Activated Carbon Market Projected to Reach $8.41 Billion by 2030
Market expected to grow at 9.8% CAGR as demand rises across water treatment, industrial air purification and automotive applications
The global activated carbon market is projected to grow from USD 4.46 billion in 2023 to USD 8.41 billion by 2030, registering a CAGR of 9.8% during the forecast period, according to a market report covering the industry by type, application, end-use industry, raw material and region.
The market includes powdered activated carbon and granular activated carbon, with applications across liquid-phase and gas-phase processes. Coal, coconut, wood and peat are among the key raw materials covered in the report.
Emission Regulations Support Market Growth
Stringent government regulations aimed at reducing flue gas emissions are encouraging industries to adopt water treatment and air purification technologies, supporting demand for activated carbon.
The report also identifies the implementation of mercury control technologies in industrial air purification as a factor expected to increase demand.
Production facilities in the US and Europe, including clinker cement plants and other facilities operating large industrial boilers, are expected to face stringent emission standards covering mercury and other hazardous air pollutants over the coming years.
These regulatory requirements are expected to support the adoption of activated carbon in industrial emission control applications.
Automotive Sales Drive Demand
Increasing vehicle sales are another factor contributing to activated carbon demand, particularly for controlling vehicular emissions and improving cabin air quality.
According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), sales of new vehicles in China increased by 6.13% in 2022 compared with 2020.
Activated carbon is used in automotive applications to control vehicular emissions, remove volatile organic compounds (VOCs) and improve the quality of cabin air.
The growth in vehicle sales is therefore expected to contribute to demand for activated carbon in the automotive sector.
Recent Industry Developments
Several companies in the activated carbon and water treatment industries have undertaken acquisitions, capacity expansions and technology investments in recent years.
- March 2023: Evoqua Water Technologies LLC strengthened its presence in North America through the acquisition of the Texas-based industrial water treatment service business from Kemco Systems.
- June 2022: Albemarle Corporation announced plans to restructure its Bromine and Lithium global business units (GBUs) under a new corporate framework aimed at enhancing its ability to meet customer demands and develop the required talent.
- August 2022: Ingevity acquired Nexeon Limited to establish a presence in the electric vehicle (EV) market and expand opportunities for its existing activated carbon business.
- October 2021: Evoqua Water Technologies LLC opened a Sustainability and Innovation Hub in Pittsburgh, Pennsylvania, US, to develop technologies for water treatment.
- March 2021: Evoqua Water Technologies LLC announced the expansion of its existing Global Engineering and Technology Center in Chennai, India.
- February 2021: Ingevity announced the expansion of an activated carbon manufacturing plant in China.
The market is expected to see continued demand from water treatment, industrial air purification and automotive applications as environmental regulations and emission-control requirements evolve.