New York, USA, June 28, 2022 (GLOBE NEWSWIRE) -- Foundry Coke Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Foundry Coke Market Information by Type, Application and Region - Forecast till 2030”, the market is estimated to grow at a 5% CAGR to reach USD 3608.0 Million by 2030.
Market Synopsis
Foundry coke or hard coal coke is a high-quality, advanced grade of coke. Beehive, jumbo-ovens, by-product recovery and form-coke processes are used for manufacturing foundry coke. It is extensively used for effective cupolas to melt iron and various metals like lead, copper, zinc and tin at cupola furnace foundries. Moreover, foundry coke has a high carbon content, denser structure, high strength, high heating value as well as low ash content. It comes in different various sizes depending on the customer requirements. Foundry coke has important applications in machinery casting, insulation, and automotive parts casting.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 3608.0 Million |
| CAGR | 5% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The rise in demand for iron casting in the growth of the automotive industry |
| The increase in construction industry |
Market Competitive Landscape:
The important companies in the foundry coke industry are
- GR RESOURCE LTD (China)
- Erie Coke Corporation (US)
- ABC Coke (Drummond) (US)
- CARBO-KOKS Spółka z o.o. (Poland)
- Italiana Coke s.r.l. (Italy)
- Industrial Química del Nalón SA (NalonChem) (Spain)
- Nippon Coke & Engineering. Co. Ltd (Japan)
- Shanxi Antai Group Co. Ltd (China)
Market USP Covered:
Market Drivers:
The foundry coke market has gained considerable traction in the last few years, thanks to its rising adoption in place of metallurgical coke. It is available in a much bigger size compared to that of metallurgical coke. Moreover, large foundry coke present benefits of reduced reaction with CO2, lower blasting pressure, lower chances of breakage from handling and high metal temperature. These benefits have made foundry coke one of the most sustainable options over metallurgical coke. It finds widespread use as an energy carrier, reducing agent, and supporting matrix during the pig iron manufacturing process. Therefore, the heightened demand for foundry coke will boost the market growth over the coming years.
The surging use of foundry coke in cupola furnaces should further propel the market position. The escalating use of insulation materials worldwide provides further impetus to the market. The electric vehicle manufacturers in the automobile industry are focusing on business expansion across the globe. This will create a favorable scenario for business growth. Rapid expansion of end-user sectors like chemicals, oil, gas and automotive also raises the value of the foundry coke market.
Market Restraints:
A significant drawback of foundry coke is the high energy consumption, in terms of refractories, metal, and material. This results in substantial production costs, which can be a huge challenge for the companies active in the worldwide market.
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COVID 19 Analysis
The foundry coke industry has been considerably affected by the COVID-19 outbreak. Given the pandemic scenario, numerous countries had to go under a lockdown, to control the rising cases. Owing to this, the demand and supply chain have been disrupted, which has affected the worldwide market. The infrastructural projects, manufacturing units, industries, and various operations had to be put on hold owing to the pandemic situation.
The volatile costs of raw materials coupled with the COVID-19 pandemic have restricted the growth rate of the global market. On the bright side, the situation is getting back to normal, which means that the market in the future will see better growth. Also, the emergence of vaccines for the novel coronavirus and the reopening of several recycling units worldwide would result in the re-initiation of the foundry coke market at its full-scale capacity.
Market Segmentation
By Type
The different types of foundry coke in the market are ash content, which is sub-segmented into more than 8% of ash content, less than 8%, more than 10% and less than 10%. The foundry coke that contains less than 8% ash content gives less residue after undergoing combustion. This leads to the reduction in costs with respect to waste management by both the manufacturers as well as suppliers.
By Application
Depending on application, the foundry coke market can be classified into casting of machinery, process industries, the casting of automotive parts, insulation, treatment of the material, and many more. Casting of automotive part will thrive at a CAGR of around 4.55% from 2020 to 2027, given the rapid expansion of the automotive industry worldwide in line with the rising per-capita disposable income. Consumers’ rising purchasing capacity and the overall economic growth also ensure segmental growth.
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Regional Insights
The biggest market for foundry coke is based in the Asia Pacific, which will continue to perform extremely well in the years to come. The surging use of pig iron for producing steel will favor the regional market as well. The notable surge in the number of construction activities has raised the demand and use of steel, which is bound to benefit the foundry coke market.
The North American market for foundry coke will gain substantial momentum in the coming years, at a high CAGR. In the region, the United States market will be procuring a decent CAGR of nearly 4.0% over the assessment period, considering the extensive use of product recovery and beehive processes for the production of foundry coke. The escalating use of foundry coke in the casting of the automotive part and the overall escalation in the automotive sector in the region should ensure robust business growth. The increasing use of foundry coke in the machinery casting will further propel the market position in the region.
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