Accordingto a new report titled ‘Wood Activated Carbon Market:Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ published byTransparency Market Research (TMR), the global woodactivated carbon market was valued at US$ 785.80 Mn in 2017and is anticipated to expand at a CAGR of 8.1% from 2018 to 2026. The globalwood activated carbon market is driven by stringent regulations on mercuryemission from power plants. Asia Pacific accounts for a major share of theglobal wood activated carbon market, due to rigid government regulationsregarding atmospheric emission of hazardous substances, particulate matter, andgreenhouse gases in various industries in the region.
EnvironmentalRegulations on Mercury Emission from Power Plants to Drive Market
Mercury isa toxic and corrosive material that is present in small amount in various gasand liquid streams. Power generation sources emit more than 70% of mercury inthe air across the globe. Thermal and coal-fired power plants are key sourcesresponsible for producing these hazardous gases. Wood activated carbonadsorption process is a suitable processes for removing mercury. It is an excellentcarrier for various impregnates, as it physically reacts with the mercury andholds it within the adsorbent particles. Increase in governmental pressure tomaintain the air quality and reduce mercury level is anticipated to boost thedemand for wood activated carbon in the near future. Developed and developingeconomies, such as the U.S. and China, are implementing control strategies toreduce mercury emissions. For instance, the U.S. is estimated to reduce mercuryemission to 18.2 tons by 2020, while China is likely to reduce emission by 77.5tons by 2020. Control targets set by these countries and characteristicproperties, such as high surface area, fine particle size, and open porestructure, are expected to boost the demand for wood activated carbon in theremoval process of flue gas contaminants during the forecast period. Activatedcarbon injection system is an effective technology which is gaining momentum incontrolling gaseous emissions. This technology is anticipated to createsignificant opportunities for wood activated carbon manufacturers in the nearfuture. In 2011, Standard Carbon LLC developed Stratocarb, a powdered activatedcarbon (PAC) manufactured from wood, especially for flue gas mercury removalapplications.
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Expansion of End-user Industries inDeveloping Economies to Create Opportunities
Economicgrowth in countries in Asia Pacific and Middle East & Africa is creatinglucrative opportunities for wood activated carbon manufacturers. The market indeveloping nations is expanding due to significant expansion of chemical,automotive, and pharmaceutical industries. Thus, manufacturers are shiftingtheir focus away from developed economies. Water pollution has become a majorglobal concern, as industrial effluents, sewage waste, and agrochemicals arebeing discharged into water bodies. Advancements in chemical processingindustries and drinking water technologies, especially in India, Brazil, GCC,and China, is likely to boost the demand for wood activated carbon. Woodactivated carbon is a highly effective water filtration media that is used toremove contaminants from industrial and municipal wastewater and groundwater.Usage of new technologies, such as plasma processing for surface enhancement ofwood activated carbon, is gaining momentum. Surface medication with thistechnology entails exposure of wood activated carbon to plasma under vacuum,thus altering its textural properties. Regeneration of wood activated carbonfrom industrial effluents is another technology that is likely to reduce thedependency on virgin raw material sources in the next few years. These factorsare expected to create lucrative opportunities to manufacturers in the nearfuture.
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Volatility in Raw Material Pricesto Hamper Wood Activated Carbon Market
The globalwood activated carbon market is prone to fluctuations in prices of rawmaterials such as saw dust, wood pellets, wood flour, and other pretreatmentchemicals such as calcium chloride. Constant volatility in prices of rawmaterials is adversely affecting the wood activated carbon market.Additionally, these raw materials are consumed in other end-user industries,such as fuel generation, wood pulp, and synthetic resins, thereby affecting thesupply and demand of raw materials and overall production of wood activatedcarbon. Stiff competition from substitutes, such as coconut shell, andimplementation of stringent regulations regarding deforestation are key factorsthat are estimated to restrain the market during the forecast period.
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Removal of Impurities Segment toDominate Global Wood Activated Carbon Market
The globalwood activated carbon market has been segmented based on application andregion. Based on application, the market can be divided into gas adsorption,removal of impurities, decolorization, and others. Removal of impuritiesaccounts for a dominant share of the market. Rise in demand for watertreatment, which includes drinking water treatment, groundwater rehabilitation,treatment of service water, and wastewater treatment, to remove contaminants isexpected to propel the demand for wood activated carbon during the forecastperiod.
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Asia Pacific Dominates Global WoodActivated Carbon Market
In terms ofregion, Asia Pacific accounted for a major share of the global wood activatedcarbon market in 2017. China, India, and ASEAN are expected to create lucrativeopportunities for manufacturers of wood activated carbon in the near future dueto rapid industrialization and economic growth. Increase in the number of watertreatment plants installed to remove organic chemicals in water and improve thetaste and odor of potable water is boosting the market in Asia Pacific.Implementation of stringent regulations on mercury emission, by EnvironmentalProtection Agency, and rise in demand for efficient canisters for theautomotive industry, especially in the U.S. and Germany, are propelling thedemand for wood activated carbon in North America and Europe. The market inLatin America and Middle East & Africa is expanding at a sluggish pace;however, rise in industrialization in Brazil and increase in government fundingto provide better water technologies and energy-efficient desalination,especially in GCC, are expected to boost the market in these regions. Thesefactors are driving the global wood activated carbon market.
High Degree of Competition amongEstablished Players
Key playersprofiled in the report include Cabot Corporation, Calgon Carbon Corporation,Carbon Activated Corporation, CarboTech AC GmbH, CECA SA, Donau Chemie AG,Fujian Zhixing Activated Carbon Co., Ltd., Ingevity Corporation, KurarayChemical Corporation Ltd., Osaka Gas Chemicals Co. Ltd., Oxbow Activated CarbonLLC, and Zhejiang Xingda Activated Carbon Co., Ltd. The top players (KurarayChemicals Co Ltd., Cabot Corporation, Ingevity Corporation, and Osaka GasChemicals Co. Ltd.) cumulatively accounted for more than 50% share of themarket in 2017. These companies consistently engage in strategies, such asmergers & acquisitions, to expand their capacity and product portfolios.For instance, in 2018, Kuraray Chemicals Co Ltd. acquired Calgon Carbon Corporation,a leading player in the wood activated carbon market.
The Wood ActivatedCarbon Market hasbeen undergoing some remarkable growth dynamics, shaped increasingly by digitaltechnologies and environmental sustainability concerns of product development.Over the decades, the feedstock variability and the onslaught of cheapersubstitutes have squeezed in profit margins of the chemical and materialssector. On the other hand, the value chain of several businesses in the Wood Activated Carbon Market has undergone overhaul, increasinglyrendering some aspiring players with greater control over the forces anddemand. The penetration of Industry 4.0 in in the market has stirredgame-changing trends for range of stakeholders in the overall chemicals andmaterials sector. Manufacturing and production environments of businesses inthe Wood Activated Carbon Market are keen onformulating and implementing strategic frameworks that will turn them into digitalenterprises.
Companies in the Wood Activated Carbon Market have increasingly shifted gears with wideapplication of digital technology across the continuum, from raw materialsourcing to manufacturing to generation of final output, to warehousing tofinal distribution operations. Among the various affects, the market iswitnessing new growth economics due to thinning of line between specialty andcommodity businesses that are associated with the larger ecosystem. At the sametime, new growth parameters are being vigorously being debated as industrystakeholders put greater emphasis on the circular economy processes.
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