The global foundry coke market is set to experience substantial growth in the coming years, with a projected increase of USD 500.7 million from 2024-2028. This growth is driven by the growing steel industry, which is experiencing a trend towards rising demand for foundry coke from emerging markets. Despite the positive outlook, the market faces challenges due to the volatility in raw material prices, particularly coal.
Key market players in the foundry coke industry include ArcelorMittal SA, China Coke Group Holding Co. Ltd., Drummond Co. Inc., and many others. These companies are at the forefront of driving innovation and meeting the increasing demand for foundry coke.
The market is expected to grow at a CAGR of 4.36% during the forecast period, with the Asia Pacific region leading the market contribution at 43%. Countries like China, the US, Germany, Japan, and Italy are key players in the market, showcasing the global nature of the foundry coke industry.
The increasing demand for steel in various sectors such as automotive, infrastructure, and industrialization is fueling the need for foundry coke. This essential ingredient is used in cupola furnaces for casting metals like cast iron, steel, and aluminum alloys, among others.
Overall, the foundry coke market is poised for significant growth, driven by the demand for steel in emerging markets and the essential role foundry coke plays in the production process. Despite challenges like raw material price volatility, the market is expected to thrive in the coming years as key players continue to innovate and adapt to changing market dynamics.
