CHICAGO, March 11, 2024 /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 (Coal, Coconut, Wood, Peat), and Region - Global Forecast to 2030", Activated Carbon Market size is projected to grow from USD 4.4 billion in 2023 to USD 8.4 billion by 2030, at a CAGR of 9.8% during the forecast period.
The increasing global population and improving living standards contribute to a heightened demand for clean air and water. Hence, there is a rise in the purification of both air and water, which drives the activated carbon market during the forecast period. Additionally, factors such as the growing food and beverage industry, recovery of the automotive sector, and strict government regulations further propel the market for activated carbon. However, the market faces challenges due to the scarcity of raw materials, leading to price hikes. The reactivation of activated carbon presents lucrative opportunities for producers in the industry. Weak economic growth remains a significant challenge for the market.
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Powdered Activated Carbon accounted for the highest CAGR during the forecast period.
With its small particle size, powdered activated carbon boasts a large surface area and exceptional adsorption capacity, rendering it highly effective in eliminating various contaminants like organic compounds, colorants, and odors from both water and air. It finds widespread application in water treatment, wastewater treatment, food and beverage processing, and air purification tasks.
Coconut based raw material segment accounted for the second largest market during the forecast period.
A prominent type of activated carbon originates from coconut shells, significant for its abundant micropores ideal for water filtration. Sourced from renewable coconut trees with lifespans exceeding 70 years, this carbon variety exhibits increased hardness and filtration effectiveness, making it highly applicable across a wide range of water treatment scenarios. Its filtration efficiency and performance depend on various factors and carbon characteristics. Recognized for its high levels of hardness, purity, and low ash content, coconut-derived activated carbon serves as a potent adsorbent for a diverse array of contaminant.
Gas phase application segment accounted for the highest CACR during the forecast period.
Activated carbon is vital in gas phase applications as it effectively adsorbs a wide range of pollutants and contaminants found in the air. This includes harmful gases like volatile organic compounds (VOCs), nitrogen oxides (NOx), sulfur oxides (SOx), odors, and airborne dust particles. By adsorbing these substances, activated carbon helps to purify the air, ensuring it is safe and healthy for inhalation. This makes activated carbon filters advantageous in air purification systems used in industrial, commercial, residential, and automotive settings. Activated carbon plays a significant role in mitigating emissions in exhaust systems by capturing and neutralizing harmful gases before they are released into the atmosphere. Thus, activated carbon is essential for improving air quality, reducing pollution, and safeguarding human health in gas phase applications.
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Food & beverage end-use industry is projected to be the third largest market during the forecast period.
Activated carbon finds extensive application in the food & beverage industry for purifying food ingredients and enhancing their color. Its usage spans various processes, including the removal of color from food products such as oils and other edible items. Specific applications include purifying sweeteners (fructose, glucose, and dextrose syrups), edible oils, glycerine, wine, juices, and organic and inorganic acids (such as adipic, citric, lactic, and phosphoric acids). Additionally, activated carbon is essential to the preparation of materials for beverage production, including soft and alcoholic beverages. It helps the decolorization of sugar syrup, removal of disinfecting agents from municipal water, treatment of bore-hole sources containing volatile organic compounds (VOCs), purification of carbon dioxide from fermentation processes, and adjustment of specification products like beers, wines, and spirits.
Europe is projected to be the third largest region during the forecast period.
Europe serves as a manufacturing hub for prominent pharmaceutical companies. The pharmaceutical industry in the region is primarily propelled by rising investments in research and development (R&D), significant expenditures on pharmaceuticals, and a rapidly aging population. Regulatory oversight from the European Medicines Agency (EMA) ensures adherence to stringent standards regarding drug purity and quality, thereby stimulating the demand for activated carbon within this sector.
The key players profiled in the report include Diagas Group (Japan), Kuraray Co., Ltd. (Japan), Haycarb PLC (Sri Lanka), Norit (Netherlands), Kureha Corporation (Japan), BASF SE (Germany), Albemarle Inc. (US), Ingevity (US), Iluka Resources Limited (Australia), Tronox Holdings Plc (US), Evoqua Water Technologies LLC (US) and other leading companies in this market.
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