Wood charcoal is a highly versatile and widely used fuel source that has been utilized by civilizations for centuries. It is derived from the burning of wood in a controlled environment with limited oxygen supply, resulting in the removal of volatile compounds and leaving behind a carbon-rich substance.
Wood charcoal possesses several advantageous properties, making it a popular choice for various applications. It is known for its high heat output, making it an ideal fuel for cooking, heating, and industrial processes. Additionally, wood charcoal burns cleaner and emits less smoke compared to raw wood, reducing air pollution.
According to Future Market Insights (FMI), the wood charcoal market will increase by 2.3% annually in 2022, reaching a value of roughly US$ 21,014.6 Million by the end of the year. Between the years 2022 and 2030, a 2.3% growth rate in the global economy is predicted.
The demand for wood charcoal is expected to increase in a number of end-use industries over the next few years, including residential, cooking fuel, gardening, commercial paints & sketches, water treatment, explosives & artillery, sugar, alcoholic beverages, chemicals & petrochemicals, pharmaceutical, and others. Given this, FMI forecasts that by the end of 2030, global sales of wood charcoal will total US$25,324.8 Million.
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Key Highlights
- Charcoal lumps continue to generate greater revenue through 2030
- Fuel feedstock to remain primary application area of wood charcoal
- Adoption of wood charcoal in residential sector to remain over decade ahead
- Hardwood to account for leading revenue share, tentative to 80%
- Markets in Latin America and South Asia to offer potential growth avenues
“Food prepared from barbeque charcoal (BBQ) grills offer various benefits such as less oil usage, nutritionally rich food, and low fat. As consumers are following stay-at-home orders, at-home consumption is surging and consumers are showing greater interest for indoor grilling. The trend is well-established in developed regions, in particular,” says analyst at FMI.
COVID-19 Impact on Wood Charcoal Market
While the global wood charcoal market has been facing significant brunt of the COVID-19 pandemic in Q1 and Q2 of 2020 due to trade restrictions, lockdowns, and travels bans, resulting in subsequent drop in demand from several end-use industries such as chemicals, metal and metallurgy, and water treatment plants.
That being said, gradual easing of pandemic-induced restrictions across continents are setting high hopes for wood charcoal manufacturers as these end-use industries are getting back on track.
While the global chemical production declined in every category through Q1 2020, production eventually showed positive signs during Q2 2020, despite negative growth in some categories.
Moving ahead, as the COVID-19 pandemic continues to rage across the globe, governments and organizations are laying greater emphasis on treating wastewater as essential public service to minimize potential impacts on health and surroundings. This, in turn, will further accent the need for wood charcoal wastewater treatment plants.
Wood Charcoal Market – Competitive Intelligence
The global wood charcoal market is highly competitive, with presence of several players competing with each other to capture bigger revenue share. Majority of leading players are allocating huge investments in R&D to roll out innovative offerings that help step up production efficacy and thus improve their regional presence. Case in point,
- Greencoal Namibia CC produces pure hardwood lump charcoal made from 100% natural Blackthorn wood. The charcoal offers enhanced lighting characteristics, reduced ash production, and amazing hardwood aroma.
- Kingsford Products Company develops professional briquettes made with 100% natural ingredients and premium wood char to assure professional-quality results. These briquettes offer better burn and feature low ash formula.
- Royal Oak Enterprises manufactures pure natural hardwood charcoal briquettes derived from wood, vegetable starch, and contain no additional substances.
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Wood Charcoal Market by Category
By Product, the market of Wood Charcoal is segmented as:
- Charcoal Lumps
- Charcoal Briquettes
- Charcoal Powder
By Wood, the Wood Charcoal Market is segmented as:
- Softwood
- Hardwood
By Application, the Wood Charcoal Market is segmented as:
- Fuel Feedstock
- Reducing Agent
- Filtration Agent & Gas Masking
- Decolorizing Agent
- Gastric Medicine
- Sketches & Paints
- Soil Conditioning
- Gunpowder
- Others
By End Use, the Wood Charcoal Market is segmented as:
- Residential
- Cooking Fuel
- Gardening
- Commercial Paints & Sketches
- Water Treatment
- Industrial
- Metal & Metallurgy
- Explosives & Artillery
- Sugar
- Alcoholic Beverages
- Chemicals & Petrochemicals
- Pharmaceutical
- Other Industrial Processes
By Region, the market of Wood Charcoal is segmented as:
- North America
- Latin America
- Europe
- Middle East and Africa (MEA)
- East Asia
- South Asia
- Oceania
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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