According to a report published by Grand View Research, Inc.; the global activated carbon market is expected to reach a valuation of around USD 10.15 billion by 2024.
Rapid industrialization, growing demand for air and water purification in industries including coal-fired plants and clinker cement industries, rise in automotive production can propel the market over the forecast period (2014 to 2024).
High awareness among the consumers about consumption of purified water and growing number of water treatment plants due to government subsidies is expected to boost the market during the forecast period. The product is extensively used in several industries for spill cleanup and drinking water filtration, groundwater remediation, and air purification. It also helps in controlling mercury emissions and other metallic emissions from coal and oil power plants. The activated carbon filter is extensively used in greenhouses to reduce odor and control emissions. Rising environmental pollution due to industrial and vehicular emissions has increased the need for air purification applications. Strict environmental rules and standards issued by environmental protection agencies and government is expected to help the market growth. Regulatory agencies in many part of the world have issued a notice to cut the emission by industries including petrochemical industry. Mercury and Air Toxic Standard (MATS) instructed by EPA to reduce the mercury as well as acidic gaseous released by coal and other power plants. Demand from other industries such as medical and pharmaceutical, and food and beverages processing are expected to show significant growth from 2016 to 2024. The food and beverages industry practice these carbons for removing color and odor from various products. Pharmaceutical industry uses these carbons to cure poising due to toxins ingestions.
Worldwide activated carbon market can be segmented on the basis of product, application, end-use, and regions. Based on product, the market can be classified into granulated activated carbon, powdered activated carbon, and others. Powdered activated carbon segment is expected to exhibit growth of 14.2% during the forecast period. As per application, the market can be bifurcated into liquid phase and gas phase. On the basis of end-use, the market can be split into water treatment, food and beverage processing, pharmaceutical and medical, automotive, and air purification. In 2015, air purification segmentation estimated for over 40% of total demand and expected to grow high growth of 14.2% by 2024.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Central and South America, and Middle East & Africa.
Asia Pacific estimated for over 40% of overall market size. Rapid industrialization and government initiatives for environmental protection in the region is expected to support the market growth. High demand from countries including India, China, and Japan are likely to provide major contribution in the region. Increasing use of water for industrial processes has prompted the need for water and wastewater treatments have increased the need for water treatment plants in the region.
Rising use in air and water purification and other applications including food and beverages, and pharmaceutical is anticipated to boost the product demand in the region.
North America is anticipated to grow at CAGR of 13.0% during the forecast period. This growth can be attributed due to stringent environment regulations, high awareness regarding consumption of clean water and prevalent industrialization in the region.
Prominent players operating in the market include ADA-ES Inc.; CarboTech AC GmbH; Kuraray Co. Ltd.; MeadWestvaco Corp.; and Kuraray Co. Ltd.
In the recent years, various organization have entered in the activated carbon manufacturing business. This trend is likely to continue for next few years due to rising demand due to increasing growing demand form industries. The presence of large number of vendors has expanded the supply-demand gap of the industry. In addition, developments in reactivation service techniques are considered as major contributor to the difference in supply and demand. Companies are increasingly entering in the reactivation business. These companies are also providing onsite reactivation facilities. This has encouraged many companies to recycle the used activated carbon.