Global Wood Activated Carbon Market to Reach US$456.0 mn by 2024 owing to Environmental Regulations on Mercury Emissions
Transparency Market Research has published a new report on the global wood activated carbon market. As per the report, the global wood activated carbon market is predicted to progress from US$206.5 mn in 2015 to US$456.0 mn by 2024. Factors such as technological advancements and environmental regulations on mercury emissions are expected to benefit the global market for wood activated carbon. The report, titled ‘Wood Activated Carbon Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024,’ states that the global market is expected to expand at a 9.20% CAGR from 2016 to 2024.
Wood pellets, wood chips, and sawdust are some of the materials used to manufacture wood activated carbon. Commercially, wood activated carbon is available in granulated and powdered forms. Wood activated carbon is primarily employed in numerous end-user industries such as power generation, water treatment, and food and beverages as an adsorbent for liquid phase and gas phase.
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Although the instability of supply of raw materials is expected to hamper the growth of the global wood activated carbon market, the technological breakthroughs are anticipated to create more growth opportunities in the near future. The global wood activated carbon market is segmented on the basis of region and application. Based on application, the global wood activated carbon market is divided into North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. Currently, Asia Pacific leads the global wood activated carbon market; North America being the second largest market. The increasing use of carbon in the water treatment industry is expected to propel the Asia Pacific wood activated carbon market.
Going forward, the North America wood activated carbon market is expected to be the fastest-growing region. In terms of demand, the Middle East and Africa region is estimated to grow significantly in the next few years. However, due to increasing saturation of end-user industries, the Europe wood activated carbon market is expected to experience slow growth throughout the forecast period.
Some of the prominent companies operating in the global wood activated carbon market are Cabot Corporation, Carbo Tech AC GmbH, CECA SA, Fujian Zhixing Activated Carbon Co, Ltd., Kuraray Chemical Corporation Ltd., Oxbow Activated Carbon LLC, Calgon Carbon Corporation, Carbon Activated Corporation, Donau Chemie AG, Ingevity Corporation, Osaka Gas Chemicals Co. Ltd., and Zhejiang Xingda Activated Carbon Co., Ltd.
By application, the global wood activated carbon market is classified into gas adsorption, removal of impurities, decolorization, and others. Wood activated carbon is primarily used to remove various impurities from liquid streams and gas. The gas adsorption segment is expected to grow significantly in the years to come owing to advantages such as better adsorption rate, high porous structure, and large surface area. In 2015, in terms of volume, the global wood activated carbon market was dominated by the removal of impurities segment. This segment accounted for more than 30% of the global wood activated carbon market in 2015.
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