Metallurgical Coke Market Size, Share & Trends Analysis Report By End Use (Iron & Steel, Chemical, Industrial), By Region (North America, Europe, APAC, CSA, MEA), And Segment Forecasts, 2024 - 2030

Metallurgical Coke Market Size, Share & Trends Analysis Report By End Use (Iron & Steel, Chemical, Industrial), By Region (North America, Europe, APAC, CSA, MEA), And Segment Forecasts, 2024 - 2030

Metallurgical Coke Market Growth & Trends

The global metallurgical coke market size is expected to reach USD 534.56 billion by 2030 at a projected CAGR of 6.7% from 2024 to 2030, according to a new report by Grand View Research, Inc. Investments to expand steel production capacities are expected to drive demand for metallurgical coal (metcoke).

In January 2023, North America Stainless announced a capacity expansion worth USD 244 million to increase its stainless steel production capacity at its Kentucky facility by 200,000 tons, which is a 20% growth. This expansion will cater to flat product manufacturing. With this expansion, the company expects to create around 70 new jobs and expand its footprint in the American market.

Low to moderate growth in crude steel production is expected to benefit metcoke demand. The high volume of crude steel production worldwide requires large quantities of metallurgical coke. According to the World Steel Association, global crude steel production stood at 1,849.7 million metric tons in 2023, compared to 1,885.4 million tons in 2022.

Installation of new blast furnaces is likely to boost demand for metallurgical coke. For instance, in September 2023, Ulanhot Steel, a Chinese steel company, launched a new blast furnace at its Inner Mongolia plant. This furnace has capacity to process 1.13 billion tons of iron per year. Along with this, the company also installed a plant to process gases generated during pig iron production. This plant is expected to reduce emissions by 50,000 tons per year.

Metallurgical coke also finds application in ferroalloy production, thus, expansion of ferroalloy industry is likely to benefit growth of the market. In February 2023, Fincraft Resources and Monnet Group formed a joint venture for production of ferrosilicon, with an investment of USD 125 million. The plant will be known as Kazakh Limited and is expected to have a production capacity of 50,000 tons per year.

Factors such as competition from foreign companies affect market dynamics for metallurgical coke. For instance, rising imports in India affected domestic production levels. As per Indian Metallurgical Coke Manufacturers, plant capacity utilization of Indian metcoke companies dropped by 30-35% as of July 2023. This decline was attributed to a rise in imports. The local producers raised a complaint regarding the surge in imports, which in turn has raised the possibility of implementing import quotas in the second half of 2024 to protect the domestic metcoke manufacturers.

Metallurgical Coke Market Report Highlights

• Based on end use, the steel segment dominated the market in 2023 with a share of over 93% and is expected to maintain its position over the forecast period. The demand for steel in industries such as construction, consumer durables, machinery, and automotive industries is expected to benefit market growth.
• The industrial segment is likely to register fastest growth over forecast period. The expansion of industrial sectors in countries such as India, Brazil, and ASEAN countries is anticipated to play a key role in expansion of market.
• Asia Pacific was largest region, with a share of over 83% in 2023. A large number of blast furnaces in region are expected to keep positive momentum for metallurgical coke demand.
• The market is fragmented in nature, with a presence of medium to large size companies. Major steel companies have integrated supply chains to ensure availability of raw materials including coal and metcoke.

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