CHICAGO, May 2, 2023 /PRNewswire/ -- The report "Activated Carbon Market by Type (Powdered Activated Carbon, Granular Activated Carbon), Application (Liquid Phase Application, and Gas Phase Application), End-Use Industry, Raw Material and Region - Global Forecast to 2028", is approximated to be USD 4.4 billion in 2023, and it is projected to reach USD 7.0 billion by 2028 at a CAGR of 9.5%.
Rising population, and improving living standards, lead to an increase in the demand for pure and clean air & water. As a result of this, purification of both air and water rises which drives the market of activated carbon during the forecast period. Apart from this, the growing food & beverages industry, the recovery of the automotive industry, and the presence of stringent government regulations also help in driving the market of activated carbon during the forecast period. The scarcity of raw materials causes the price hike of the activated carbon which becomes the main restraining factor of this market. However, the reactivation of activated carbon provides lucrative opportunities for activated carbon producers. Weak economic growth is the major challenge of this market.
Browse in-depth TOC on "Activated Carbon Market"
526 - Tables
46 - Figures
313 - Pages
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By Type, Powdered Activated Carbon accounted for the largest share in 2022
Powdered Activated Carbon has a large surface area and a high adsorption capacity due to its small particle size, which makes it effective for removing a wide range of contaminants such as organic compounds, colorants, and odors from water and air. Powdered Activated Carbon is commonly used in water treatment, wastewater treatment, food and beverage processing, and air purification applications.
By Application, Gas Phase Application accounted for the largest share in 2022
The activated carbon is used in several gas-phase applications such as automobile, and industrial gases. It is due to its high surface area and porosity, which allows it to effectively adsorb and remove impurities, contaminants, and other unwanted substances from gases. This also helps in controlling the emissions of harmful gases from automobile or industrial applications.
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By End-Use Industry, Water Treatment accounted for the largest share in 2022
Activated carbon is commonly used in the water treatment industry for the removal of organic compounds, chlorine, and other impurities from water. It is an effective adsorbent due to its high surface area and porosity, which allows it to attract and retain a wide range of contaminants. It is also used to remove unwanted objectionable tastes and odors from the water.
By Raw Material, Coal accounted for the largest share in 2022
Coal-based activated carbon is a type of activated carbon that is produced from coal through a process of activation. It is made by heating coal to high temperatures in the presence of a gas, such as carbon dioxide or steam. This process, known as activation, creates millions of tiny pores in the coal, which greatly increases its surface area and makes it highly adsorbent.
Asia Pacific accounted for the largest share as well as the fastest-growing market for activated carbon market in 2022
Asia Pacific accounts for the largest share in 2022, in this market. This is attributed to the rapid increase in urbanization, and industrialization which demand pure and clean air & water. This drives the demand for activated carbon across the end-use industries. Apart from this, the region also witnessed for the growing food & beverages industry, automotive industry, which also drives the demand for activated carbon. In addition to this, the presence of stringent government regulations, also helps in driving the market of activated carbon during the forecast period.
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The activated carbon market comprises major players such as Osaka Gas Chemicals Co., Ltd. (Japan), Kuraray Co., Ltd. (Japan), Haycarb Pvt. Ltd. (Sri Lanka), BASF SE (Germany), Albemarle Inc. (US), Kureha Corp. (Japan), Ingevity (US), Iluka Resources Ltd. (Australia), Tronox Holdings Plc (US), Evoqua Water Technologies LLC (US), Norit (Netherlands), and others are covered in the activated carbon market. Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the activated carbon market.
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