PUNE, INDIA--(Korea Newswire) March 11, 2022 -- A recent report by Future Market Insights (FMI) states that global sales of wood charcoal will value around US$ 20 Bn in 2020. Sales of wood charcoal are expected to grow at 2.3% CAGR over the forecast period, 2020-2030.

Substantial demand will come from the residential sector, especially in developing regions of Asia Pacific, Africa, and South America wherein over 2 billion people rely on wood energy for cooking and heating purposes. The study further reveals that cooking and heating in private households make up for about a third of worldwide renewable energy consumption.

While the emergence of alternative energy sources is hampering market growth, demand from the chemical industry for the production of chemicals - carbon disulfide, sodium cyanide, and carbon tetrachloride - is reflecting remunerative opportunities.

COVID-19 Impact on Wood Charcoal Market

While the global wood charcoal market has been facing the significant brunt of the COVID-19 pandemic in Q1 and Q2 of 2020 due to trade restrictions, lockdowns, and travels bans, resulting in a subsequent drop in demand from several end-use industries such as chemicals, metal, and metallurgy, and water treatment plants.

That being said, the gradual easing of pandemic-induced restrictions across continents is setting high hopes for wood charcoal manufacturers as these end-use industries are getting back on track.

Wood Charcoal Market - Competitive Intelligence

The global wood charcoal market is highly competitive, with the presence of several players competing with each other to capture a bigger revenue share. The 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.

To Know More About Wood Charcoal Market:

The report examines the wood charcoal market through five different segments - product type, wood type, end-use, application, and region. The wood charcoal market report also provides an extensive assessment of pricing by different key market dynamics, life cycle analysis, and technologies that are being deployed in the manufacturing of wood charcoal and product adoption across several end-use industries.