Rapid Growth Predicted For Metallurgical Coke Market Set for Explosive Growth, To Reach Around USD 352.8 Mn by 2028
Pune, Maharashtra, November 14, 2019 (Wired Release) Prudour Pvt. Ltd. The global metallurgical coke market was valued at US$ 224.7 Mn in 2018 and is expected to reach US$ 352.8 Mn by 2028 at a CAGR of 4.6%.
Metallurgical coke is extract from coking or metallurgical coal which is obtained by the distillation process. In this process coking coal is distilled at special high temperature (more than 1100°C) in the coke oven in the absence of oxygen. The resulting product is called as Metallurgical Coke. This process is conducted so that coal can be purified from its volatile components. Metallurgical coke, is key ingredient which used in steel and iron manufacturing industries. Steel is made from iron ore and other elements by heating of met coke and limestone in blast furnace. Because of the stable burning temperature property of met coke and generation of low or no smoke allow it to use vastly in diversified industries such as iron or steel as met coke generates heat without harming the environment deeply. Increasing usage of technology like dry quenching process helps in decreasing the air pollution as compare to conventional processes. Rapid growing industrialization in emerging nations and enhancement in the steel plants are expected to bolster the growth of metallurgical coke market globally.
Rapid growth of steel as well as iron industry due to their vast and ever growing applications are expected to increase the growth of metallurgical coke market globally. In addition to this, increasing expenditure in infrastructure, fuels the steel market owing to its high requirement which impacts positively in growth of metallurgical coke market.
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Furthermore, versatility of met coke such as steam generation during coke dry quenching can be utilized to generate electricity in considerable amounts, are other factors expected to fuel growth of the target market.
However, for manufacturing metallurgical coke, high quality coal is required which is not available in abundant form across all regions this factor is anticipated to curb the market growth in addition to which, limited mining approvals are given by the governments which might hinders the market growth. Nonetheless, rapid industrialization specifically in emerging nations presents great opportunity for metallurgical coke market to grow globally.
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Global metallurgical coke market is segmented on the basis of product type, applications and region. On the basis of product type, market is segmented into blast furnace coke, nut coke, buckwheat coke, coke breeze and coke dust. Blast furnace coke segment accounts for the majority share in the global metallurgical coke market, and also it is expected to register the highest growth rate over the forecast period. On the basis of applications, market is segmented into steel, foundry industry and other applications and steel accounts for a majority share in the global metallurgical coke market.
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On the basis of region, the market is segmented into United States, China, Europe, Japan, and rest of the world. China accounts for the majority share in the global metallurgical coke market owing to rapid growing industrialization and enhancement in the steel plants in the region. Asia pacific region, Japan, and rest of the world are expected to register stable growth over the forecast period.
The research report on the global metallurgical coke market includes profiles of some of major companies such as United States Steel Corporation, BlueScope Steel Limited, Drummond Company, Inc., Gujarat NRE Coke Limited, JSW Steel Limited, Hickman, Williams Company, Mid-Continent Coal and Coke Company and Angang Steel Company Limited.