Wood Activated Carbon Market to Cross USD 500mn by 2024
This is due to the superior features which include low cost, ease of availability, extreme purity, and high filtration strength. As compared to other regions, Asia Pacific led by China and India, and Europe are on the top of the list for significant product consumption owing to presence of myriad manufacturing units.
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Strict norms regarding the cutting down of trees for the production of wood activated carbon will be a major restraining factor for the industry growth in coming years. Regulatory bodies include United Nations Framework Convention on Climate Change (UNFCCC), Institute for Rural Settlement and Agrarian Reform (INCRA), Institute of Man and Environment of Amazonia (IMAZON), National Institute for Space Research (INPE), etc. in Latin America and Europe will restrict the industry growth by implementing various rules to save the flora and fauna.
Wood activated carbon market has been segregated based on product, application, end-user and region. The product segment comprises powdered and granular wood activated carbon. Among these, powdered form will hold over two-thirds of the entire wood activated carbon industry in 2024. Powdered form of the product is cheaper than granular one and find its usage for water and air purification as it has superior adsorption, high filtration and purification strength.
Wood activated carbon market applications are segmented based on product usage which include fluid adsorption, decolorization, purification, and others. Other applications comprise deodorizing, solvent recycling, etc. Among these, fluid adsorption and purification will have a combined share of over 55% in this segment in 2024.
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The major end-user segments include air treatment, water treatment, food & beverage, and pharmaceutical. Minor industries include automotive, chemical, gold mining, etc. and have been considered in the others segment. In terms of revenue, water treatment is likely to generate more than USD 200 million in 2024. This is due to the excessive usage of the product in water treatment plants owing to the superior intrinsic properties.
Latin America and Asia Pacific’s wood activated carbon market will be a largest with over 45% of the entire industry in coming years. Latin America will account for over USD 30 million growing with a noteworthy CAGR over the forecast period. High production and abundant availability of raw materials in these regions will promote the regional industry growth by 2024, which will positively influence the overall wood activated carbon market growth.
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The major producers in the wood activated carbon industry include Kuraray, Haycarb, Ingevity Corporation, Chemtex, D&R Corporation, PT. Rodaniaga Kokoh Nusantara and others.
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