December 14, 2021 08:30 ET | Source: Quince Market Insights Quince Market Insights
Pune, India, Dec. 14, 2021 (GLOBE NEWSWIRE) -- The global activated carbon market was estimated to value USD 5.5 billion in 2021 and is projected to grow at a CAGR of 9.10% during the forecast period 2021 to 2030, as per the new study report by Quince Market Insights. The propelling factor for the activated carbon market is its applications in air purification and water treatment along with strict government regulations concerning the elimination of mercury from power plants have led to the growing acceptance of activated carbon products. The high demand for activated carbon for water treatment application has observed a significant development over the years to come and the trend is set to continue in the years to come.
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The development activities are increasingly focusing on the manufacturing of activated carbons derived from low-cost sources and slowly minimizing the acceptance of expensive commercial activated carbons. The demand for activated carbon for water treatment applications has observed a significant development over the past few years and the trend is set to remain over the forecast period. On the other hand, the high cost of raw materials, and price volatility of such materials will pose a key challenge to the development of the market. Additionally, the restricted availability of natural resources will hamper the market growth in the forecast period. The presence of some substitutes for the product offerings will also hamper the market growth rate. COVID-19 Impact of the Global Market The activated carbon market had a moderate impact due to pandemic. The pandemic has affected every business worldwide. The federal government’s (U.S.) regulation to avoid the spread of the COVID-19, as well as shelter-in-place orders allotted at the local and state levels, have forced businesses to change or modify their daily business processes. In addition, the activated carbon manufacturers were affected in the year 2020 on account of business shutdown orders, restricted state and local government office activities, and social distancing norms. The demand for activated carbon failed numerous end-use industries. With a few exemptions, the COVID-19 is predictable to slow down investments in the activated carbon market globally. This will be anticipated to restrict the growth of the market in the COVID-19 outbreak period. Key Developments in the Market
By Applications The activated carbon market is classified, based on application as liquid phase and gas phase. The gas phase holds the fastest growing segment in the forecast period. The growth is attributed to the advantage of activated carbon having higher diffusion rates, and the gas-phase also lowers the viscosities. By End Use Industry The activated carbon market is classified based on end use industry as water treatment, food & beverage processing, pharmaceutical & medical, automotive, air purification, and others. Food and beverage hold the fastest-growing segment during the forecast period. On account of the food and beverage industry, activated carbon is mainly used to remove the impurities and contaminants such as odor and color from food liquids, beverages, syrups, sweeteners, organic acids, and amino acids. In addition, the medical and pharmaceutical segment is expected to boost the growth in the forecast period. Activated carbon is used for the purification of raw material compounds, nursing supplier, respirators, and kidney machine. Surging populace and health concerns are anticipated to drive the demand in the forecast period.
Enquiry Before Buying This Report @ https://www.quincemarketinsights.com/enquiry-before-buying/enquiry-before-buying-60407 By Region: North America is the fastest growing segment in the market during the forecast period. The growth of this region is attributed to the surge in demand for air and water purification application. Additionally, restrictions imposed by the government on the disposal of gas emissions and industrial wastewater have led to the development in the use of products for eliminating contaminants such as mercury vapors, CO2, and other toxic gases. Furthermore, in Europe, strict rules and regulations, and government initiatives to protect the environment have resulted in the demand for applications comprising mercury absorption, air purification, and water treatment. This is anticipated to create numerous development opportunities for the activated carbon market in Europe. Some Major Findings of the Global Activated Carbon Market Report Include:
Browse key industry insights from the report, “Activated Carbon Market, by Type (Powdered Activated Carbon, Granulated Activated Carbon, Others), Application (Liquid Phase, Gas Phase), End Use Industry (Water Treatment, Food & Beverage Processing, Pharmaceutical & Medical, Automotive, Air Purification, Others), Region (North America, Europe, Asia Pacific, the Middle East and Africa, South America) — Industry Trends and Forecast To 2030” in depth analysis along with the table of contents (ToC).
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