The report “Activated Carbon Market by Type (Powdered Activated Carbon, Granular Activated Carbon), Application (Liquid Phase Application, Gas Phase Application), End-Use Industry, Raw Material (Coal, Coconut, Wood, Peat), and Region – Global Forecast to 2030” projects significant market expansion. The market is expected to grow from USD 4.46 billion in 2023 to USD 8.41 billion by 2030, achieving a CAGR of 9.8% over the forecast period.
A key driver of this growth is the implementation of stringent government regulations aimed at reducing flue gas emissions. These regulations have compelled industries to adopt advanced water treatment technologies. Furthermore, the rising deployment of mercury control technology in industrial air purification systems is expected to further strengthen demand for activated carbon.
Leading Players in the Market
Prominent companies include Diagas Group (Japan), Kuraray Co., Ltd. (Japan), Haycarb PLC (Sri Lanka), Norit (Netherlands), Kureha Corporation (Japan), BASF SE (Germany), among several others shaping industry growth.
Market Dynamics
- Driver: Rising automotive sales and the need to control vehicular emissions
According to the Organisation Internationale des Constructeurs d’Automobiles (OICA), China recorded a 6.13% increase in new vehicle sales in 2022 compared to 2020. Activated carbon is vital in the automotive industry for controlling emissions, removing volatile organic compounds (VOCs), and improving cabin air quality. The growing automotive sector continues to boost demand. - Restraint: Shortage of raw materials has resulted in price fluctuations for activated carbon, affecting supply stability.
- Opportunity: The production and use of reactivated carbon is emerging as a profitable opportunity for activated carbon manufacturers, offering both cost-effectiveness and sustainability.
- Challenge: Sluggish economic conditions worldwide may hinder industrial growth and reduce demand across several end-use industries.
Overall, the activated carbon market is poised for strong growth, driven by environmental regulations, rising industrial applications, and expanding automotive demand.