Activated Carbon Market is Expected to Grow at a CAGR of 9.8% from 2022 to 2028
Activated carbon refers to a processed carbon with small, low-volume pores for increasing surface area for chemical reactions & adsorption. The organic material having high carbon content is processed for manufacturing activated carbon. Physical adsorption is a primary property of activated carbon is used for purification, metal finishing, medicine, decaffeination, filters, and removal of the pollutant & fuel storage.
Today the serious health risks caused by drinking impure waters are increasing continuously among consumers. The enhancement in drinking water treatments, increasing manufacturing and environmental standards coupled with growing automobile ownership rates are factors supporting activated carbon market growth. With this, the action and guidelines have already been planned and established by governments in various countries for the reduction of mercury emissions. Countries like China India and others are investing a chunk amount of money in water purification plants projected to boost the demand for activated carbon. However, the cost of coal-based activated carbon has increased driven by higher energy demands, mainly in China whose high requirement for coal for its manufacturing industry, such as iron and steel, power, and cement plants, is rising continuously. This has resulted in a scarcity of suitable grades of coal used to produce activated carbon.
The Activated Carbon Market had a huge impact by the COVID-19 pandemic which has resulted in a huge decline in CAGR. Several safety & government orders were issued at the federal, state, and local levels that affected activated carbon manufacturers and suppliers in 2020. The COVID-19 pandemic has its an impact on every business across the world. The government guidance for preventing the spread, as well as Shelter-in-Place, forced companies for modifying or change their methods of daily business operations. The market was affected by shutdown mandates and limited local and state government office activities and observed a decline in demand for activated carbon from different end-use industries.
Asia Pacific held the largest market share in 2021. Factors like ready availability and low cost of raw materials & manpower in the region are boosting the market growth. Additionally, technological advancements and new innovative techniques are fuelling market growth.
Some of the prominent players operating in the global activated carbon market include - Cabot Corporation, Kuraray Co. Ltd., Haycarb PLC, Kureha Corporation, Jacobi Carbons AB, BASF SE, Donau Carbon GmbH, Silcarbon Atkivkohle GmbH, Prominent Systems Inc., Oxbow Activated Carbon LLC, Calgon Carbon Corp., Osaka Gas Chemical Co. Ltd., and Evoqua Water Technologies LLC.