Activated Carbon Market Forecast by 2029 | Industry Report, Size, Share, Revenue, Segmentation, Development Insights
The global activated carbon market size is projected to reach USD 4,064.7 million by the end of 2027. Increasing product applications across diverse industry verticals have opened up a massive platform for market growth. According to a report published by Fortune Business Insights, the market was worth USD 2,856.7 million in 2019 and will exhibit a CAGR of 4.8% during the forecast period, 2019-2027.
Activated carbon is a crude form of graphite that has the ability to adsorb a wide range of components. The porous nature of the substance enables properties such as porosity and larger surface area. The material is said to have the highest volume of adsorbing porosity with a surface area of over 1000 square meter per gram. The ability of activated carbon to concentrate the liquid or gaseous molecules on a solid surface makes it stand out from its product alternatives, thereby creating a massive demand. The increasing demand for the product will subsequently influence the growth of the overall market in the coming years. The presence of numerous large scale manufacturers will subsequently influence the growth of the market in the foreseeable future.
Coronavirus Outbreak has had an Adverse Impact on Businesses in Sectors Parallel to Activated Carbon
The recent coronavirus outbreak has had an adverse impact on several industrial sectors across the word. Accounting to the rapid spread of the disease, several countries have taken strict measures with the aim of limiting the adverse effects. The measures taken to curb the spread of the disease include lockdowns as well as social distancing norms. These activities, however, have had an adverse impact on several businesses across the world. Due to shutdowns in manufacturing and processing units, several SMEs in the activated carbon market have been forced to permanently shut down their businesses. It is seen that the vast majority of the companies that have been able to sustain the pandemic is the large scale companies.
Company Mergers and Acquisitions are an Increasing Trend Among Major Companies across the world
The report encompasses several factors that have contributed to the growth of the overall market in recent years. It is observed that companies across all categories are focusing on mergers and acquisitions with regard to the recent success that this strategy has brought for numerous businesses. The rising number of company mergers and acquisitions will set the platform for rapid market growth. In September 2019, Oxbow Activated Carbon announced that it has been acquired by a large scale European firm. The latter will look to build on its existing portfolio of activated carbon derivatives, along with its vast experience on the global stage. The company will build on its 15 year experience through this acquisition. Such large scale company mergers and acquisitions as well as collaborations will bode well for the growth of the overall market in the coming years.
Asia Pacific to Emerge Dominant; Rising Population will Contribute to Increasing Product Demand
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in Asia Pacific is projected to emerge dominant in the coming years. The rising demand for activated carbon in densely populated countries such as India and China has given the platform for regional as well as global companies. Although these two countries are not the largest producers of the product, they certainly are the largest consumers of activated charcoal across the globe. The increasing use of the products in specialty chemicals as well as cosmetic products has proven beneficial for the companies in this sector. As of 2019, the market in Asia Pacific was worth USD 1186.7 million and this value is projected to rise at a considerable pace in the coming years.
Information Source:
https://www.fortunebusinessins....ights.com/activated-
