WELLESLEY, Mass, July 25, 2018 (GLOBE NEWSWIRE) -- Due to stricter environmental standards and a growing need to purify water, especially in pharmaceutical and chemicals industries, demand for activated carbon is growing, according to a new report from BCC Research.
The global market for activated carbon was worth $4.9 billion in 2017. As outlined in the report “Activated Carbon: Types and Global Markets,” the global market is expected to reach $5.4 billion in 2018 and $9.7 billion in 2023, indicating a compound annual growth rate (CAGR) of 12.1%.
Regulatory actions are a key driver for activated carbon, particularly in industrialized nations. For instance, in the U.S., the demand for activated carbon in mercury removal applications is likely to witness especially high demand due to the enactment of the U.S. Environmental Protection Agency’s Mercury and Air Toxics Standards. In several developing countries, industrial air treatment applications are witnessing increased demand as urban areas are experiencing significant pollution issues.
Research Highlights
- The Asia-Pacific region accounted for a major share in the global activated carbon market in 2017, followed by North America and Europe.
- Powdered activated carbon (PAC) dominated the global activated carbon market in 2017 with a share of 51.2%, followed by granular activated carbon (GAC) with a share of 35%.
- The global market volume for activated carbon is estimated to reach 3.5 billion kilotons by 2023.
“The activated carbon market is witnessing tight supply, and this has compelled manufacturers to increased prices of virgin activated carbon,” the report notes. “This has led to the increased demand for reactivated carbon in several applications such as refineries to reduce VOCs in groundwater remediation, gas phase applications and wastewater treatment applications.”
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.