A new report published by Allied Market Research—“World Activated Carbon Market – Opportunities and Forecasts, 2014-2022”—projects that the world activated carbon market will reach 2,776 kilotons and $5.129 billion in corresponding revenues by 2022, growing at a CAGR of 6.83% and 9.32%, respectively, from 2016 to 2022.
Water treatment occupied a dominant two-fifths share of the total market in 2015 and is expected to maintain the lead throughout the forecast period. By type, the powdered activated carbon segment accounted for more than half of market revenue in 2015.
Activated carbon is used for adsorption and chemical reactions in purification, decaffeination, fuel storage, water treatment, food processing and other processes. Because of increasing health concerns related to drinking contaminated water, enhanced environmental standards and growing industrialization, the world activated carbon market is poised to witness significant growth during the forecast period. Environmental factors affecting the availability of raw material increases the cost of raw material, which can hamper the growth of the activated carbon market. Advancement in products is further expected to boost the market growth.
Powdered activated carbon applications hold major market share due to their benefits. The use of powdered activated carbon in water and air purification plants is increasing as a method to remove impurities and pollutants, such as mercury and chlorine.
By application, liquid phase holds the substantial share. In this phase, activated carbon is primarily used for purification and filtration. However, the gas phase holds potential and is expected to witness the fastest growth during the forecast period.
The key findings of the study include:
- By end use, water treatment is the most prominent segment growing at a CAGR of 8.86% in terms of revenue during the forecast period.
- By product type, powdered activated carbon is the largest segment at present and is expected to grow at CAGR 9.77% in terms of revenue during the forecast period.
- By application, liquid-phase activated carbon acquired approximately a three-fifths share of the overall market in 2015.
- The Asia-Pacific region is projected to occupy the fastest growing regional market, registering a CAGR of 11.12% from 2016 to 2022.
By geography, North America is the largest market; at present, it accounts for the market share of approximately 44%, which is majorly driven by consumers enhancing lifestyle and the urbanization in the region. However, Asia-Pacific is expected to offer lucrative growth opportunities during the forecast period. The increasing demand for purified water, strict environmental standards to control pollution levels, food safety concerns, and world activated carbon’s increasing application across the chemical, pharmaceutical and automotive industries is expected to boost the market’s growth.
Mergers and acquisitions and a new product launch with new features and added values are the most preferable strategies accepted by key players of the activated carbon market. The players profiled in the report are ADA-ES Inc., Jacobi Carbons AB, Siemens Water Technologies Corp., Kureha Corp., Calgon Carbon Corp., Carbotech, Carbon Resources LLC, Clarinex Group, Carbon Activated Corp. and Cabot Corp.
For more details of the report, visit www.alliedmarketresearch.com/activated-carbon-market.
Source: Allied Market Research