New York, Sept. 05, 2023 (GLOBE NEWSWIRE) -- According to Market.us, the Global Foundry Coke market size is projected to surpass around USD 4,341.7 Million by 2032 and it is poised to reach a registered CAGR of 3.4% from 2023 to 2032.
Foundry coke, also known as hard coal coke, is a dense and high-carbon product created in specialized coke ovens. It is crucial in foundries for melting metals such as iron, lead, tin, copper, and zinc due to its high heat and low ash properties. Unlike metallurgical coke, its size varies based on the cupola used. Foundry coke plays a pivotal role in crude iron manufacturing as a reducing agent, support structure, and energy source. It finds primary application in blast furnaces and smelting nonferrous metals such as copper, lead, and zinc. Downstream foundry products, with government efforts in the automotive sector contributing to its growth globally, drive the demand for foundry coke.
To get additional highlights on major revenue-generating segments, Request a Foundry Coke Market sample report at https://market.us/report/foundry-coke-market/request-sample/
Key Takeaway:
- By type, in 2022, the foundry coke market was dominated by the ash content ＜8% segment was dominant in 2022 due to its higher quality and applications in the manufacturing industry.
- By application, the automotive parts casting segment is dominant in the global foundry coke market due to its wide use in manufacturing automotive parts.
- In 2022, APAC will be the dominant region in the global foundry coke market, with a market share of 48.4% due to rapid industrialization and the expanding automotive sector.
- In 2022, North America held a significant market share in the global foundry coke market due to abundant reserves of high-quality metallurgical coal and a well-established steel industry.
Factors affecting the growth of the Foundry Coke industry?
- Industrial Demand and Economic Growth: The growth of the foundry coke industry is closely tied to the demand for steel and iron casting in various industrial sectors such as automotive, construction, and manufacturing. Economic growth and increased infrastructure development drive the demand for steel products, subsequently influencing the demand for foundry coke as a vital component in the steelmaking process.
- Raw Material Availability and Costs: Foundry coke production relies on metallurgical coal, a key raw material. Fluctuations in the availability and cost of metallurgical coal can impact the production cost of foundry coke. Factors such as mining regulations, geopolitical events, and environmental concerns can disrupt coal supply and influence prices, affecting the industry's growth.
- Technological Advancements: Innovations in coke-making technologies and processes can significantly impact Foundry Coke production's efficiency, quality, and environmental sustainability. Adopting advanced technologies can lead to better energy utilization, reduced emissions, and improved product quality, thus attracting investments and fostering industry growth.
- Environmental and Regulatory Factors: Increased environmental awareness and stringent emissions and air quality regulations substantially impact the foundry coke industry. Environmental compliance requirements can change production methods, emissions control, and waste management practices. Companies that can adapt to these regulations and implement eco-friendly practices are more likely to thrive in the long term.
Top Trends in the Foundry Coke Market
In recent years, the foundry coke industry has prioritized sustainability by addressing environmental concerns. This involves lowering carbon emissions, enhancing energy efficiency, and investigating eco-friendly raw materials and methods. Stricter environmental regulations have led to technological investments to limit environmental harm, including reducing pollutants and greenhouse gases.
Market Growth
The foundry coke industry has consistently grown due to increased construction, automotive, and manufacturing demand. Sustainability concerns and environmental regulations have further fueled this growth. Challenges include fluctuating raw material prices and potential competition from alternative technologies. Despite these challenges, the industry's outlook remains positive as it adapts to changing market dynamics.
Buy Now this Premium Report to Grow your Business: https://market.us/purchase-report/?report_id=16586
Regional Analysis
In 2022, the APAC region led the global foundry coke market, holding a 48.4% market share and exhibiting a projected CAGR of 3.8%. This was driven by robust industrialization in China and India, spurring demand for foundry coke in iron and steel production. The construction and automotive sectors also fueled APAC's dominance by relying on foundry coke. North America's substantial market share is attributed to ample high-quality metallurgical coal reserves, a strong steel industry, advanced tech, and advantageous trade positioning.
Scope of the Report
| Report Attributes | Details |
| Market Value (2022) | USD 3,133.8 Million |
| Forecast Revenue 2032 | USD 4,341.7 Million |
| CAGR (2023 to 2032) | 3.4% |
| APAC Revenue Share | 48.4% |
| Base Year | 2022 |
| Historic Period | 2016 to 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Rising demand from different end-use sectors such as automotive, construction, machinery, and pipe and fitting industries is propelling strong growth in the global foundry coke market. Infrastructure spending and adopting modern technologies like the by-product recovery process also support this upsurge. Government initiatives to boost the automotive sector in both developed and developing countries contribute significantly to this expansion. The thriving iron industry, with its diverse applications, is crucial for the growth of the global foundry coke market. Additionally, the increase in consumers' disposable income is anticipated to enhance demand for automotive and residential properties, further bolstering the need for foundry coke.
Market Restraints
The growth of the foundry coke market is being influenced by changing technologies and regulations. One challenge arises from adopting advanced technologies, including moving from cupola furnaces to electrical induction furnaces. This shift aims to reduce emissions and improve energy efficiency. Moreover, the emergence of alternative materials like aluminum replacing iron in some applications could potentially hinder market growth. While these substitutions offer advantages, they might limit the demand for traditional foundry coke, affecting market expansion. Additionally, increasing concerns about pollution and health risks may lead certain consumers and industries to seek more environmentally friendly alternatives, potentially affecting the demand for foundry coke.
