Foundry Coke Market Is Growing Owing To The Increasing Number Of Automotive Parts and Casting Machinery Casting Worldwide
Pune, Maharashtra, November 15, 2019 (Wired Release) Prudour Pvt. Ltd. Market.us announces publication of its most recently generated research report titled, “ Foundry Coke Market by Ash Content (Ash Content 8%, 8% ≤ Ash Content 10% and Ash Content ≥10%), by Application (Automotive Parts Casting, Machinery Casting and Material Treatment), and by Region – Global Forecast to 2028.”, Which offers a holistic view of the Global Foundry Coke Market through systematic segmentation that covers every aspect of the target market.
The global Foundry Coke market was valued at US$ 27,195.4Mn in 2018 and is expected to reach US$ 37,054.2Mn by 2028 at a CAGR of 3.1%.
Foundry coke is a high-quality grade of coke, also known as hard coal. Coke is majorly used for efficient cupolas for melting iron and other metals such as lead, copper, zinc, tin, etc. in cupola furnace foundries. Foundry coke has compact structure, low ash, high carbon and high heat value, which helps in increasing the metal temperature, reducing blasting pressure, lowering reaction with carbon dioxide and reducing breakage from handling. It is a large, strong coke used as a supporting matrix and energy carrier during foundry cupolas to produce cast and ductile iron products. Its functions as both, a fuel to melt scrap or pig iron with other compounds and as a source of carbon for melted products. It is a source of heat and also helps to maintain the required carbon content of the metal product. The resulted melted iron is used to make various product such as automobile engines, machinery, etc. Increase in construction activities is a key factor driving demand for global foundry coke industry market, historically, as well as in coming years.
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Robust growth of end-user industries such as automotive, construction and others is the key driver fueling the growth of the global foundry coke market over the forecast period. In addition to this increasing government initiative in several developing economies, towards augmentation of the domestic manufacturing sector is another factor expected to drive the growth of the target market.
Furthermore, increased investments towards infrastructural development in several countries are also expected to propel the demand for foundry coke in the coming years, are other factors expected to fuel the growth of the target market.
However, advancement in technologies, such as replacement of cupola furnace with electrical induction furnace for reduction of emissions and improving energy efficiency is expected to hamper the growth of the global foundry coke industry in coming years. Nonetheless, promising industrialization in developing economies is expected to provide opportunities for players to increase penetration in this market.
Global Foundry Coke market is segmented on the basis of ash content, applications and region. On the basis of ash content, the market is segmented ash content ＜8%, 8% ≤ ash content ＜10% and ash content ≥10%. Ash content ＜8% segment accounts for the majority share in the global foundry coke market, and also it is expected to register the highest growth rate over the forecast period. On the basis of applications, the market is segmented into automotive parts casting, machinery casting and material treatment and machinery casting account for a majority share in the global foundry coke market.
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On the basis of region, the market is segmented into the United States, China, Europe, Japan, India, Southeast Asia, South America, South Africa and the rest of the world. China accounts for the majority share in the global foundry coke market owing to the wide adoption of the byproduct recovery process for the production of foundry coke in on the rise in the region. A region such as India registers the highest growth rate while Southeast Asia, South America and Japan are expected to register stable growth over the forecast period.
The research report on the global foundry coke market includes profiles of some of the major companies such as Drummond Company, Inc., Nippon Coke Engineering Company, Limited, ArcelorMittal, Erie Coke Corporation, Italiana Coke S.R.L., CARBO-KOKS Sp z o.o. and Hickman, Williams Company.