Wood Activated Carbon Market Expected to Reach US$ 456.0 Mn in 2024 : Transparency Market Research
Transparency Market Research has published a new report titled “Wood Activated Carbon Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.” According to the report, the global wood activated carbon market was valued at US$ 206.5 Mn in 2015 and is anticipated to reach US$ 456.0 Mn by 2024, expanding at a CAGR of 9.2% between 2016 and 2024.
Enactment of stringent environmental regulations on mercury emission in industrialized nations is the major factor driving the global wood activated carbon market. Countries such as the U.S. and China have started implementing the mercury control strategy. Activated carbon injection system is an important technology used to control mercury emission from power generation plants such as coal-fired plants.
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Effective usage of activated carbon injection systems to curb mercury emission in power plants is anticipated to provide significant leverage to the wood activated carbon market during the forecast period. Water purification is a significant industrial application that is considered to boost the demand for wood activated carbon market. Rise in water pollution issues in various countries such as Egypt, South Africa, Indonesia, China, India, Mexico, and Brazil is anticipated to boost the demand for wood activated carbon in the next few years. These countries have high water pollution control index. Currently, the need to use cost-effective treatment methods is significant in these countries. This scenario is estimated to boost the consumption of wood activated carbon in the near future.
Volatility in prices of raw materials is anticipated to hamper the growth of the wood activated carbon market during the forecast period. Co-products produced during wood processing such as saw dust and wood chips are used as key raw materials in the manufacture of wood activated carbon. The prices of raw materials are expected to fluctuate due to wide consumption of these raw materials in other major industries. This, in turn, is likely to hamper the growth of the wood activated carbon market during the forecast period.
In terms of volume, the removal of impurities application segment held the largest demand for wood activated carbon in 2015. This application segment accounted for more than 30% share of the global wood activated carbon market in 2015. However, gas adsorption is projected to be the fastest growing application segment of the global wood activated carbon market during the forecast period. This can be ascribed to the large consumption of wood activated carbon for adsorption of hazardous gaseous emissions.
In terms of demand, Asia Pacific dominated the global wood activated carbon market in 2015. It is expected to maintain its leading position due to the large scale usage of wood activated carbon, especially in the treatment of wastewater and potable water. Demand for wood activated carbon is anticipated to be the rise at the fastest rate in North America due to the enactment of stringent governmental regulations on gaseous emissions from core industries. Middle East & Africa is estimated to exhibit favorable market growth due to the usage of wood activated carbon for adsorption of gaseous pollutants in the petrochemical industry. Latin America is projected to be an emerging market, while Europe is likely to depict moderate market growth during the forecast period.
Cabot Corporation, Calgon Carbon Corporation, Carbo Tech AC GmbH, Carbon Activated Corporation, CECA SA, Donau Chemie AG, Fujian Zhixing Activated Carbon Co, Ltd., Ingevity Corporation, Kuraray Chemical Corporation Ltd., Osaka Gas Chemicals Co. Ltd., Oxbow Activated Carbon LLC, and Zhejiang Xingda Activated Carbon Co., Ltd. are some of the key players operating in the global wood activated carbon market.
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