ACTIVATED CARBON MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Activated Carbon Market Size and Trends

The activated carbon market is estimated to be valued at USD 4.83 Bn in 2024 and is expected to reach USD 9.23 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 9.7% from 2024 to 2031.

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The activated carbon market is expected to witness significant growth over the coming years. There is an increasing demand for activated carbon across various end-use industries such as water treatment, food & beverage, pharmaceutical, and others. The growing environmental concerns and stringent regulations regarding water & wastewater treatment across various countries are encouraging the growth of the activated carbon market. Furthermore, rising industrialization and urbanization in developing nations are also driving the activated carbon market growth.

Growing Industrial Applications of Activated Carbon

The use of activated carbon is growing across different industrial verticals owing to its excellent adsorption properties. Industries such as water treatment, food & beverage, and pharmaceuticals have been major consumers of activated carbon. The water treatment industry in particular has seen substantial growth in demand for activated carbon due to the increasing need for purification of water sources across municipal as well as industrial applications. Stringent regulations regarding the removal of pollutants, disinfection byproducts and purification of drinking water have propelled the use of activated carbon in water treatment plants. Its effectiveness in removing color, odor, taste and a variety of organic and inorganic impurities from water makes it the preferred choice for adsorption applications over other alternatives. With growing global population and rising industrial activities, the stress on water resources is continuously increasing. This has bolstered investments towards upgrading existing as well as building new water treatment facilities which utilize activated carbon on a large scale.

Another sector driving significant activated carbon consumption is food & beverage industry. Major functionalities driving its use include purification of process water, finished product water as well as air purification applications across bottling, brewing and other beverage producers. Stringent international quality standards regarding the presence of contaminants in packaged foods and beverages have amplified the role of activated carbon in purification processes. Moreover, activated carbon is also gaining prominence as an effective strategy for color and odor removal in fruit juices, sugar processing and recovery of valuable flavor and fragrance compounds from the food processing industry. Growing health-conscious consumer trends promoting minimally processed and natural foods without the use of artificial preservatives are working in favor of activated carbon adoption. With sustained growth anticipated across food and beverage manufacturing globally in the coming years on the back of rising incomes, changing diets and urbanization - the demand for activated carbon from this sector is expected to see further acceleration.

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Increased Adoption for Mercury Removal

Activated carbon has emerged as the material of choice for controlling and removing mercury emissions from coal-fired power plants. Stringent environmental regulations imposed by governments worldwide are pressurizing power generators to curb toxic mercury pollution emanating from burning of coal. According to the new Mercury and Air Toxics Standards (MATS) implemented by the US EPA in 2011, coal-fired power plants need to achieve significant mercury emission reductions over the coming years.