Recarburizers Market Share, Size, Trends, Industry Analysis Report, By Material (Petroleum Coke, Charcoal, and Graphite); By Application; By Region; Segment Forecast, 2023 – 2032
- Published Date:Dec-2023
- Pages: 115
- Format: PDF
- Report ID: PM4083
- Base Year: 2022
- Historical Data: 2019-2021
The global recarburizers market was valued at USD 498.44 million in 2022 and is expected to grow at a CAGR of 5.9% during the forecast period.
The exponential growth in the steel and iron production industry and their growing consumption across various industries, including construction and automotive, are the key factors spurring the demand for recarburizers worldwide because of their ability to fine-tune carbon content during the production process. Additionally, optimizing the appropriate carbon levels helps enhance the mechanical properties of steel and leads to the creation of superior-quality products with reduced impurities and greater efficiency.
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- For instance, as per a report by the World Steel Association, the world crude steel production for the top 63 countries was reported to be around 158.5 million tonnes in July 2023, with an increase of 6.6% from July 2022. China was the leading producer of steel with 90.8 Mt in July 2023, up from 11.5% from the previous year, followed by India and Japan with 11.5 Mt and 7.4 Mt, respectively.
With the growing focus of industries, particularly steel and foundry industries, towards sustainability and reducing their carbon footprint and emissions, there is an emerging opportunity for innovations in the sourcing and production of recarburizers that ensure more sustainable and environmentally friendly options. Hence, companies are seeking sustainable options for recarburizers for the manufacturing of steel, which is likely to create substantial market demand in the near future.
Moreover, there is also an increasing emphasis among companies across the world for developing green and sustainable recarburizers with the help of renewable carbon sources or recycling waste materials, which helps them to align with the broader and emerging trend of sustainability and gain traction among environmentally conscious consumers.
However, several stringent environmental regulations and emission standards across the globe that have placed limitations on the use of recarburizers in steel applications and the availability of alternative options for carbon addition in steel and foundry processes like natural graphite are among the major factors expected to restrain or hamper the overall market growth in the upcoming years.
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- Growing steel demand from various industries driving the market growth
As steel is widely used as a cornerstone in various industrial sectors, including automotive, infrastructure, and construction, the ongoing expansion and growth of these sectors across the globe is directly impacting the market for recarburizers. Steel producers significantly use recarburizers to adjust the carbon content of steel better to improve performance and meet specific quality requirements; thus, with the increase in steel production globally, the demand for recarburizers also increases.
- For instance, according to a report published by Trading Economics, India's total steel production has increased from 11,500 thousand tonnes in July 2023 to 11,900 thousand tonnes in August 2023.
The market is primarily segmented based on material, application, and region.
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By Material Analysis
- Petroleum coke segment accounted for the largest market share in 2022
The petroleum coke segment accounted for the largest recarburizers market share on account of its widespread availability as a byproduct of the oil refining process and significant adoption by manufacturers all over the world due to its easy accessibility and reliable sourcing. Besides this, it has numerous other advantageous and beneficial characteristics, including favorable carbon composition, which allows for accurate adjustments to carbon content that make it a highly preferred option for achieving precise carbon control in the production of steel and iron and leading to substantial segment growth.
The graphite segment is expected to gain the highest growth rate during the anticipated period, which is majorly driven by its growing popularity in the iron and steel industry due to its low impurity levels, high carbon content, and competitive pricing as compared to other alternative recarburizer materials.
By Application Analysis
- Steel production segment held the significant market share in 2022
The steel production segment held the majority market share in terms of revenue in 2022, which was largely accelerated by continuous growth and expansion of steel production all over the world, mainly due to factors like rapid urbanization & industrialization and growing infrastructure development, particularly in emerging economies. Apart from this, growing advances in steel manufacturing technologies and processes, including electric arc furnaces and ladle metallurgy furnaces, are also likely to have increased the demand for high-quality recarburizers that could meet specific carbon content and sulfur requirements.
- For instance, according to a recent report by the World Bank, currently, 56% of the world’s total population, which makes up approx. 4.4 billion people live in cities or urban areas. The share of the urban population worldwide is projected to double by 2050, with every 7 out of 10 people will be living in urban areas.
The growing focus of major governments towards sustainability and introducing new stringent environmental regulations that have led to the development of more environmentally friendly recarburizers including the production of low-sulfur and low-nitrogen recarburizers that help to minimize carbon emissions during steel production and enable companies to align with green and clean steelmaking initiatives set by government agencies.
- Asia Pacific region dominated the global market in 2022
The Asia Pacific region dominated the global market with a substantial share, mainly due to extensive infrastructure development and rapid rate of industrialization in countries like India, China, and Indonesia, along with the region’s shifting preference from traditional blast furnaces to electric arc furnaces that often requires high-quality recarburizers to achieve desired carbon levels efficiently. Besides this, the easy availability of raw materials required for the production of recarburizers such as petroleum coke and coal tar pitch and cheap labor in several APAC countries further creates lucrative opportunities for product manufacturing and export into international markets.
- For instance, according to a report by Reuters, steel export in China has grown by about 41% in the first five months of 2023 as compared to a year ago, and it is expected that the total export of steel for 2023 could reach approx. 77 million metric tons, surpassing the 67.32 million metric tons shipped the previous year.
The North America region will grow at a substantial pace, owing to favorable economic conditions like industrial production, manufacturing output, and GDP growth, among others. With the surge in the number of large-scale infrastructure projects in the region, such as bridges, roads, highways, and commercial buildings that require a significant amount of steel, the demand for recarburizers will also increase at a rapid pace.
Key Market Players & Competitive Insights
The recarburizers market is moderately consolidated in nature, with the presence of various regional and global players worldwide. The leading market companies are continuously focusing on product innovation and developing new and improved recarburizers with advanced properties, which puts them ahead of their competitors and helps them stay competitive in the market. Leading players are also seeking ways to expand their geographical presence into various emerging markets to boost their revenue opportunities and sales.
Some of the major players operating in the global market include:
- Anyang Jinbeite Metallurgical Refractories Co. Ltd.
- Anyang Xinlongsen Metallurgical Material Co. Ltd.
- Challenger Carbon and Chemical Corporation
- GrafTech International
- Henan Chenggang Matal Materials Co. Ltd.
- Hunan Xintan New Material Co. Ltd.
- JuChun Carbon
- Nippon Coke & Engineering Co. Ltd.
- Oxbon Caron LLC
- Pioneer Carbon
- Rain Industries Limited
- Secar Carburos
- Shijiazhuang Huanan Carbon Factory Co. Ltd.
- In March 2023, RMA Companies announced the acquisition of A.J. Edmond. With this acquisition, the company will expand its TICC portfolio with analytical chemistry capabilities.
- In August 2023, Resonac Graphite acquired AMI Automation, a leading global player in world-class technology and innovation that provides automation solutions and advanced power control systems to various industries.
Recarburizers Market Report Scope
Market size value in 2023
USD 525.76 million
Revenue forecast in 2032
USD 879.48 million
5.9% from 2023 – 2032
2019 – 2021
2023 – 2032
Revenue in USD million and CAGR from 2023 to 2032
By Material, By Application, By Region
North America, Europe, Asia Pacific, Latin America; Middle East & Africa
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