Activated Carbon Market Growing at a CAGR of 9.5% by 2026Download Sample Reports Overview
The global activated carbon market forecast will be $9,486.5 million by 2026, at a CAGR of 9.5%, increasing from $4,573.1 million in 2018, according to new study conducted by Research Dive.
Increasing demand for water purification processes and growing necessity of these products in the mercury removal plants are the key drivers for the growth of the activated carbon market. In addition, activated carbon products are widely utilized in sewage treatment to remove dissolved particulate impurities in the waste generated from the production industries. Also, these materials remove organic impurities such as chlorine, isomeric colorants and other impurities. The abovementioned factors are projected to fuel the market growth in the coming years.
Furthermore, constantly increasing technical developments to enhance product performance coupled with rising number of novel advanced activated carbon products and their derivatives by most of the manufacturers are producing significant investment prospects in the activated carbon market.
However, fluctuating price of raw materials is a major restraint for the activated carbon market growth. This is due to unobtainability of natural resources, which is impacting the production cost of the activated carbon products. This factor is estimated to limit the growth of the market.
Powdered type segment holds the major revenue in the global activated carbon market and is anticipated to continue its dominance with a CAGR of 10.2% throughout the estimated period. The dominance over global market by type segment is owing to wide utilization of powdered activated carbon materials in the end use industries due to properties like high pore volume, lower processing costs and flexibility in operation. Granular type segment registered the second position in global market in 2018 and is anticipated to account for $4,003.5 million in 2026. This expected growth is because of increasing use of granular activated carbon in air treatment, personal protective equipment, manufacturing water treatment process and metals recovery.
Liquid phase application segment held a considerable global market share and is projected to generate a revenue of $5,483.0 million by the end of 2026. This growth is significantly accredited to increasing usage of activated carbon in the food-grade application, chemical purification and ground water remediation. Along with liquid phase, gas phase application segment will witness a noteworthy growth and is projected to rise at a healthy CAGR of 9.8% throughout the forecast time. Growth in the requirement of activated carbons from the mercury removal plants for gas filtration, odor control in the chemical plants and solvent recovery in the pharmaceutical plants is projected to boost the market growth in the forecast time.
Water treatment industry segment holds significant activated carbon market size, it generated a revenue of $1,851.9 million in the year 2018 and is predicted to continue its command over the global market throughout the projected time. This growth is significantly due to the rising water insufficiency across the globe which is directly impacting the activated carbon materials use in the water treatment processes. Air pollution industry accounted for the second highest market size in 2018 and is projected to generate a revenue of $2,653.8 million till 2026. Growing environmental concerns on air pollution along with government initiatives to minimize the pollutants in the air is projected to drive the market size in the forecast time.
Asia-Pacific accounted for second position in the global market; it was valued over $1,303.7 million in 2018 and is anticipated to continue its growth in the forecast period. The growth in Asia-Pacific market is significantly due to increasing use of activated carbon substances in the various sectors such as pharmaceutical, food & beverages and water treatment industries. Furthermore, rising shortage of drinking water due to increasing population in the countries like India and China is directly impacting the utilization of activated carbon materials; this aspect is anticipated to impel the growth of the market in Asia-Pacific. The activated carbon market for North America held the global market in 2018, which was over 44.3% and is anticipated to continue its trend in the projected time. The dominance over the global market is because of rapid growth in the water treatment activities due to stringent regulation by governments to control environmental effects in North America.
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The significant activated carbon market players include Silcarbon Aktivkohle GmbH, Oxbow Activated Carbon LLC, Calgon Carbon Corporation, Kuraray Co. Ltd, Jacobi Carbons AB, Cabot Corporation, Osaka Gas Chemical Co. Ltd., Evoqua Water Technologies LLC, Carbon Activated Corp., Carbon Resources LLC, Siemens Water Technologies Corp., Carbo Tech AC GmbH, among others. These significant participants are highlighting on new technology introduction, joint ventures, product developments, and acquisitions to strengthen their market share in the global activated carbon industry. These are the most common strategies followed by most of the participants to fortify competitive edge.
Porter’s Five Forces Analysis for Activated Carbon Market:
Bargaining Power of Suppliers: Activated carbon market contains high number of large and small & medium scale traders and negotiating control is estimated to be high. The price of the product is variable from one trader to another. However, increasing buyer demand is producing huge growth forecasts in the market. The negotiating control of traders is HIGH.
Bargaining Power of Consumers: Activated carbon market contains high number of buyers, but price volatility of raw materials is affecting the production expenses, resulting the negotiating control of the buyer is HIGH.
Threat of New Entrants: This marker needs medium investments for the manufacturing of activated carbon materials; however, the fluctuating price of raw materials is creating risk for new contestants. These factors are providing MODERATE risk of new contestants into the market.
Threat of Substitutes: This market has very less number of replacement products and delivers important demand for the activated carbon materials. The risk of replacements is LOW.
Competitiveness in the Industry: Activated carbon market has huge number of significant participants. These participants are focusing on product advancements and novel products introduction to improve performance and durability of the product. Many of the competitors are adopted these strategies to increase their market size, resulting HIGH competitiveness in the market.