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Is The Activated Carbon Market Size Accelerating?
The activated carbon market size has charted a robust growth trajectory in recent years. It has leapt from $6.25 billion in 2023 to an anticipated $7.17 billion in 2024, signifying a compound annual growth rate CAGR of 14.9%. The market's ascendency during the historical epoch is attributable to potent economic progress in developing marketplaces, burgeoning consciousness about health, and an impending shortage of safe water.
Does the Activated Carbon Market Hold Promise for the Future?
Promisingly, the activated carbon market size is prophesied to see a meteoric rise in the coming years. The market is expected to swell to $12.29 billion by 2028, maintaining an impressive CAGR of 14.4%. The galloping growth during the forecast period is due to an uptick in the demand for clean water, surges in urbanisation, escalating water consumption, increasing global population and supportive government initiatives for water management. Trends expected to hold sway in the forecast period include innovation in high-flow carbon filter systems, an uptick in investments to increase production capacities, product innovations to attract more customers, and mergers and acquisitions aimed at fortifying the product portfolio and expanding geographic presence in the market.
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Do Market Drivers Set For High Demand For Activated Carbon?
Indeed, the surging demand for clean water is proclaimed to propel the growth of the activated carbon market. The accelerated pace of urbanisation and industrialisation is driving the demand for clean water and subsequently, activated carbon, which is a crucial component in the purification of water. Nearly 6 billion people are expected to face a dearth of clean water by 2050 as per the World Water Development Report released by the United Nations. Consequently, the exigent need for clean water and its looming scarcity are envisaged to generate a high demand for activated carbon for water purification during the forecast period.
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Which Industry Players Are Leading The Activated Carbon Market?
The activated carbon market report reveals the key industry players which include Ingevity, Haycarb PLC, Kuraray Co. Ltd, Daigas Group, Cabot Corporation among others. These major enterprises are instrumental in stimulating market growth.
Is Technological Flexibility Driving Innovations?
Certainly. Technological advancements and innovative product development are making waves in the activated carbon market. Companies are focusing on developing innovative products such as honeycomb activated carbon. This product is laudable for its environmental friendliness and flexibility for large-area purification. Highlighting one of these innovations, in January 2021, Tantech, a China-based company launched a variety of combination honeycomb activated carbon. Additionally, Sweden-based Jacobi Carbon introduced activated carbon masks for delivering clean air. The mask makes use of activated carbon coupled with a dust aerosol and other particulate matter filtration systems to purify the air and can also be used as a mask.
How is the Global Activated Carbon Market Segmented?
The activated carbon market report comprises several segments:
1 By Type: Powdered Activated Carbon, Granular Activated Carbon, Extruded Or Pelletized Activated Carbon, Other Types
2 By Application: Liquid Phase Applications, Gas Phase Applications, Metal Extraction, Medicine, Other Applications
3 By End Use: Water Treatment, Food And Beverage Processing, Pharmaceutical And Medical, Automotive, Air Purification, Other End Users
What Regional Insights Impact The Activated Carbon Market Size?
In 2023, Asia-Pacific bagged the title as the most prominent region in the activated carbon market, followed by North America as the second largest market. The report covers the following regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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