Description
The global Coal Briquettes Market was valued at USD 2375.51 million in 2021 and is projected to hit around USD 3595.03 million by 2028, expected to grow at a compound annual growth rate (CAGR) of 6.18%% from 2022 to 2028. The market’s expansion can be ascribed to the product’s increasing use in industrial industries, such as the steel industry, where high temperatures and heat are required. Furthermore, coal briquettes have a longer burn capacity and release fewer hazardous pollutants compared to traditional methods. This is also predicted to fuel the market’s expansion in the upcoming years. In addition, increased demand for renewable energy around the world and rising investments in coal briquettes by numerous Asian and African countries to address rising energy demand are expected to provide sufficient growth possibilities for the market soon. Renewable energy use increased by 3% in 2020, according to the International Energy Agency (IEA). In addition, renewables accounted for 29% of total electricity generation in that year, up from 27% in 2019.
