PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1521085
PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1521085
The global charcoal market is anticipated to grow at a compound annual growth rate (CAGR) of 3.2% between 2024 and 2029.
The main factor driving the charcoal market is its application in medical applications such as assisting kidney function by filtering out undigested toxins and drugs, helping in intestinal gas, natural water filtration, teeth whitening, oral health, skin infections, etc. Products such as Activated Charcoal 200mg Tablet 50s by Glovida-Rx (GRx), a generic medicine used for detoxification, digestive comfort, and emergency toxin removal are one of the major charcoal medicinal tablets for healthcare.
The activated charcoal segment is likely to be the fastest-growing type during the projected period
Activated charcoal is produced by superheating natural sources of carbon, such as wood, peat, coconut shells, or sawdust. The major application of activated charcoal is in the healthcare industry. Activated charcoal for medical uses comes in different forms like tablets, capsules, liquid, suspension, and pellets for intake as a medicine. Charcoal is a main component of the smelting industry being an important reducing agent, it has relatively high mechanical strength, good conductive properties, and high carbon content.
The demand for metals like iron and steel is a major driving factor in the demand for the charcoal market. The world produced 1,892,036 thousand tonnes of crude steel in the year 2023, 1,884,011 thousand tonnes, in 2022, a major consumer of charcoal in industrial usage. The demand for metals across various purposes like infrastructure, automotive, real estate, machinery, etc. would generate the demand for charcoal in metallurgical applications.
Growing demand from the iron and steel industry
Steel is a critical material in the industry worldwide, and steel products are a heavily traded commodity. Global use of finished products made by steel has shown a significant demand. The steel demand is significant from the infrastructure developments around the world to medical equipment for saving lives, as well as war machinery around the world, steel has become indispensable.
Countries around the world have constant demand and supply for steel, the United States has the imports for the steel mill product for domestic consumption to be 29.6 metric tons in 2021, 28 metric tons in 2022, and 25.6 metric tons in 2023. The usage of steel in various industries would correspondingly increase the demand for charcoal in the market.
The growing application of activated charcoal in the Pharmaceuticals and food industry
Charcoal is a versatile porous material with increasing applications across various fields. The materials offer pores that can trap chemicals, it is used to clear toxins, and drugs that include NSAIDs and other OTC anti-inflammatories, sedatives, calcium channel blockers, dapsone, carbamazepine, malaria medications, and methylxanthines. Charcoal is also used in barbeque, grilling, heating, etc. in the food industry. Charcoal is a part of traditional cooking, different types of charcoal are used for different cooking styles such as coconut shell charcoal, used for grilling food. Hardwood briquettes are used for grilling and burning containing moisture levels averaging less than 10%.
Charcoals are used in the production of fireworks. In the cosmetic industry, they are used as an active ingredient in face washes, face masks, moisturizers, and body wash. For detoxification, it uses the natural adsorption qualities of activated charcoal to help remove toxins and substances from the gastrointestinal tract, it alleviates uncomfortable bloating and gas, and in acute situations, it is used in healthcare settings to get rid of unwanted substances.
Asia-Pacific region to dominate the charcoal market during the forecast period
The major economies like China, Japan, India, and South Korea dominate the Asia-Pacific region. Some of the fastest-growing emerging economies are from this region such as ASEAN countries. India and China are the two largest producers of crude steel in the world, China produced 1,019,080 thousand tonnes and India produced 140,706 thousand tonnes of crude steel, the first and the second largest producers of crude steel, respectively in 2023. Iron ore produced in India was 2,04,035 thousand tonnes in 2021-22.
Global Charcoal Market Key Developments