Activated Carbon Market Analysis 2023-2027: Market Size, Major Driver And Lucrative Segments - By The Business Research Company
The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Sept. 29, 2023 /PRNewswire/ -- As per The Business Research Company's Activated Carbon Global Market Report 2023, the global activated carbon market has experienced remarkable growth, with its size expanding from $5.45 billion in 2022 to $6.21 billion in 2023, showcasing a significant compound annual growth rate (CAGR) of 13.9%. Projections indicate further market expansion, with the activated carbon market expected to reach $10.29 billion by 2027, sustaining a CAGR of 13.5%.
Clean Water Demand Drives Growth
The driving force behind the growth of the activated carbon market is the escalating global demand for clean water. With a burgeoning global population, the need for water for various purposes—domestic, industrial, agricultural, and municipal—is on the rise. This demand for clean water has been accentuated by the importance of access to safe water for health, food security, and nutrition, a point underscored during the COVID-19 pandemic.
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Activated Carbon Market Players
The global activated carbon market is characterized by high concentration, with a limited number of players dominating the industry. The top ten competitors collectively accounted for a substantial 53.90% of the total market in 2022. Leading the pack was Ingevity, capturing 9.69% of the activated carbon market share, closely followed by key players such as Haycarb PLC, Kuraray Co. Ltd., Daigas Group, Cabot Corporation, Calgon Carbon Corporation, Veolia, Kureha Corporation, Tronox Inc., and Carbon Activated Corporation.
Innovations in High-Flow Carbon Filter Systems
Companies operating in the activated carbon market are actively engaged in pioneering innovations in high-flow carbon filter systems to bolster their product portfolios. These innovations not only extend the filter lifespan but also reduce the frequency of replacements. For instance, in June 2021, CPL Activated Carbons, an international manufacturer and supplier of activated carbon, introduced the HF20V VOCSorber®, a towering mobile carbon filter standing at 8 meters. This innovation possesses a purification capacity exceeding 40,000 m3/h, making it ideal for a wide range of applications, including odor control, volatile organic compounds (VOC) abatement, and ammonia removal, thereby contributing to cleaner air and water.
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Segmentation of the Activated Carbon Market
The global activated carbon market is segmented into various categories:
- Type: This includes Powdered Activated Carbon, Polymer Coated Activated Carbon, Granular Activated Carbon, Bead Activated Carbon, Extruded or Pelletized Activated Carbon, and Other Types.
- Application: Segments comprise Liquid Phase Applications, Gas Phase Applications, Metal Extraction, Medicine, and Other Applications.
- End Use: Major sectors utilizing activated carbon include Water Treatment, Food & Beverage Processing, Pharmaceutical & Medical, Automotive, Air Purification, and Other End Uses.
Promising Growth in Liquid Phase Applications
Among these segments, the liquid phase applications segment stands out as having the most promising growth potential. By 2027, it is projected to witness an impressive surge, contributing $2,241.0 million to global annual sales. This underscores the pivotal role of activated carbon in addressing water purification and related challenges across various industries.
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