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The activated carbon market size is projected to reach USD 4.50 billion by 2028. The increasing use of the product in wastewater treatment has created several growth opportunities for the companies operating in the global market. According to a report published by Fortune Business Insights, 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, Others), and Regional Forecast, 2021-2028,” the market was USD 2.96 billion in 2020 and is expected to exhibit a CAGR of 5.4% between 2021-2028.
Activated carbon is crude graphite that possesses the ability to adsorb a wide range of components. Recent advancements in extraction methods, coupled with rising investments in the research and development of efficient products will have a massive impact on the growth of the overall market in the coming years. The presence of several large-scale manufacturers in several countries across the world will bode well for the growth of the market in the coming years. The increasing environmental concerns regarding environmental pollution will fuel the demand for the product across the world. The application of this type of carbon in wastewater treatment has given the platform for the companies operating in the global market. Furthermore, the increasing R&D activities will enable a flexible application scope, thereby creating several growth opportunities for the market.
Kuraray Announces Expansion of the U.S. Subsidiary Amid Rise in Product Demand in Recent Years
The report highlights a few of the major industry developments of recent times and discusses their impact on the activated carbon market share. The presence of several large scale companies in several countries across the world is consequential to the increasing demand for the product. The increasing investments in product R&D are attributable to the growing applications of the product across diverse industry verticals. Accounting to the increasing applications and subsequently rising demand for the product, there has been an increase in the production volume of this carbon across the world. In June 2020, Kuraray Co,. Ltd. announced that it will be expanding its US subsidiary Calgon Carbon Corporation. The company claims that this step is consequential to the constantly rising demand for the product over the past few years. Kuraray’s latest step highlights the importance of activated carbon on the global frontier and is indicative of the potential this product holds in several businesses sectors.
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Applications in Wastewater Treatment Will Emerge in Favor of Market Growth
The massive investments in research and development have allowed a wider application scope. It is observed that the properties of the product have allowed it to be put to use in diverse applications. Among all uses, the product is widely used in the treatment of wastewater applications. The absorbent nature of this carbon makes it suitable to purify water for domestic purposes.
Prominent Companies are Emphasizing Innovative Packaging Solutions
Accounting to the increasing market competition, several companies are looking to adopt strategies that will catch immediate attention, be it the marketing or other fronts. The uses of this type of carbon in wastewater treatment have already been established. With several companies engaged in wastewater product applications, newer companies are focusing on other domains. It is observed that the packaging industry offers considerable growth opportunities for start-ups as well as SMEs in this sector, further boosting the market.
List of companies profiled in the report:
Further Report Findings:
Market Segmentation Table
Value (USD Billion); Volume (Kilo Tons)
By Type, By Application, and By Geography