ID: MRFR/CnM/6742-CR | 110 Pages | Author: Anshula Mandaokar | October 2022
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 3608.0 million during the market forecast period (2022-2030)
The foundry coke market size is projected to be worth USD 3.14 billion by 2030, registering a CAGR of 3.91% during the forecast period (2022–2030). The market was valued at USD 2.23 billion in 2021.
The key driver fueling the expansion of the global foundry coke market is the exclusive use of foundry coke in cupola furnace as a result of its features. An additional factor driving the worldwide foundry coke market is the increasing demand for the material due to its increasing use in the production of automotive cast components, as well as the rise of the automotive sector around the world.
It is anticipated that the key driver driving the expansion of the global foundry coke market would be the use of foundry coke in cupola furnaces. The global market is predicted to develop because of the rising demand for iron cast components in the automobile sector. During the foreseen time period, the foundry coke market is also predicted to benefit from the rising need for insulation materials worldwide. However, competition from similar products is anticipated to slow the product market throughout the projection horizon. Negative consequences from producing foundry coke and strict regulatory criteria are impediments to business expansion.
COVID-19 Impact on the Foundry coke Market:
Coal is the major raw material of the foundry coke market. Distributors of foundry coke are struggling during the COVID-19 crisis and may look at the previous recession for guidance. However, the current scenario is different in many ways—and the stakes are much higher. For distributors and businesses of all kinds, the COVID-19 pandemic has made life immensely difficult. Coal is utilized as an intermediary by various sectors, including sponge iron, steel, paper, cement, and brick kilns, in addition to being the country's principal source of energy. Coal production in 2020-21 was 337.52 million tons (MT), down 3.3 percent from the previous year. In 2019-20, coal imports totaled 248.54 MT, up 5.7 percent from 2018-19. In terms of dollars, coal imports fell to USD 9.7 billion in 2020-2021, down from USD 15.6 billion in 2019-20.
Furthermore, during the coronavirus crisis, Indonesian coal exports fell to their lowest. When comparing export levels from 2015 to 2020, exports have already fallen below average in February and March 2020. Many distribution executives are stuck in a bind. Keeping things as they could put staff in danger or give ground to suppliers who are increasingly using digital technologies to directly service customers. However, the most effective ways to improve remain unknown. Companies are still struggling to deliver value while protecting people's safety and livelihoods more than six months into the outbreak.
The majority of distributors seeing significant drops in demand are in the industries most affected by physical separation and government-recommended isolation requirements. Companies in these areas are just trying to survive a crisis that no one could have predicted, and their survival strategies are becoming considerably more inventive. However, the impact was not uniform; states that better controlled epidemics were able to bring furnaces back online faster, whilst those that required lengthy social distance lost more productivity. Fortunately, China was in the leading category in terms of worldwide met coke production. By mid-2020, estimates predicted only a 1% reduction in hot metal manufacturing use for the entire year.
The global market for foundry coke is segmented into the following regions: Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa.
China, Japan, India, South Korea, Malaysia, Indonesia, Australia & New Zealand, and the Rest of Asia-Pacific make up the various segments of the Asia-Pacific market. In 2021, Asia-Pacific accounted for 45.85% of the worldwide foundry coke market, and this share is only predicted to increase over the next few years. Rapid industrialization in the region is fueling the expansion of the product market by increasing demand for cast iron components in end-use industries like the automotive, chemical, oil & gas, food & beverages, agricultural, healthcare, and others. When it comes to foundry coke, China dominates both the production and consumption markets. In 2021, China accounted for 56.03% of the Asia-Pacific market; by 2024, that percentage is expected to rise to 56.4%.
The European market has been broken down into Germany, the United Kingdom, Russia, France, Spain, Italy, and the rest of Europe, while the North American market has been further divided into the United States and Canada. In 2021, the North American market was second only to Europe in terms of size. End-user industries like automotive, chemicals, and others have contributed to Europe's expanding market. During the assessment period, the United Kingdom and Germany are projected to be growth drivers for their respective regional markets. Growth in the Middle East and Africa has stalled over the evaluation period, likely because the region is developing slowly due to the prevalence of small economies.
The global foundry coke market is expected to showcase healthy growth throughout the forecast period. The global market represents strong numbers in terms of consumption and is expected to grow year on year. The global foundry coke market is fragmented in nature with several organized and unorganized players operating in the market.
The competitive landscape provides an examination of the most important changes made by international corporations over the past three years. Forecasts show that rising demand from the automotive sector will propel the worldwide foundry coke market forward. Major drivers driving market expansion include the expanding automotive sector, increased demand for machinery casting, and increasing sales of passenger vehicles. In terms of consumption, the market is substantial and is forecast to expand each year. Major competitors in the worldwide foundry coke market have carved out sizeable niches for themselves by specialising in certain product lines. The expansion of their production capabilities is a top priority for them.
ABC Coke (Drummond), CARBO-KOKS Spółka z o.o., Industrial Química del Nalón SA (NalonChem), Italiana Coke s.r.l., Nippon Coke & Engineering. Co., Ltd, Wałbrzyskie Zakłady Koksownicze Victoria SA, GR RESOURCE LTD, Hickman, Williams & Company, OKK Koksovny, a.s., and Shanxi Antai Group Co., Ltd, are the key players operating in the global foundry coke market.
Tier-1 and tier-2 players with leaders such as Drummond Company, Inc., Nippon Coke & Engineering. Co., Ltd, Shanxi Antai Group Co., Ltd, and OKK Koksovny, a.s. hold the largest share of the global foundry coke market due to their years of experience in the field, wide variety of products, robust revenue base, and extensive global distribution network.Some of the key developments include:
The foundry coke market is segmented by type, application, and region in the report. In terms of insights, this report has focused on various levels of analysis such as market dynamics, value chain analysis, Porter's five forces, competitive landscape, and company profiles—all of which comprise and discuss views on the global foundry coke emerging and fast-growing segments, regions, and countries.
Objectives of the Study
|Market Size||2030: USD 3.14 Billion|
|CAGR||3.91% CAGR (2022-2030)|
|Historical Data||2019, 2020|
|Forecast Units||Value (USD Million) & Volume (Kilotons)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa|
|Key Vendors||ABC Coke (Drummond) (US), CARBO-KOKS Spółka z o.o. (Poland), Industrial Química del Nalón SA (NalonChem) (Spain), Italiana Coke s.r.l. (Italy), Nippon Coke & Engineering. Co., Ltd (Japan), Wałbrzyskie Zakłady Koksownicze Victoria SA (Poland), GR RESOURCE LTD (China), Hickman, Williams & Company (US), OKK Koksovny, a.s. (UK), and Shanxi Antai Group Co., Ltd (China).|
|Key Market Opportunities||• Growing Demand For Insulation Materials Across The Globe|
|Key Market Drivers||• Use Of Foundry Coke In Cupola Furnace • High Demand For Cast Iron In The Automotive Industry|
The global foundry coke market would register a growth of 3.91%.
The automotive industry will play a prominent role in taking the market forward.
Extensive R&D has resulted in the introduction of substitutes of foundry coke, which is expected to restrain the growth of the global foundry coke market during the forecast period.
Asia-Pacific would enjoy the upper hand in the foundry coke market, and it is poised to grow at a rapid rate.
China is poised to set the trend for demand growth in the foundry coke market.
Key Questions Answered
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