New York, USA, Oct. 18, 2021 (GLOBE NEWSWIRE) -- A research report published by Research dive on the global activated carbon market explains the impact of COVID-19 pandemic on the present outlook and the future of the market. All-inclusive analysis on drivers, restraints, challenges, lucrative opportunities, COVID-19 impact, key segments of the market, and competitive landscape are provided in the report.
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Highlights of the Report
The outbreak of the COVID-19 has had an unfavorable impact on the activated carbon market. According to the report, the global activated carbon market gathered $4,573.1 million in 2018, and is projected to garner $9,055.1 million by 2026, and exhibit a CAGR of 8.9% during the forecast period from 2019 to 2026. The anticipated market size in 2020 was $5,439.7 million before the outbreak of COVID-19. But, due to the COVID-19 chaos, the market size decreased to $3,535.8 million due to the complete lockdown in various countries across the globe to combat the coronavirus disease.
Factors Influencing the Market Growth during Coronavirus Pandemic
The analysts at Research Dive states that the outbreak of COVID-19 around the world has impacted the growth of the global activated carbon market in negative way. The lockdown restrictions imposed by various government bodies across the globe resulted in disruption in supply chain and obstructed the manufacturing segment during the chaotic situation. However, governments of some countries have given permission to several industries to operate during the pandemic crisis. For instance, the government of UK identified important sectors as ‘critical sectors’ such as utilities (gas, water, and electricity), food production, chemical industries, and recycling & waste treatment, which may positively impact the activated carbon market in the coming future.
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Furthermore, several organizations functioning in the activated carbon industry are taking measures and coming forward to minimize the impacts of the COVID-19 pandemic on their business growth. For instance, Jacobi Carbons, a leading market player in the production of activated carbons, is involved in supplying powdered and granular type activated carbon for the odor and taste correction of safe drinking water during the pandemic crisis. The company is also supplying activated carbon to the pharmaceutical companies for the production of highly effective and low cost drugs. This factor is predicted to help the market recover fast in the post-pandemic period.
Future Scope of the Market
The global activated carbon market is anticipated to recover and restore its growth by 1st/2nd quarter of 2023. The growing emphasis on R&D and innovations, increasing demand for high performance activated carbons, and the rising number of strategic tie-ups between companies and the industries are some of the factors predicted to bolster the market growth during the forecast period. In addition, extensively increasing public awareness and concern about safe drinking water is leading to rise in number of installations of point-of-use carbon systems in their homes. Furthermore, the significant role of activated carbon for the purification, treatment, and decolorization of liquids will result in its huge demand in the pharmaceutical industries. These factors are expected to fuel the market growth by 2026.
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Major Market Players
The key players operating in the global activated carbon industry include
- Calgon Carbon Corporation
- Osaka Gas Co., Ltd.
- Cabot Corporation.
- HAYCARB (PVT) LTD.
- KUREHA CORPORATION
- Kuraray Co., Ltd.
- Donau Carbon GmbH,
- PURAGEN ACTIVATED CARBONS
- Silcarbon Aktivkohle GmbH
- Shandong Baolan Environmental Protection Engineering Co., Ltd.
These players are implementing several strategies such as strategic partnerships, business expansion, R&D investments, technological advancements, and others to gain a competitive edge in the global industry.
For instance, in February 2021, Ingevity Corporation, a leading manufacturer of specialty chemicals & high performance carbon materials, expanded its activated carbon production capacity at its plant in Zhuhai, China. The plant includes state-of-the-art automotive applications and activated carbon production.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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