Europe, India, and Southeast Asia Metallurgical Coke Market: Introduction
Transparency Market Research delivers key insights on the Europe, India, and Southeast Asia metallurgical coke market. In terms of revenue, the Europe, India, and Southeast Asia metallurgical coke market is estimated to expand at a CAGR of 4.1% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the Europe, India, and Southeast Asia metallurgical coke market.
The Europe, India, and Southeast Asia metallurgical coke market has been positively impacted by an increase in demand for metallurgical coke in end-use industries such as soda ash manufacturing, ceramic packing media, and graphite electrodes.
Europe, India, and Southeast Asia Metallurgical Coke Market: Dynamics
Consumers in developing countries have different mobility needs. Constant urbanization is expected to prompt consumers to own cars in the near future. Increase in sale of new vehicles and the number of on-road vehicles in regions such as Asia Pacific is estimated to propel the demand for ferrous alloys as well as steel in in the near future. This surge is apparent in Asia Pacific, which is turning out to be an automotive manufacturing hub. Countries in the region such as India, China, Japan, South Korea, Thailand, and Indonesia account for major share of the Europe, India, and Southeast Asia car production.
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Ferroalloys are used in the preparation of wide variety of steel including plain carbon steel, stainless steel, alloy steel, and electrical/silicon steel. Ferroalloys consist of non-ferrous metal ore, iron or iron ore, metallurgical coke, and flux. These raw materials are treated at higher temperature in submerged-arc electrical furnaces for the production of ferroalloys. Metallurgical coke acts as a reducing agent in this process. Reducing agent acts as a source of carbon and helps decompose the ore. Decomposition enables the elimination of gases or slang in the ore, leaving the metal from the ore behind.
Thus, rise in demand for vehicles and increase in production of vehicles are likely to boost the demand for steel, thereby augmenting the demand for ferroalloys. Rise in usage of ferroalloys is anticipated to propel the metallurgical coke market.
Europe, India, and Southeast Asia Metallurgical Coke Market: Prominent Regions
In terms of value, Europe dominated the Europe, India, and Southeast Asia metallurgical coke market in 2020. The region is expected to maintain its dominance during the forecast period, due to significant growth in the automobile industry. Europe has witnessed substantial investments in the automobile industry in the last decade, due to the presence of higher number of automobile manufacturers in the region.
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Russia & CIS is the leading country and holds major share of the metallurgical coke market in Europe. The metallurgical coke market in Russia & CIS is driven by increase in investment in infrastructure & construction activities as well as manufacturing activities in the country.
India was a lucrative country of the Europe, India, and Southeast Asia metallurgical coke market in 2020. It was the second largest producer of crude steel, producing more than 9 MT of crude steel, in 2020. According to India Brand Equity Foundation (IBEF), the country’s finished steel consumption is expected to increase from 93.43 MT from 2020-2021 to 230 MT by 2030-2031. India’s current steel producing capacity stands at around 140 mtpa and is anticipated to increase to 300 mtpa by 2030-2031. Driven by rising construction activities, India’s domestic steel demand is expected to rise by 17% in FY 2022. This is likely to boost the demand for metallurgical coke in India during the forecast period.
Southeast Asia accounted for key share of metallurgical coke market in 2020. This trend is expected to continue during the forecast period due to the increase in consumption of steel owing to its usage in infrastructure & construction activities in the region.
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Europe, India, and Southeast Asia Metallurgical Coke Market: Key Players
Key players operating in the Europe, India, and Southeast Asia metallurgical coke market are Sesa Goa Iron Ore, Coal India Limited, BHP, Arjas Steel, Simplex Coke, Hickman Williams & Company, SM Group, Oxbow Corporation, Coromandel Met Coke Industries, and Foundry Fuel Products Limited.
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