To understand how our report can make a difference to your business strategy, Inquire about a brochure at https://market.us/report/foundry-coke-market/#inquiry
Market Opportunities
The foundry coke market on a global scale offers favorable prospects for expansion. A notable prospect within this sector is the escalating requirement for foundry coke in manufacturing, notably in steel production. With the ongoing growth of the construction and automotive sectors, the demand for top-notch steel is set to surge, consequently driving the need for foundry coke. Furthermore, the promising process of industrialization in emerging economies within the Asia Pacific realm, like China, is poised to grant chances for industry participants to enhance their presence in these markets. Additionally, noteworthy innovation and intelligent undertakings in the automotive and casting industries originating predominantly from these regions present a multitude of openings for the foundry coke market.
Report Segmentation of the Foundry Coke Market
Type Insight
In 2022, the dominant segment in the foundry coke market was the one with ash content <8%. This category held a significant market share of 46.7% during that year and is anticipated to maintain a steady CAGR of 3.6% in the projected period. The preference for this segment is due to its superior quality, characterized by ash content lower than 8%. This higher quality translates to fewer impurities, making it a crucial choice for the foundry sector, where consistent and efficient performance is paramount. Foundries and manufacturers favor this type of coke as it guarantees improved metallurgical characteristics during the casting process.
Following, the segment with ash content ranging from 8%≤ to <10% emerged as the second largest, accounting for a market share of 30.9% in 2022. This popularity can be attributed to its affordability, adaptability, and the demand it garners from various industries.
Application Insight
The dominant segment in the global foundry coke market is automotive parts casting, owing to its extensive application in manufacturing automotive components. The market is categorized into automotive parts casting, machinery casting, and material treatment. Among these, the automotive parts casting sector is the most profitable. As of 2022, it claimed a substantial market share of 50.1%. The consistent growth of the automotive industry has amplified the need for automotive parts, resulting in a heightened demand for foundry coke. Since casting is a prevalent technique for producing these parts, it naturally propels the requirement for foundry coke. Foundry Coke finds utility in diverse casting methods, making it well-suited for a broad spectrum of automotive components, such as engine blocks, transmission parts, and brake systems.
For more insights on the historical and Forecast market data from 2016 to 2032 - download a sample report at https://market.us/report/foundry-coke-market/request-sample/
Market Segmentation
- Based on Type
- Ash Content ＜8%
- 8% ≤ Ash Content ＜10%
- Ash Content ≥10%
- Based on Application
- Automotive Parts Casting
- Machinery Casting
- Material Treatment
By Geography
- North America
- The US
- Canada
- Europe
- Germany
- France
- The UK
- Spain
- Italy
- Russia & CIS
- Rest of Europe
- APAC
- China
- Japan
- South Korea
- India
- ASEAN
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of MEA
Competitive Landscape
Several key players who influence the industry are expected to drive the global foundry coke market. ArcelorMittal is a major player known for its diversified steel production and supply chain network. Vedanta Resources Limited is another prominent name renowned for its large-scale metal and mining operations. These key players and other industry participants collectively influence the foundry coke market's growth, supply, and demand dynamics. Their continuous innovation, expansion, and market strategies contribute significantly to the industry's development.
Some of the major players include:
- ArcelorMittal
- Vedanta Resources Limited
- Drummond Company Inc.
- Nippon Coke & Engineering Company Limited
- Hickman Williams & Company
- Jiangsu Surun High Carbon Co. Ltd.
- Italiana Coke S.R.L.
- OKK Koksovny
- CARBO-KOKS
- Other Key Players
Recent Development of the Foundry Coke Market
- In Feb 2021, ArcelorMittal Asturias completed its coke-oven gas injection project for Blast Furnace B in its Gijón plant. This is a strategic step to reduce CO2 emissions and operational costs, thanks to lower Coke consumption.
Browse More Related Reports
- Calcined Petroleum Coke market is projected to be US$ 7,652.5 Mn in 2018 to reach US$ 12,597.6 Mn by 2028 at a CAGR of 5.1%.
- Calcined Anthracite Market was valued at USD 3,431.02 million in 2022. It is anticipated to grow at a CAGR of 2.05%.
- Needle coke market sales grew at 6.12% CAGR over the forecast period to USD 3,890 million in 2021.
- Mining Equipment Market size is expected to be worth around USD 574,633.89 million by 2032 from USD 181,745.08 million in 2022, growing at a CAGR of 12.2% during the forecast period from 2022 to 2032.
- Pneumatic conveying market devices accounted for USD 29,290.42 million in 2021. It is expected that it will grow at a CAGR, of 4.9% from 2023-2032.
- Ammonium sulfurate market was worth USD 3,200 million in 2021. It is anticipated to grow at multiple yearly rates of 6.2% between 2023 to 2032.
About Us:
Market.US (Powered by Prudour Pvt Ltd) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report-providing firm. Market.US provides customization to suit any specific or unique requirement and tailor-makes reports as per request. We go beyond boundaries to take analytics, analysis, study, and outlook to newer heights and broader horizons.
Follow Us On LinkedIn Facebook Twitter
Our Blog:
