Rising Applications of Metallurgical Coke in Iron and Steel Industries
Increasing awareness about renewable energy sources and applications of wind turbines for generating electricity is expected to propel the demand for steel. Coal can be used as a raw material in the production of steel. Metallurgical coke is produced from coking coal in coking oven. This metallurgical coke is further utilized in smelting of iron ore. Metallurgical coke is primarily used in the production of pig iron, which, in turn, is used in the process of steel production. The rise in demand for wind turbines is expected to increase the consumption of steel, thereby boosting the demand for metallurgical coke during the forecast period.
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The Europe, India, and Southeast Asia metallurgical coke market is driven by favorable government policies such as exemption on custom duty for certain components of wind electricity generator and accelerated depreciation benefit. Expanding wind power projects and rising investments in the same in developing countries are driving the growth of the Europe, India, and Southeast Asia metallurgical coke market.
Increase in Construction and Infrastructure Activities: Key Driver of Europe, India, and Southeast Asia Metallurgical Coke Market
- Rise in investment in residential and non-residential construction sectors, rapid industrialization, and recovery in automobile sales are key factors propelling the demand for steel across different end-use industries
- Metallurgical coke is primarily used in the production of pig iron, which, in turn, is employed in the steelmaking process. Thus, increase in demand for steel is anticipated to boost the demand for metallurgical coke in the near future. This is estimated to boost the metallurgical coke market during the forecast period.
- The global construction industry is expanding at a significant pace. The global construction industry expanded by +3.0% in 2019. According to Oxford Economics, the global construction industry is estimated to reach US$ 5.8 Trn by 2030. According to the Commerce Department, construction spending in the U.S. increased by +0.9% y/y to US$ 1.459 Trn in 2020, since 2002. Rise in construction spending was driven by an increase in investment in single-family homebuilding and a pandemic-driven migration to suburbs and low-density areas.
- Thus, increase in utilization of steel for construction and infrastructure activities is expected to boost the consumption of metallurgical coke in the near future
Europe, India, and Southeast Asia Metallurgical Coke Market: Competition Landscape
- Sesa Goa Iron Ore
- Coal India Limited
- Arjas Steel
- Simplex Coke
- Hickman Williams Company
- SM Group
- Oxbow Corporation
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Rise in Awareness about Renewable Energy Sources Augmenting Metallurgical Coke Market in Europe, India, and Southeast Asia
- Increase in awareness about renewable energy sources and use of wind turbines to generate electricity from wind are expected to propel the demand for steel. Each wind turbine (capacity: 1 MW) utilizes at least 260 tons of steel. In addition, there is no substitute raw material other than coking coal (metallurgical coal) for the production of steel. Metallurgical coke is produced from coking coal in coking oven. This metallurgical coke is further utilized in smelting of iron ore. Thus, pig iron obtained from smelting of iron ore is further used in the production of steel. Increase in demand for wind turbines is likely to fuel the consumption of steel, thereby boosting the demand for metallurgical coke during the forecast period.
- In India, total wind power installed capacity crossed the milestone of 37+ GW in 2020. The country installed 2.117 GW of new wind power capacity in the same year. India has the fourth highest wind installed capacity in the world. Favorable government policies include exemption on custom duty for certain components of wind electricity generator as well as accelerated depreciation benefit. This is expected to fuel investments in wind power projects in India in the near future, thereby propelling the demand for metallurgical coke.
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