Market Research Future (MRFR) projects the Activated Carbon Market 2020 to procure a decent growth rate of 8.14% from 2018 to 2023 (evaluation period). MRFR expects the global market to touch USD 7,032.5 million by 2023-end. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Top Drivers and Challenges:
The Activated Carbon Market can continue advancing rapidly despite the COVID-19 Outbreak, given the significant focus on innovations as well as research and development/R&D activities. Following the SARS-CoV-2 onset, there has been a substantial increase in the number of tie-ups between companies, with the common aim to mitigate the financial loss brought on by the pandemic. Although the lockdown has weakened supply chains to a large extent, the demand for advanced Activated Carbon in numerous industries will remain high in the coming time.
In the post novel coronavirus era, leading firms have started to manufacture Activated Carbon masks with high performance filter. These products are claimed to be the best method to prevent the spread of SARS-CoV-2. Studies reveal that these Activated Carbon masks can also boost lung capacity and respiratory muscles. Also, the spike in technology and product innovations, especially post the COVID-19 outbreak, can ensure sustainable market growth over the conjectured period. To illustrate, in March 2020, a researchers group from Texas Tech University developed a decontamination wipe that helps get rid of poisonous components. The wipe can also be used to clean all the body fluids that have been contaminated with SARS-CoV-2.
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Strict government standards pertaining to emission control, growing need to curb mercury from the power plants and the mounting for clean water could also work in favor of the Activated Carbon Market. Out of all the end users, Activated Carbon is widely deployed in sewage treatment plants and potable water purification. The water treatment technology has gained significant traction worldwide, while many firms are striving to uptake eco-friendly water disposal methods, which has been favorable for Activated Carbon, in terms of demand.
Renowned Market Vendors:
A few of the Renowned Vendors currently active in the global market include Kuraray Co., Ltd (Japan), Kureha Corporation (Japan), Cabot Corporation (US), Osaka Gas Chemicals Co. Ltd (Japan), Haycarb (Pvt) Ltd (Sri Lanka), to mention a few.
Type and Application are the top segments considered in the report, based on which the market has been covered extensively by MRFR.
The types of Activated Carbon are extruded activated carbon, granulated Activated Carbon, powdered Activated Carbon, and more. In 2017, MRFR confirmed that the leading segment was powdered Activated Carbon, having captured a share of 53% in the market and can even procure the highest growth rate of more than 8% over the coming years. The powdered type of Activated Carbon can touch a decent valuation of USD 3800 million by 2023-end, as a result of their rising use in gas and air purification and water purification applications in industries like industrial chemicals, food & beverage and automotive, to name a few.
Metal extraction, industrial chemicals, food & beverage, water purification, automotive, catalyst, air purification, pharmaceuticals, and more are the key market applications. Out of these, in 2017, the top segment was that of water purification, accounting for a share of 36% in the global market. Activated Carbon’s increasing deployment in industries such as in residential, industrial water treatment and municipal has helped enhanced the market growth.
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Regional consideration of the Activated Carbon Market covers five major regions, namely Europe/EU, Latin America, the Middle East & Africa/MEA, North America and Asia Pacific/APAC.
APAC has remained the most significant market for Activated Carbon since 2017 and is touted to record a CAGR of 9.93% in the ensuing years. Fast emerging nations like China, Japan and India can most likely take the lead during the review timeline. In the region, coconut shells are the most commonly deployed raw materials for producing activated charcoal. Several economies like Indonesia, the Philippines, India, Sri Lanka and Malaysia are known for their tropical climate that is ideal for consistent cultivation of coconut, which makes APAC one of the leading raw material sources in the world.
The North American Market is right behind APAC and can race ahead to touch USD 1,343.0 by the end of the year 2023. The market here is strongly influenced by the mounting environmental concerns and the slew of government initiatives along with strict standards and regulations pertaining to this aspect. Consequently, air purification, mercury absorption and water treatment have emerged as the key application areas of Activated Carbon in the region, especially across Canada and the United States.
In 2017, Europe accounted for a share of 15.53% in the global market, thanks to the soaring use of Activated Carbon in the food and beverage sector and the widening application scope in industries like pharmaceutical and healthcare.
COVID-19 Study in Detail:
COVID-19 Impact Analysis on Aluminum Extruded Products Market @ https://www.marketresearchfuture.com/report/covid-19-impact-aluminum-extruded-products-market
COVID-19 Impact on Self-Healing Materials Market @ https://www.marketresearchfuture.com/report/covid-19-impact-self-healing-materials-market
COVID-19 Impact Analysis on Artificial or Synthetic Leather Market @ https://www.marketresearchfuture.com/report/covid-19-impact-artificial-synthetic-leather-market
NOTE: Our team of researchers is studying COVID-19 and its impact on various industry verticals and wherever required we will be considering COVID-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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