Metallurgical Coke Market Report Overview
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The global metallurgical coke market size was USD 113450 million in 2022 and market is projected to touch USD 77107.4 million by 2031, exhibiting a CAGR of -4.2% during the forecast period.
The production of metallurgical coke, sometimes referred to as coke or "met coke," is the destructive distillation of high carbon content coal, such as bituminous coal, in extremely hot furnaces without the presence of air. Pig iron and steel are produced using metallurgical coke as a basic raw material.
Due to the growing use of this product in numerous applications, including the production of glass and iron and steel. Limestone, iron ore, and metallurgical are all heavily stacked into the pulverized coal injection process to turn the iron ore into metallic iron. The market has grown as a result of the steel industry's explosive growth driving up demand for coke. Additionally, it is anticipated that the booming glass industry will significantly influence the demand for the product.
COVID-19 Impact: Government Restrictions on Export led to Abrupt Decrease of Coke
The COVID-19 pandemic breakout has affected metallurgical coke imports and exports because governments of the major producing nations have placed export restrictions that have seriously disrupted supplies. The epidemic also caused a considerable decline in steel demand as auto manufacturing came to an end. The Indian steel sector, according to the Ministry of Steel, is in a dire state. A bit more than 20% of steel production was downsized from February, along with steel exports and imports and even consumption. The demand for steel has abruptly decreased as a result of the closure of sectors like the automobile and construction industries, which need steel for manufacturing. This has a detrimental impact on the market for metallurgical coke (coking coal).
Latest Trends
"Partnership Between Companies to Establish 5G Steel to Test 5G Connection at Company’s Industrial Locations"
The metallurgical coke sector is being developed by partnerships between major companies in the area. As an illustration, in November 2021, the commercial coke manufacturer for the ferroalloy industry ArcelorMittal, located in Luxembourg, teamed up with the service providers Orange Business Services in India and Ericsson in Sweden. Through this collaboration, the businesses established 5G Steel to test 4G/5G connection at ArcelorMittal's industrial locations in France during the following three years.
Metallurgical Coke Market Segmentation
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- By Type Analysis
According to type, the market can be segmented into Blast Furnace Coke, Nut Coke, Buckwheat Coke, Coke Breeze and Coke Dust.
Based on type, blast furnace coke holds the leading segment.
- By Application Analysis
Based on application, the market can be divided into Steel, Foundry Industry and Other
Based on application, steel holds the leading segment.
Driving Factors
"Rapid Expansion in the Construction Sector Propelled the Expansion of the Metallurgical Market"
More than half of the world's demand for steel is used by the construction industry, making it one of the greatest consumers of steel goods. The construction sector has had rapid expansion in recent years and is anticipated to continue on this path during the projected period. In turn, it is predicted that throughout the forecast period, this will propel the expansion of the worldwide metallurgical industry.
"Growing Utilization of Steel in the Manufacture of Automotives Resulting in Increase in the Market Demand for Coke"
The growing output and consumption for automobiles is a significant additional element driving the expansion of coke. The World Steel Association estimates that the automotive industry consumed about 12% of all steel used worldwide. Cast iron for engine parts, stabilizers, fuel tanks, steering, braking systems, and numerous other components are made from cast iron, although vehicle body frameworks, drive trains, and other parts are made from steel. Therefore, any increase in automotive manufacturing greatly increases the demand for steel, which therefore results in an increase in the market for metallurgical.
Restraining Factors
"Threat of Emerging Less Expensive Materials Pose a Hindrance to the Expansion of the Market"
The threat provided by emerging, less expensive new materials that potentially replace steel and impede market expansion is one of the variables affecting the growth of the industry. The dangerous byproducts of coke manufacturing, such as COWW, have made coke producers more cautious, which has also had an impact. These elements significantly impede the metallurgical coke market growth.
Metallurgical Coke Market Regional Insights
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"Presence of Steel Manufacturing Facilities and Rising Car Production Help Asia Pacific to Lead in the Market"
According to geography, the global market for metallurgical is expected to be dominated by China, with a volume share of more than half. Due to the presence of numerous steel manufacturing facilities and rising car production in the area, coke demand is rising. During the projection period, the Asia Pacific Excluding China (APEC) area is anticipated to be an opportunity-seeking market. While Japan and South Korea are anticipated to have relatively sluggish growth throughout the forecast period, India and the ASEAN nations are anticipated to drive the expansion of the metallurgical coke market share.
An estimated one-sixth of the worldwide coke sector volume share is accounted for by the market in Europe. Market expansion is being fueled by the government's protectionist policies and the imposition of antidumping taxes on steel imports in the area.
Key Industry Players
"New Technologies and Product Developments are Being Introducted by the Players to Stay Ahead of their Competitors"
Due in major part to the recent progress in the steel and iron industries, the coke industry has experienced significant product developments in recent years. Maintaining a sufficient supply of coke in ironmaking facilities is something that the majority of participants are paying close attention to. Some people seek out less expensive alternatives to coke, such as coal injections, in order to combat the erratic nature of supply and high price. New technologies related to the ferrous metallurgical process industry are being introduced by various stakeholders.
List of Market Players Profiled
- ArcelorMittal (Luxembourg)
- Nippon Steel & Sumitomo Metal (Japan)
- POSCO (South Korea)
- Tata Steel (India)
- SunCoke Energy (U.S.)
- JSW (India)
- United States Steel (U.S.)
- BlueScope (Australia)
- ABC Coke (U.S.)
- Gujarat NRE Coke (India)
- Mid-Continent Coal and Coke (U.S.)
- Haldia Coke (India)
Report Coverage
This report covers the metallurgical coke market. The CAGR expected to be in during the forecast period, and also the USD value in 2022 and what it is expected to be in 2028. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 113450 Million in 2022 |
Market Size Value By |
US$ 77107.4 Million by 2031 |
Growth Rate |
CAGR of -4.2% from 2022 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value is the global metallurgical coke market expected to touch by 2031?
The global metallurgical coke market is expected to touch USD 77107.4 million by 2031.
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What CAGR is the metallurgical coke market expected to exhibit during 2031?
The metallurgical coke market is expected to exhibit a CAGR of -4.2% over 2031.
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Which are the driving factors of the metallurgical coke market?
Rapid expansion in the construction sector propelled the expansion of the metallurgical market and growing utilization of steel in the manufacture of automotives resulting in increase in the market demand for coke are the driving factors of the metallurgical coke market.
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Which are the top companies operating in the metallurgical coke market?
ArcelorMittal, Nippon Steel & Sumitomo Metal, POSCO, Tata Steel and SunCoke Energy are the top companies operating in the metallurgical coke market.