The Metallurgical Coke Market Is Expected To Reach $212 Billion, Driven By The Steel Industry's Rapid Growth As Per The Business Research Company's Metallurgical Coke Global Market Report 2022
TBRC’s market research report covers metallurgical coke market size, metallurgical coke market forecasts, major metallurgical coke companies and their market share, key strategies to undertake, and more.
/EIN News/ -- LONDON, Aug. 16, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the metallurgical coke market, the rapid growth in the steel industry is expected to propel the growth of the metallurgical coke market going forward. The steel industry refers to the business of processing iron ore into steel, which is an iron-carbon alloy, and, in some cases, turning that metal into partially finished products or recycling scrap metal into steel. Metallurgical coke is helpful for iron ore and limestone for making molten iron, which is then further treated and heated to make steel.
For instance, according to the India Brand Equity Foundation (IBEF), an India-based government promotion agency, in 2021 the production of crude steel and finished steel stood at 102.49 metric tonnes (MT) and 94.66 MT, respectively. Additionally, the government is expected to fix the objective of increasing rural consumption of steel from the current 19.6 kg/per capita to 38 kg/per capita by 2030–31. Moreover, according to the Worldsteel Association, a Belgium-based association, steel demand in the European Union is expected to reach 167.4 Mt in 2022. Therefore, rapid growth in the steel industry is driving the growth of the metallurgical coke market.
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The global metallurgical coke market size is expected to grow from $170.44 billion in 2021 to $182.86 billion in 2022 at a compound annual growth rate (CAGR) of 7.3%. The global metallurgical coke market growth is expected to reach $212.51 billion in 2026 at a CAGR of 3.8%.
Strategic partnerships are gaining popularity among the metallurgical coke industry trends. Major companies operating in the metallurgical coke sector are undergoing partnerships to develop the metallurgical coke market. For instance, in November 2021, ArcelorMittal, a Luxembourg-based commercial coke producer for the ferroalloy industry, partnered with Orange Business Services, an India-based service provider, and Ericsson, a Sweden-based telecommunications company. Through this partnership, the companies launched 5G Steel to test 4G/5G connectivity at ArcelorMittal's industrial sites in France over the next three years. Furthermore, in July 2019, Arabian Cement Company, a Saudi Arabia-based cement company, partnered with Egyptian Refining Company, an Egypt-based provider of refined petroleum products. As of July 2019, this partnership allows Arabian Cement Company to supply local petroleum coke (pet coke) in the amount of tons.
Major players in the metallurgical coke market are Hickman Williams & Company, OKK Koksovny, SunCoke Energy, ECL, Mechel, China Risun Coal Chemicals Group Limited, ArcelorMittal, Jiangsu Surun High Carbon Co. Ltd., Nippon Steel & Sumitomo Metal, Haldia Coke, GNCL, Baosteel Group, Shanxi Sunlight Coking Group Company Ltd., Taiyuan Coal Gasification (Group) Co. Ltd., and Shanxi Lubao Coking Group Co. Ltd.
The global metallurgical coke industry analysis is segmented By Type into Blast Furnace Coke, Nut Coke, Foundry Coke, Pearl Coke, Breeze Coke, Buckwheat, Others; By Grade into Low Ash, High Ash; By Application into Iron and Steel Making, Sugar Processing, Glass Manufacturing, Others; By End Users into Steel, Foundry Industry, Others.
Asia-Pacific was the largest region in the metallurgical coke market in 2021. Asia-Pacific is expected to be the fastest-growing region in the global metallurgical coke market during the forecast period. The regions covered in the global metallurgical coke market outlook are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Metallurgical Coke Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide metallurgical coke market overviews, analyze and forecast market size and growth for the whole market, metallurgical coke market segments and geographies, metallurgical coke market trends, metallurgical coke market drivers, metallurgical coke market restraints, metallurgical coke market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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