Covina, Oct. 04, 2023 (GLOBE NEWSWIRE) -- Foundry coke, also known as metallurgical coke or furnace coke, is a carbon-rich material used as a fuel and reducing agent in the production of iron and steel in foundries and blast furnaces. It is derived from the destructive distillation of coal and is processed to have specific properties that make it suitable for the demanding requirements of metallurgical applications.
The demand for steel continues to grow globally, driven by infrastructure development, construction, and industrialization. This expansion of the steel industry will contribute to the growth of the foundry coke market, as coke is an essential component in steelmaking.
Foundry coke Market accounted for US$ 3.4 billion in 2022 and is estimated to be US$ 5.74 billion by 2032 and is anticipated to register a CAGR of 5.4%. Foundry coke Market is segmented into Product Type, Application and region.
Key Highlights:
- In February 2023, an organization of metallurgical coke suppliers and makers has asked for the introduction of a 30% anti-dumping levy on met coke to safeguard the domestic industry from low-cost imports. India is turning out to be a dumping ground for imported met coke, according to the Indian Metallurgical Coke Manufacturers Association (IMCOM), hence there is an urgent need to preserve the home industry with appropriate governmental measures.
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Scope:
The scope of the foundry coke market lies in its pivotal role in the steel industry, serving as a high-quality carbonaceous material for the production of cast iron and steel through the reduction of iron ore in blast furnaces. Its demand is closely tied to global steel production trends and economic conditions.
The foundry coke market can be segmented by application and region.
Segmentation by Application:
The foundry coke market can be segmentated by application as follow:
- Automotive Parts Casting,
- Machinery Casting
- Material Treatment
Segmentation by Region:
The Foundry coke market can be segmented by region as follows:
- North America
- Europe, Asia Pacific
- Latin America
- Middle East & Africa
Trends in Foundry coke market
- Environmental Focus: Increased emphasis on eco-friendly and sustainable coke production methods.
- Technological Innovation: Adoption of advanced technologies by smaller producers to improve efficiency.
- Diverse Sourcing: Exploration of alternative raw material sources for coke production.
- Niche Market Targeting: Smaller players targeting specialized markets with customized coke products.
Market Challenges in Foundry coke market
- Quality control concerns
- Limited resources for investment
- Difficulty expanding into global markets
- Vulnerability to economic fluctuations
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Market Outlook:
The market outlook for the foundry coke market depends on factors like steel demand, environmental regulations, and global economic conditions. For a very brief summary:
- Demand-Driven: The outlook is influenced by steel production trends; increased demand can drive growth.
- Environmental Compliance: Compliance with environmental regulations and sustainability efforts are crucial.
- Market Volatility: The market is subject to price fluctuations due to raw material costs and economic factors.
- Alternative Materials: Competition from alternative carbon sources in steel production is a consideration.
Analyst View:
The goal of ongoing research and development is to raise the standard and effectiveness of foundry coke production. Process and technological advancements in the coke industry have the potential to produce coke of higher quality and generate more demand. The demand for steel is rising as a result of the industrialization of emerging nations, notably in Asia, and this is stimulating the market for foundry coke. Future forecasts indicate that these areas will consume a substantial amount of foundry coke.
Competitive Players:
- Drummond Company Inc.
- Nippon Coke & Engineering Company Limited
- ArcelorMittal, Erie Coke Corporation
- Italiana Coke S.R.L.
- CARBO-KOKS Sp z o.o.
- Hickman, Williams & Company
Conclusion:
The foundry coke market is influenced by steel demand trends, with growth potential driven by increased industrial activity. However, it faces challenges related to environmental regulations and sustainability, requiring producers to adopt cleaner processes. Market volatility due to raw material price fluctuations and competition from alternative carbon sources also impact the market's trajectory. To thrive, companies must balance these factors while meeting the evolving needs of the steel industry
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