During the review period, the research conducted by the foundry coke industry occupies a CAGR of 5% while projecting at a foundry coke market value of USD 3608.0million during the market forecast period.
Foundry coke is mainly used in iron foundries for the production of molten iron. It is the best source of fuel in a couple of furnaces. It is also used for melting iron as it is used as a source of carbon for the melted product. Some of its other purposes are it is used for casting the automobile parts, casting the machinery and is used for insulation. Besides it some of its properties are, it has high carbon content, low ash content, its heating value is high, it is of high strength, and has dense structures. Due to all of these positive properties, iron foundries for the extraction of foundry coke. When it is compared to metallurgical coke, it has been found that the foundry coke is cost-effective as it attains the required furnace temperature and gives good melting at a low quantity and less time thus owing to its high heating value. High research and development have led to the manufacturing of alternatives for foundry coke which restricts the expansion of the foundry coke market size during the projection timeframe.
The outbreak of the pandemic has affected people globally. Besides this, it has also affected the manufacturing unit of the foundry coke industry. Due to the improvement of lockdown and shutdown, the market has suffered disruption as shortage of labor was marked and the production of coke was hindered. The production units suffered hardships like the absence of manufacturing parts, its supply, and many others were marked. The market shows steady growth during the market forecast period. The outbreak of COVID led to the change of consumer behavior and the supply chain for its production was restrained. The government has imposed certain guidelines for the welfare of the nation. Globally and regionally the foundry coke industry is taking various steps for raising their production and also the supply of the foundry coke. This increases the demand for coke and other products making it cost-effective to return to its past growth and market value.
It has been marked that there is a strong competition among the global market which results in the entry of new key players. With this, the key players in the launching of new products have strengthened the prevailing competitiveness among the competitors. Some of the key players are
They build strong partnerships with each other. They merge and build acquisitions to come to others at the top-notch of the market.
From the MRFR analysis, it has been found that globally the foundry market steers up due to its rapid industrialization. The rise of end-user industries like chemical, automobile, including oil and gas units along with the healthcare sector. Fuels up the market demand and growth. Food beverage agriculture and many others also propel up the market growth. Among APAC, China is marked to be the leading producer and also is expected to be the consumer of the foundry coke. The country of China holds a CAGR of 5.55 during the review period. The North American region as per the growing foundry coke market trends, is expected to attain a certain significant value expanding at a high CAGR. Besides all this region, the United States registers at a high CAGR of about 4.0% during the assessment period.
Paul Wurth and SMS group members signed a contract with PSCO, a South Korean steel-making Company. Their intention of building a partnership was to set up a new Coke Oven Plant 6 at Pohang steelworks. The work for the new Coke Oven Plant was expected to start in 2023. Their startup will bring too much growth in the market and the business of the foundry coke will rise.
Globally, the foundry industry has witnessed significant growth in the assessment period thus owing to the expansion of the end-user industries. The report summarises the market segmentation that has taken place in the market. You will also come across the distribution channel where the foundry coke market is divided into supermarkets or hypermarkets, specialized retailers,
some kind of convenience stores, and many more. From the report analysis, you will talk about the market scenario and also about the growth factors that drive up the market. It also highlights the challenging and restraining factors that forbade market growth. It also gives detailed information about the qualitative and quantitative analysis of the market. It gives an overview and also the forecast estimates of the regions that it covers. It also gives information about the company profiles and the services and the components so offered by the key players.
|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 Vendors||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)|
|Key Market Opportunities||Supportive Initiatives by Government to offer Lucrative Opportunities|
|Key Market Drivers||Growing Demand for Foundry Coke in End-User Industries to Grow the Market|
Frequently Asked Questions (FAQ) :
The foundry coke market would grow with 4.20% CAGR during the forecast period (2014-2026).
The projected foundry coke market valuation would be USD 3608 million by 2026.
Rising number of substitutes to hold back the foundry coke market growth.
The ash content <8% would lead the market.
The automotive parts casting segment has a better opportunity to lead the market.