Activated Carbon Market to Grow at a CAGR of 8.1% during Forecast Period, TMR Study

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Jan 11, 2023, 10:30 ET

Increase in usage of activated carbon in air purification is likely to drive market value during the forecast period
Rise in applications of activated carbon in water and wastewater treatment is expected to propel industry growth

WILMINGTON, Del., Jan. 11, 2023 /PRNewswire/ -- The global activated carbon market was worth US$ 3.43 Bn in 2021 and is projected to reach US$ 7.93 Bn by 2031. As per TMR market forecast, the industry is anticipated to grow at a CAGR of 8.1% during the forecast period from 2022 to 2031. Rise in emphasis on wastewater treatment by municipal bodies in different parts of the world is expected to augment the global activated carbon market during the forecast period.

Market players are focusing on high-growth industries, including air purification, water and wastewater treatment, personal care & cosmetics, and pharmaceutical, in order to diversify their revenue sources. The COVID-19 pandemic has increased the usage of personal protective equipment, including masks fitted with activated carbon filters. Therefore, companies in the market have shifted focus toward the healthcare sector.

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Increase in investment in research & development (R&D) operations by leading companies enable them to produce novel goods with innovative pricing tactics. This is anticipated to trigger market competition. Manufacturers of activated carbon are likely to focus on evolving customer trends to increase revenue.

Beneficial properties of activated carbon, especially for applications such as air purification and water & wastewater treatment, are expected to increase market share during the forecast period. Major companies are concentrating on latest advancements in the activated carbon industry in order to manufacture highly advanced products.

Key Findings of Market Report

Based on raw material, the coal-based segment led the global industry in 2021. Mesopores and micropores are prominent features of coal-based activated carbon, which has a large surface area. Usage of coal-based activated carbon is higher than other raw materials owing to its affordable filter media.

Global Activated Carbon Market: Growth Opportunities

Impurities, which are broken down into several pollutant categories, are present in municipal and industrial wastewater. The goal of sewage treatment is to remove these undesirable contaminants and reinstate the water to its original purity. The most challenging contaminants, including pharmaceutical micro-pollutants, are often removed in the last processing stage using activated carbon. Rise in usage of activated carbon in the treatment of wastewater and drinking water is likely to drive market development.
Processes for air filtration or treatment frequently employ activated carbon. Air pollution has risen as a result of increasing industrialization and prevalence of coal-fired power plants. A whopping 91% of people on the planet reside in areas with poor air quality. This boosts the need for clean air, which is anticipated to fuel market demand.

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Global Activated Carbon Market: Regional Landscape

Asia Pacific represented a sizeable market share in 2021. Activated carbon is extensively utilized in pharmaceutical, automotive industries, foods & beverages, and water treatment in the region. Increase in water consumption across various industries and changing government rules for preventing water pollution are expected to fuel demand for water treatment in the region. China is likely to lead the activated carbon market in the Asia Pacific region during the forecast period. In addition, manufacturers are shifting operations to the region due to strong demand and low manufacturing costs.

Global Activated Carbon Market: Key Players

Evoqua Water Technologies Corp.
Indo German Carbon Limited (IGCL)
Carbon Activated Corporation
TMK Carbon Sdn Bhd.
Osaka Gas Chemicals Co., Ltd.
Donau Chemie AG

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Global Activated Carbon Market: Segmentation

Raw Material

Coal-based
Coconut Shell-based
Wood-based
Others

Form

Powdered
Granular/Crushed
Extruded/Pelletized
Others

End- use

Water and Wastewater Treatment
Air Purification
Foods & Beverages
Industrial Chemicals
Pharmaceuticals
Mining
Automotive
Others

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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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