The
global
coke market size is expected to grow at a CAGR of 2.13% during the
forecast period. Based on end-user, the global coke market has been segmented
into the iron and steel industry and others.
Coke is majorly used in the smelting
of iron and steel in blast furnaces. Rising urbanization plays a major role in
the high demand for steel as all new infrastructure and developments in
facilities require steel as a critical component. Steel is one of the most
important constructions and engineering materials and is used in every
industry. The steel industry across the world has been growing significantly
over the years.
APAC countries such as China, Japan,
and India are the major crude steel manufacturers in the world. China is the
largest producer of steel. It accounted for more than half of the global crude
steel production in 2018. The rapid revolution of infrastructure and the
growing economy of China are driving the steel industry in the country.
Therefore, the rise in iron and steel production will spur the demand for coke,
thus driving the growth of the iron and steel industry in the global coke
market size during the forecast period.
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