High growth in the water treatment industry will be a major growth enabler for wood activated carbon market owing to the products extensive usage for water purification purposes. Decreasing levels of ground water coupled with acute shortage of potable water in many parts of the world has led to rising demand for water treatment plants.
Increasing government regulations regarding discharge of industrial waste water into rivers and other water bodies has also led to rise in the number of water treatment plants across the world. This rise will fuel wood activated carbon demand in coming years and will drive the product market development.
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Wood Activated Carbon Market will surpass USD 500 million by 2024; according to a new research report. The product's usage in air purification systems will also contribute towards its market development during the forecast period. Wood activated carbon's ability to trap small particles, volatile organic compounds, and gases will propel its demand in air purification systems.
Government regulations regarding air quality maintenance and stringent norms related to industrial gas emission will positively influence the industry development. However, increasing deforestation and the loss of natural habitat for many animal species has prompted governments in many countries to initiate frameworks and regulations to reduce destruction of flora. This may hamper the wood activated carbon market as industry participants will look for substitutes that are environment friendly.
Powdered wood activated carbon product segment will occupy more than 60% of the overall market in 2024. This segment will witness a healthy growth rate during the forecast timeframe owing to its cost-effective nature and relatively better performance in purification applications.
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Fluid adsorption is a major application segment which will hold approximately one-third of the overall industry share in 2024. Wood activated carbon's ability to adsorb a range of fluids will drive this segments development till the end of the study period. Purification application segment will witness high growth till 2024 due to its extensive usage in food processing industries.
Air treatment, food & beverage, pharmaceutical, and water treatment are the four key end-user industries in the wood activated carbon market. Water treatment application segment will register a revenue exceeding 180 million by 2024 along with healthy gains during the study period.
Asia Pacific is the largest regional wood activated carbon market owing to the flourishing manufacturing sector in this region which will fuel water treatment plant's demand. The region will witness fast gains during the study period and will hold around one-third of the overall industry share in 2024.
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Some of the key wood activated carbon market participants include Haycarb, Kuraray, Ingevity, Osaka Gas Chemicals Company, Chemtex Speciality, D&R Corporation, Zhejiang Xingda Activated Carbon among others.
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