Wood Activated Carbon Market to achieve 10% growth by 2024
Date: 2018-11-29   Author: Rahul Varpe  Category: #market

Wood Activated Carbon Market to achieve 10% growth by 2024

Global Market Insights, Inc. adds a new Wood Activated Carbon Market research report for the period of 2018-2024 focuses on the major drivers and restraints for the global key players providing analysis of the market share, segmentation, revenue forecasts and geographic regions of the market.

Wood Activated Carbon Market Size will surpass USD 500 million by 2024. The changes in regulatory norms regarding the control of harmful gas emission is the key factor for industry growth in forecast timeframe. Nearly 80% of mercury and other harmful gas emission comes from the manufacturing units, mines, and other thermal power plants and almost all regional governments are cracking down on this issue. Increasing pressure from the government for maintaining the air quality and reducing the mercury level will spur the wood activated carbon market demand in the near future.

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Global sustainability trends can be aptly credited for the extensive growth of wood activated carbon market, given the rising levels of environmental pollution caused by thermal plants, refineries, manufacturing units and mines. The usage of wood activated carbon, deemed to be a perfect, environmentally friendly alternative for the removal of contaminants in air and water, has gained massive traction in recent times, impelling wood activated carbon market share.

Not to mention, the product has found widespread applications ranging from simple municipal water purification to advanced technological applications such as the storage of natural gas adsorption and double layer capacitors. Incidentally, the product had been deployed in traditional herbal medicines, poison control and filtration as well, however, lately, it has been finding increased applications in health and beauty products, fueling wood activated charcoal industry trends.

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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.

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.

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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.

The major producers in the wood activated carbon industry include Kuraray, Haycarb, Ingevity Corporation, Chemtex, D&R Corporation, PT. Rodaniaga Kokoh Nusantara and others.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for AlgosOnline. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. ...

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