New York, Aug. 16, 2023 (GLOBE NEWSWIRE) -- The global coal briquettes market size is projected to expand at ~5% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 4 billion by the end of 2035, up from a revenue of ~USD 2 billion in the year 2022.The growing effects of human-caused climate change, which has affected 85% of the world's population, are driving up demand for a replacement for fossil fuels such as oil or coal. Moreover, the growing infrastructural development as well as the augmenting use of biomass briquettes that are made from agricultural waste to heat boilers in manufacturing plants in large companies and various other applications in developing countries are expected to propel market growth.
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For instance, Lanxess India, a subsidiary of Lanxess AG, a German specialty chemicals company, is using biomass briquettes to earn carbon credits by switching their boiler fuel. These briquettes have a higher calorific value per kilo and can help you save 30–40% on boiler fuel costs.
Coal Briquettes Market: Key Takeaways
- Market in Asia Pacific to propel the highest growth
- Wood Charcoal segment to garner the highest growth
- Market in Europe to grow at the highest rate
Escalating Warming to Boost Market Growth
The coal briquettes market is projected to escalate in the forecast period owing to the growing environmental concern with the gradually augmenting global warming and air pollution worldwide along with the rising global energy transition with the adoption of various energy sources that do not emit greenhouse gases, such as solar, wind, biofuels, and nuclear. As per a 2021 report, the combined land and ocean temperatures rose at an average rate of 0.14 degrees Fahrenheit (0.08 degrees Celsius) per decade since 1880, and moreover, the average rate of increase since 1981 has been more than twice as fast: 0.32 °F (0.18 °C) per decade. Moreover, the increasing investment in renewable energy as well as the growing adoption of greenhouse gas-neutral fuel alternatives for coal-fired heaters, boilers, and modern combustion systems to mitigate global warming are further expected to facilitate market growth in the forecast period.
Coal Briquettes Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Flourishing Agricultural Sector to Drive Growth in the Asia Pacific Region
The coal briquettes market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2035. The presence of radially emerging economies such as China and India in the region, which also have a flourishing and self-sufficient agricultural sector, as well as the fact that the majority of the population of many countries in the region live in rural areas and rely on charcoal briquettes made from wood dust, forest residue, and agricultural residue to fuel boilers, heaters, and residential applications, are expected to boost regional market growth. Moreover, the growing urbanization as well as rising demand for smoky foods and BBQ charcoal from the household and food industry sectors are also expected to fuel market growth in the region. The Population Reference Bureau evaluated that Asia’s overall urbanization rate will hit over 53% in 2030, with the urban population exceeding ~2.6 billion in the same year.
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Rising Renewable Energy Adoption to Drive Growth in Europe
The coal briquettes market in Europe is estimated to garner the highest CAGR by the end of 2035. The market growth in the region is expected to foresee substantial growth owing to the stringent government regulations to reduce greenhouse (GHG) emissions, as well as the growing adoption of renewable energy sources along with the establishment of strengthened criteria to ensure bioenergy's sustainability in the region to reduce the carbon footprint besides reducing bio coal briquettes price. It was found that the Netherlands and the United Kingdom invested nearly USD 5.5 billion and around USD 5.3 billion, respectively, in clean energy research and development in 2019.
Coal Briquettes, Segmentation by Composition
- Wood Charcoal
- Coal Dust
- Peat & Paper
- Saw Dust
- Wood Chips
The wood charcoal segment is anticipated to hold the largest revenue by the end of 2035. The segment growth is backed by the excellent efficiency, higher practical thermal value, and lower ash content of this type of coal briquette. It is observed that burning a wood briquette is much more efficient than burning firewood, as the moisture content of this briquette can be as low as about 4%, whereas the moisture content of green firewood may be as high as around 65%. Moreover, the escalating demand for wood charcoal by the food industry as well as its elevated use for traditional or outdoor cooking in countries such as South America, Africa, and Asia is predicted to boost the growth of the market segment in the forecast period.
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Coal Briquettes, Segmentation by Application
- Metallurgy
- Food Processing
- Others
The metallurgy segment is anticipated to hold the largest revenue by the end of 2035. The factors applicable to the growth of the segment include the growing demand for iron and steel in various end-use industries such as the construction industry, the automobile industry, and others, along with the increasing demand for coal as an essential input in steel production. It was found that China’s crude steel production in December 2022 reached around 77.7 million metric tons. Moreover, the rising demand for metals such as copper, tantalum, neodymium, cobalt, and lithium in electricity generation technologies is also forecast to boost segment growth in the upcoming years. As per a finding, in 2018, the overall demand for copper, neodymium, and tantalum increased from roughly 2 to ~3.2 in the United States, owing to population and GDP growth.
A few of the well-known industry leaders in the coal briquettes market that are profiled by Research Nester are Timber Charcoal Company Co. LLC, Gryfskand sp. z o.o, Kingsford Products Company, Royal Oak Enterprises, LLC, Weber-Stephen Products LLC, Snesmi Techno Pvt Ltd., Sun Company, Halogen Supply Co. Inc., Bepex International LLC, Duraflame Inc., and other key market players.
Recent Development in the Coal Briquettes Market
- Briquettes Solutions Sarl (BRISOL SARL) a small company in Goma (Democratic Republic of the Congo), collects waste from different households in the region and proceeds to carbonize it for producing highly eco-friendly coal briquettes. This green coal usage benefits households as it is a clean and cheap fuel, abandoning traditional charcoal for this more ecological alternative.
- Goa Energy Development Agency (GEDA) planned to set up a biomass briquetting plant in Saligao village in Bardez in Goa. They invited bids for the setting up of a 2,000 kg/HR biomass briquetting project at Saligao.
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