Pune, India, May 10, 2022 (GLOBE NEWSWIRE) -- The global charcoal briquette market size is expected to witness substantial growth owing to global concern over rising greenhouse gas emission and growing demand for clean energy sources during the forecast period. This information is published by Fortune Business Insights in its upcoming report, titled “Charcoal Briquette Market Size, Share & Industry Analysis, By Type (Wood Type, Others), By Application (Metallurgical Industry, BBQ, Others) and Regional Forecast, 2019-2026.”
COVID-19 Impact:
The COVID-19 pandemic has led to severe repercussion owing to its widespread effects across several economies. Several industries are facing unprecedented losses owing to the lockdown announced by several governments across the globe that has resulted in the complete shutdown of the businesses. The crippling economy, however, is being revived through collective efforts from the government as well as the industries and is expected to bounce back in the coming years.
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A coal briquette is typically a compressed block of combustible biomass material such as coal dust, wood chips, paper, and sawdust that is used as a source of fuel. They are produced by turning the wood dust into charcoal dust that is compressed to form briquettes. They are one of the best alternatives to fossil fuels aiding in mitigating the negative impact of global warming. In addition to this, they are the renewable fuel alternatives that are widely adopted in applications such as modern combustion systems, coal-fired heaters, and boilers.
Charcoal Briquette Market Segmentation
By Type the market is divided by Wood Type, and Others
By Applications the market is further segmented into Metallurgical Industry, BBQ, Others.
Finally, by geography, the market is separated into North America, Asia Pacific, Europe, and the Rest of the World.
DRIVING FACTORS
Rising Levels of Greenhouse Gas Emission to Foster Growth
According to the US Environmental Protection Agency (EPA), the biggest source of greenhouse gas emissions in the US owing to human activities is the burning of fossil fuels for heat, electricity, and transportation. Increasing greenhouse emissions is resulting in drastic climate change across the globe. To mitigate the growing effects of greenhouse gas emissions, the demand for renewable energy sources is increasing manifold across the globe. As charcoal briquettes are produced from agriculture and forest residues, they are the best alternatives for conventional fuel sources. Growing demand to limit carbon emission across the globe is expected to drive the global charcoal briquette market during the forecast period.
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REGIONAL INSIGHTS
Growing Agricultural Sector in Asia Pacific to Augur Growth
Among all regions, the market in Asia-Pacific is likely to dominate and hold the highest global charcoal briquette market share during the forecast period. This is attributable to a growing agriculture sector and the presence of a large population in the rural areas in countries such as India and China. On the other hand, North America is expected to witness slight growth during the forecast period. This is ascribable to factors such as rising prices of conventional fuel sources in the region. Additionally, increasing demand from the residential sector in countries such as the US will contribute to the market growth between 2019 and 2026.
COMPETITIVE LANDSCAPE
BBS Energy Unveiling its Envirocook Project to Propel Demand
In February 2020, Biomass Briquettes Saving Energy Constructions (BBS Energy), an Uganda-based company, announced the launch of its new project known as Envirocook that aims at promoting eco-friendly cooking in the country. According to the company, the project is aimed at providing household appliances that include clay brick ovens and stoves. The initiative is expected to aid in the drastic reduction of carbon dioxide emissions and limit the use of fossil fuels for domestic cooking.
What does the Report Include?
The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will affect market growth. The report provides insights into the regional analysis that covers the different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves leading companies and adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will contribute to the growth of the market between 2019 and 2026. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
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List of the Companies Proliferating in the Market:
- BBCharocal
- Kingsford Products Company
- The Henry Ford
- VESP Energy
- ArSta eco
- Holzkohlewerk Lüneburg
- OTAGO
- Duraflame, Inc. PT. Cavron Global
- Paraguay Charcoal
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