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The global activated carbon market size touched USD 4.98 billion in 2022 and is predicted to reach USD 5.26 billion in 2023. The market is anticipated to touch USD 7.73 billion by 2030, recording a CAGR of 5.6% over 2023-2030.
Fortune Business Insights™ presents this information in its latest report titled “Activated Carbon Market Size, Share & COVID-19 Impact Analysis, By Type (Powdered, Granular, and Others), By Application (Water Treatment, Air & Gas Purification, Food & Beverage, Pharmaceutical & Healthcare Treatment, and Others), and Regional Forecast, 2023-2030”.
Activated carbon is primarily used in purification applications in industries, such as water purification and food & beverage. This type of carbon, also called activated charcoal, has high porosity and can absorb micro impurities, organic & inorganic compounds, and Volatile Organic Compounds (VOCs). Growing environmental concerns, such as air and water pollution are predicted to accelerate the activated carbon market growth.
Trade Disruptions Decreased Production Activities, Slowed Market Development
The COVID-19 pandemic had an adverse impact on market growth as governments across the world introduced lockdowns and various trade restrictions. This scenario caused a major decline in production activities as many industries were forced to shut down their manufacturing plants. This factor reduced the demand for activated charcoal products, which further slumped market growth.
Cabot Corporation Invested USD 200 Million in U.S. to Expand Product Sales
In January 2023, Cabot Corporation announced to invest USD 200 million in the U.S. to add the conductive carbons capacity at its current production plant located in Pampa, Texas. The investment is aimed to expand its product’s presence across the country in the next 5 years.
Rising Preference for Reactivated Charcoal among Key Companies to Fuel Market Growth
The demand for activated charcoal has increased considerably in recent years. This has also increased the need to recycle or ‘reactivate’ the product as it is not abundantly available. This type of carbon can be reactivated with the help of a thermal process, wherein the absorbed organic and inorganic compounds are removed, which improves its absorption capacity. Moreover, using reactivated charcoal can help industries decrease the cost of replacing it, which will further fuel its use.
However, shortage in raw materials leads to increase in prices further stifling market growth.
Key Companies to Focus On Corporate Growth Strategies to Increase Market Share
Some of the top companies operating in the market include Cabot Corporation, Kuraray Co., Ltd., and Osaka Gas Chemicals Co., Ltd. These market players are increasing their focus on new product launches, acquisitions, and other key growth strategies to expand their market share and global reach.
To get a detailed report summary and research scope of this market, click here:
https://www.fortunebusinessinsights.com/activated-carbon-market-102175
Notable Industry Development:
List of the Companies Profiled in the Report:
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Table of Segmentation
ATTRIBUTE | DETAILS |
Study Period | 2019-2030 |
Base Year | 2022 |
Estimated Year | 2023 |
Forecast Period | 2023-2030 |
Historical Period | 2019-2021 |
Growth Rate | CAGR of 5.6% from 2023-2030 |
Unit | Value (USD Billion), Volume (Kiloton) |
Segmentation | By Type
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By Application
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By Geography
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