resulting in high market growth. The region's high-quality coal reserves have led to the establishment of several coke plants, and supportive government policies and the availability of skilled labor have also contributed to regional market growth.
Key Takeaways from Market Study
- The U.S. market of metallurgical coke is estimated to reach a value of US$ 5.99 billion by the end of 2033.
- Blast furnace coke is estimated to exhibit a growth rate of 2.1% during the assessment period.
- During the forecast period, the Southeast region is expected to generate an absolute dollar opportunity of US$ 414.1 million.
- By application, the fuel segment is forecasted to expand at a CAGR of 2.4% over the decade.
“To succeed in the U.S. metallurgical coke market, manufacturers should focus on developing strong relationships with domestic customers and securing long-term supply contracts. They can also invest in expanding production capacity to meet growing demand from Asia and consider diversifying into related industries. Regulatory and environmental factors must be considered when developing strategies for success,” says a Persistence Market Research analyst.
Market Segmentation
- Ash Content: (Low Ash Content, High Ash Content)
- Type: (Blast Furnace Coke, Nut Coke, Foundry Coke, Pearl Coke, Breeze Coke, Buckwheat, Others)
- Application: (Fuel, Reducing Agent, Drilling, Conductive Flooring, Permeable Support Material)
- End Use: (Iron & Steel Industry, Non-ferrous Metal casting, Sugar Processing, Chemical Industry, Glass Manufacturing, Others)
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Competitive Landscape
In the U.S. metallurgical coke market, a few dominant market players hold a significant share, such as Shamokin Filler Co., Inc., AK Steel, ERP Compliant Coke, Tonawanda Coke, OKK Koksovny, a.s, SunCoke Energy, Inc., Ennore Coke Limited, Hickman, Williams & Compa, Mechel PAO, YILCOQUE S.A.S, Sino Hua-An International, China Shenhua Energy Comp, ArcelorMittal S.A. and Drummond Company, Inc.
These companies are expected to maintain a competitive environment in the country and are investing heavily in research and development to explore new applications for metallurgical coke. The market is currently in a progressive stage, with expansions, acquisitions, and collaborations among the key activities being observed.
Conclusion
The metallurgical coke market in the U.S. is being driven by factors such as significant domestic demand and also increasing demand from Asia. Key market players, including major international corporations and domestic companies, are expected to maintain a highly consolidated market, with a high focus on developing strong relationships with domestic customers and securing long-term supply contracts.
To succeed in this competitive environment, metallurgical coke manufacturers in the U.S. will need to prioritize expanding production capacity, investing in new technologies to reduce costs and increase efficiency, diversifying their portfolios, and engaging in effective marketing and branding efforts to differentiate their products. Additionally, regulatory and environmental factors will need to be carefully considered and managed to ensure sustainable growth and success in the U.S. market.
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More Valuable Insights
Persistence Market Research, a research and consulting firm, has published a new market research report on the U.S. metallurgical coke market that contains an industry analysis of 2018 to 2022 and an opportunity assessment for 2023 to 2033.
The report provides an in-depth analysis of the market through different segments, namely, ash content, type, application, end use, and by region. The report also provides supply and demand trends along with an overview of the parent market.
For additional insights on how the U.S. metallurgical coke market will shape up over the decade, write to media@persistencemarketresearch.com
About Persistence Market Research – Chemicals and Materials
The Chemicals and Materials division of Persistence Market Research offers a distinct and pinpoint analysis of the chemicals and materials industry. Chemical coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular with special emphasis on ‘green alternatives, recycling, and renewable technology developments, supply-demand-trade assessment. Our research studies are widely referred by chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward’.
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