The Activated Carbon Market is expected to reach 10947.3 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 9.8% from 2022 to 2028. The Activated Carbon has its applications in air purification and water treatment. Also, the strict government policies and regulations on the removal of mercury from power plants have resulted in the increasing adoption of activated carbon products.
- The liquid phase segment held a significant market share in 2021. This is owing to the increase in demand for activated carbon in several applications such as in medical treatments for chronic kidney diseases, boiler feedwater treatment, and in the electronic industry for making the production of ultrapure.
- Powdered activated carbon is expected to grow at a considerable CAGR during the forecast period. Powdered activated carbon has relatively smaller particles in size compared to granular activated carbon and presents a large surface-to-volume ratio consequently.
- Asia Pacific is poised to have the fastest growth. Factors like government initiatives and the urgent need to control pollution are factors augmenting the growth of the activated carbon market in the region.
The major players involved in the development of the activated carbon market are - 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.
The requirement for activated carbon is expected to increase because of the growing need for mercury control technology in industrial air purification applications. Several production facilities in the US and Europe, including clinker cement plants, coal-fired power plants, and many other facilities are operating the large industrial boilers, which will meet the stringent new emission standards for mercury as well as other hazardous air pollutants in the future. The action and guidelines have already been planned and are established in various countries for the reduction of mercury emissions. These are some of the major factors contributing in activated carbon market growth
The Asia Pacific held a significant market share in 2021. The growth in the region is due to the ready availability of raw materials with low cost of manpower in countries like China and Japan. Additionally, innovative technologies and a well-established manufacturing industry are some other factors boosting the market growth.