Activated Carbon Market to Hit USD 4,064.7 Million by 2027
China, May 29, 2021 (Xingyuan Industry) -- The global activated carbon market size is expected to gain momentum by reaching USD 4,064.7 million by 2027 while exhibiting a CAGR of 4.8 % between 2020 to 2027. In its report titled “Activated Carbon Market, 2020-2027, “Xingyuan Industry mentions that the market stood at USD 2,856.7 million in 2019.
Use of activated charcoal in a wide variety of industries is boosting the market. In addition, the growing environmental concerns have led the manufacturers to develop advanced use of activated charcoal in the cleaning process. One such advancement was the launch of activated carbon injection (ACI), a cost-effective method to perform the purification process.
COVID-19 Impact
The recent outbreak crippled the global economy across the globe. Strict measures to curb the spread of the virus led to disruption in the raw material supply of activated charcoal. However, several awareness programs by governments of deploying it in water treatment plants and in air purification machines are expected to promote the market.
Market Segmentation
Based on product type, the market is divided into powdered, granular, and others. The market is segmented into water treatment, air and gas purification, and food & beverage by its application.
Based on its application type, the air & gas purification segment held a market share of 31.1% in 2019 and is anticipated to showcase considerable growth in the forthcoming years. This is ascribable to the rising need to treat harmful impurities from water and air.
Finally, based on region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Driving Factor
Increased demand for activated charcoal in wastewater treatment plants is expected to promote the activated carbon market growth during the forecast period. It works by absorbing impurities due to its large pore size.
In addition, the dramatic rising population has put pressure on natural resources, especially water. Hence to provide freshwater, the process of purification becomes a must.
Besides, it is also used in the cosmetics and personal care industry in several products to absorb skin impurities, thereby boosting its market.
Regional Insights
Asia Pacific is expected to hold the highest position in the activated carbon market share during the forecast period. This is ascribable to the presence of two major countries India and China, that consumes most of the activated charcoal for water treatment applications in the region. In addition, raw materials are easily available at low cost, thus boosting the regional market. The region stood at USD 1,120.5 in 2018 and USD 1,186.7 in 2019.
North America is expected to showcase significant CAGR in the upcoming years due to strict regulations imposed by the government on the disposal of industrial water and gas emissions. Thus, manufacturers are deploying activated charcoal to absorb the impurities.
