Austin, Oct. 14, 2024 (GLOBE NEWSWIRE) -- What is the growth of the Activated Carbon market?
As per the SNS Insider research, The Activated Carbon Market Size was valued at USD 4.9 billion in 2023 and is expected to reach USD 9.2 billion by 2032 and grow at a CAGR of 7.3% over the forecast period 2024-2032. The main driving factors of the global Activated Carbon market are its increasing application in the food sectors, increasing interest in protein consumption & nutricosmetics, increasing healthcare applications, and the increasing use of Activated Carbon-based biomaterials.
The activated carbon market is also showing high growth because of its multifaceted applications and growing awareness among different end-user sectors about the benefits that Activated Carbon can provide to them. Due to outstanding adsorption performance, Activated Carbon is widely applied in water and wastewater treatment, air purification, food and beverage, etc. Further thrust in the market is the demand for more potable and pure safe drinking water and the need to comply with tight environmental requirements. Also, the use of activated carbon is on the rise in healthcare applications such as drug delivery systems and wound care. This market is also being driven by the new nature of consumer preferences toward products that are natural and organic, especially in the beauty market. New research and innovation on new Activated Carbon materials, tailored toward specific industrial applications, is another factor driving the growth of this market. Hence, the Activated Carbon market is further experiencing significant growth by adapting itself to the growing environmental challenges and consumer demands for safe and sustainable products.
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Top 10 Companies Operating in the Activated Carbon Industry Worldwide
- Cabot Corporation
- Calgon Carbon Corporation
- Kuraray Co., Ltd.
- Carbon Resources LLC
- Siemens Water Technologies
- Haycarb PLC
- Axens SA
- Activated Carbon Solutions
- AET Environmental
- Ingevity Corporation
Which segment dominated the Activated Carbon Market?
Water & Wastewater Treatment dominated the activated carbon market in 2023 with a projected 45% share. This is due to the increased need for efficient water treatment solutions across the world, fueled by massive pollution and an increase in stringent regulations around wastewater management. Activated Carbon is essential in purifying water by eliminating contaminants and making water quality-friendly; hence it has been widely embraced in water treatment facilities. It has proven so effective in removing organic as well as inorganic contents from water that it dominates the market.
Key Segments:
By Type
- Powdered
- Granulated
- Others
By Raw Material
- Coal
- Wood
- Coconut
- Peat
- Others
By Application
- Water & Wastewater Treatment
- Food & Beverages
- Pharmaceutical & Medical
- Automotive
- Air & Gas Purification
- Industrial Processing
- Mining
- Others
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What are the driving factors of the Activated Carbon market?
The Activated Carbon market is witnessing robust growth, primarily due to the following driving factors:
- Rising Environmental Concerns
Increased awareness regarding environmental sustainability is driving the demand for cleaner air and water - increasing the prospects for Activated Carbon. Its efficacy in removing pollutants puts it as a critical component in processes related to water treatment and air purification.
- Expanding Applications in Diverse Industries
The versatility of activated carbon has made it popular in various fields such as healthcare, food and beverages, and automotive. Medical applications, drug delivery, and detoxification are some of the most important areas where the health benefits of activated carbon are highly underscored.
- Increasing Consumer Demand for Natural Products
Activated Carbon-infused beauty items as well as supplements, are gaining acceptance because of the shift in the market towards organic and natural products. Thus, increased demand makes this an organic progression in the age of healthy consumption.
What are the opportunities in the Activated Carbon market?
The Activated Carbon market offers numerous growth opportunities, including:
- Technological Advancements
Innovation in production techniques; for example, Activated Carbon is in a position to use tailored grades of products for specific applications and thus opportunities for further growth in the market. Performance and efficiency improvement in various applications has made Activated Carbon attractive to industries.
- Emerging Markets
The rising industrialization and urbanization in developing countries make for a perfect soil in which the market for Activated Carbon is supposed to rise. Since nations are desperately trying to catch up with international standards on environmental issues, Activated Carbon solutions in water treatment and air purification would prosper even more.
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Which region dominated in the Activated Carbon market?
Europe dominated the Activated Carbon Market in 2023 with an estimated market share of 35%. The dominant position of the region is primarily due to a specific combination of factors: the imposition of tight environmental regulations increases the level of consumer awareness of health benefits, and the high demand for Activated Carbon in applications including air and water purification. Activated Carbon is being used in various industries, including food and beverage by German and French nations. Another sign of growth in the European market is the increased demand for healthier products, which is reflected in the various beverage and dietary supplement brands carrying Activated Carbon. Technological advancements in the production of Activated Carbon are also contributing to this increase.
Recent Developments:
- August 2023: Cabot Corporation launched commercial availability of its new product line, activated carbon that demonstrates best-in-class performance for air and water purification applications.
- September 2023: Calgon Carbon Corporation doubled the activated carbon production capacity in high demand for the food and beverages sectors.
- October 2023: Kuraray Co., Ltd. partnered with other pharmaceutical companies to use activated carbon in a new drug delivery system and to develop products for wound care.
Summary
The activated carbon market has high prospects for growth in demand with new and soaring applications within various sectors, mainly water treatment and healthcare. Customer awareness of health benefits and the enforcement of stringent environmental rules and regulations enhance the demand further. Recent developments in product development and increased market space in emerging countries serve as additional attractive avenues for growth opportunities for manufacturers.
Table of Contents – Major Key Points
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Executive Summary
2.1 Market Overview
2.2 Regional Synopsis
2.3 Competitive Summary
3. Research Methodology
3.1 Top-Down Approach
3.2 Bottom-up Approach
3.3. Data Validation
3.4 Primary Interviews
4. Market Dynamics Impact Analysis
4.1 Market Driving Factors Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2 PESTLE Analysis
4.3 Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
5.1 Production Capacity and Utilization, by Country, by Type, 2023
5.2 Feedstock Prices, by Country, by Type, 2023
5.3 Regulatory Impact, by Country, by Type, 2023.
5.4 Environmental Metrics: Emissions Data, Waste Management Practices, and Sustainability Initiatives, by Region
5.5 Innovation and R&D, by Type, 2023
6. Competitive Landscape
7. Activated Carbon Market Segmentation, by Type
8. Activated Carbon Market Segmentation, by Raw Material
9. Activated Carbon Market Segmentation, by Application
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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