ALBANY, N.Y., Nov. 4, 2020 /PRNewswire/ -- The escalating demand for water filtration and air purification may serve as a significant growth factor for the global activated carbon market during the assessment period of 2020-2030. As many countries across the globe expand their industrial prospects, the environmental hazards due to consistent air pollution are increasing at a rapid pace. Thus, to control the mercury levels, industries are using activated carbon on a large scale. Hence, this factor may bring good growth opportunities.
Activated carbon is a type of carbon. It has minute, less-volume pores. The greater the number of pores, the higher the adsorption capacity of activated carbon. It is prominently derived from carbonaceous raw material. It is extensively used to eliminate organic and non-biodegradable compounds.
After a thorough and scrutinized analysis of all the factors related to growth, the Transparency Market Research (TMR) researchers expect the activated carbon market to expand at a healthy CAGR of ~8 percent during the assessment period of 2020-2030. The global activated carbon market is prognosticated to reach a valuation of US$ 7.3 bn by the end of the forecast period.
Strict rules and acts imposed by the government bodies of various countries have magnified the demand for air filtration and water filtration. The overwhelming applicability of activated carbon in pharmaceuticals, personal care, water and wastewater treatment, mining, industrial chemicals, air purification, food and beverages, and others may help in increasing the growth rate of the activated carbon market.
The analysts at Transparency Market Research (TMR) link the growth of the activated carbon market to factors like heightening focus on wastewater treatment of local bodies across various cities, utilization for ubiquitous applications, and the overwhelming demand for carbon filter masks amidst the COVID-19 pandemic. The analysts advise manufacturers in the activated carbon market to focus on the healthcare sector for increasing their revenue.
The escalating demand for activated carbon for treating various pollutants, including ions, dyes, and a series of organic pollutants may bring immense growth prospects for the activated carbon market during the forecast period.
The rising awareness about the health risks associated with consumption of unfiltered water may increase the demand of activated carbons
Large-scale investment in water filtration plants across countries like China and India may bring good growth prospects for the activated carbon market
Activated Carbon Market: Growth Dampeners
The frequent trade conflicts across the globe have created a strain on the business landscape. This is leading to constant increase in the prices of raw materials. Thus, this aspect may prove as a growth restraint for the activated carbon market during the forecast period. The utilization of activated carbon in food products may lead to decreased vitamin absorption and gastrointestinal side effects. This aspect may dampen the growth prospects of the activated carbon market to a certain extent.
Magnesium Derivatives Market - The global magnesium derivatives market was valued at ~US$ 38 Bn in 2019 and is anticipated to expand at a CAGR of 5%, in terms of value, from 2020 to 2030. Magnesium derivatives are extensively used in agriculture, pharmaceutical, chemical, and construction applications due to their unique combination of characteristics. For instance, magnesium oxide is primarily used as an excellent source of magnesium in fertilizers to decrease the magnesium deficiency of soil. This enhances the yield and nutritional value of the soil. Magnesium hydroxide is also used in the manufacture of flame retardants, as it is economical and environment-friendly.
Glycerol Carbonate Market - In terms of value, the global glycerol carbonate market is anticipated to expand at a CAGR of 7% from 2020 to 2030. Glycerol carbonate is a highly used chemical due to its ideal physicochemical properties such as low toxicity, high stability, good biodegradability, low inflammability, and high boiling point. Glycerol carbonate is used in the production of detergents, owing to various advantages it offers such as improved hand-feel performance, solubility of laundry powders, and reduced pH of wash liquor. Glycerol carbonate is employed as a curing agent in cement and concrete applications. This stops water from evaporating too quickly, thus helping reduce cracking and dusting. It is used as a curing agent in various functions such as maintaining mixing water in concrete during the early hardening process, reducing loss of mixing water from the surface of the concrete, and accelerating strength gain using heat and additional moisture.
Butylene Carbonate Market - Rise in demand for environmentally-safer solvents in various end-user industries such as oil & gas, automotive, and chemical is also augmenting the global butylene carbonate market. Butylene carbonate is an environmentally-safer solvent compared to methylene chloride, acetone, and aromatic solvents. It possesses excellent solvency properties, low VOC, low toxicity, low evaporation rates, and high boiling points. Thus, it is ideal for usage in many solvent applications. Fluctuation in prices of raw materials is expected to hamper the butylene carbonate market during the forecast period. However, rise in demand for hybrid solvents is anticipated to provide lucrative opportunities to manufacturers during the forecast period.
Strontium Carbonate Market - Based on application, the strontium carbonate market can be segmented into pyrotechnics, ferrite magnets, master alloys, paints & coatings, medical, zinc refining, and others. Based on region, the strontium carbonate market can be divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific dominates the global strontium carbonate market in terms of volume, due to presence of one of the top producers i.e. China in the region. The region also holds a significant market share in terms of consumption of strontium carbonate.
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