Foundry Coke Market Research Report - Forecast till 2030

Foundry Coke Market: Information by Type (Ash Content < 8%, 8% < Ash Content < 10%, 10% < Ash Content), Application (Automotive Parts Casting, Machinery Casting, Insulation and others) and Region - Forecast till 2030

ID: MRFR/CnM/6742-CR | August 2019 | Region: Global | 449 pages

Foundry Coke Market Overview


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.


COVID 19 ANALYSIS


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.


COMPETITIVE LANDSCAPE


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



  • GR RESOURCE LTD of China,

  • Erie Coke Corporation of the United States,

  • ABC Coke (Drummond) of the United States,

  • CARBO-KOKS Spolka z 0. O of Poland,

  • Italiana Coke s.r.l of Italy,

  • Industrial Quimica del Nalon SA (Malinchebring) of Spain,

  • Nippon Coke and Engineering Co. Ltd of Japan

  • Shanxi Antai Group Co. ltd of China.


They build strong partnerships with each other.  They merge and build acquisitions to come to others at the top-notch of the market.


MARKET DYNAMICS


Drivers

The rise in demand for iron casting in the growth of the automotive industry propels up the size of the foundry coke business. Globally, the increase in construction industry business is the other salient factor that promotes the rise of market size.


Opportunities

The technological progressions being implemented and the rise in the use of innovative products and the initiatives so taken by the government bring up the opportunities in the market which augments the foundry coke market growth.


Challenges

The adverse effects faced by the foundry market about the production of coke and the regulatory laws so imposed by the government is the major challenging factor for the foundry coke market size.


Cumulative Growth

The purpose of coke in a cupola furnace will steer up the market growth. The rise in demand for insulation materials throughout the world increases the growth impetus to the key players operating in the market till the end of 2026. The manufacture of more electric vehicles in the automobile industry expands up the business in the upcoming period. Rapid growth in the end-users industries which includes chemicals, automotive, oil, and gas further raises the foundry coke market value during the review period.


Restraints

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.

MARKET SEGMENTATION


By type

Based on type, the foundry coke market is classified into ash content which is further divided into less than 8%, more than 8% of ash content, less than 10%, and more than 10%. The foundry coke containing less than 8% ash content leaves out less residue when it undergoes combustion. This results in a decrease in costs of waste management by both manufacturers and suppliers. Less ash content causes less pollution when the coke bruins. For all these reasons, this section experiences significant growth which owes to its advanced properties as compared to its other segments. Based on application, globally the foundry coke is classified into the casting of automotive parts, casting of machinery, treatment of the material, its insulation, process industries, and many more. Casting of automotive part projects at a CAGR of about 4.55% during the market forecast period by the end of 2026. The rise of the automotive industry throughout the globe owes to the rise in per-capita disposable income, its rise in purchasing power, and the growth of the economies are the features that steers up the market segment.


By technology

With the advancement of technology, and bring electrical induction furnace was manufactured. This led to the lessening of emission and also im[proved the energy efficiency of the coke. It led to the manufacture of coke-oven gas which is a valuable healing substance. Modernization of technology led to the discovery of telescopic charging chutes which reduced the dust emissions so emitted while charging. Foundry coke leads to automatic removal and acts as an alternative to charging hole lid. Volatile gases generated from the coal during the process of carbonization flow to the top into the free space present.


REGIONAL ANALYSIS


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.


RECENT DEVELOPMENTS


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.


REPORT OVERVIEW


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.



Report Scope:
Report Attribute/Metric Details
  Market Size

  • 2030: USD 3608.0 Million
  • 2027: Significant value
  •   CAGR   5%(2019–2030)
      Base Year   2019
      Forecast Period   2020-2030
      Historical Data   2018
      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


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    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.