According to a new report from Transparency Market Research, the global wood activated carbon was valued at US$206.5 mn in 2015. Exhibiting a solid 9.2% CAGR from 2016 to 2024, the market is expected to rise to a valuation of US$456 mn by 2024.
Rising Use in Water Purification Boosts Wood Activated Carbon Market in Emerging Regions
The two major applications of wood activated carbon are in the removal of mercury from gaseous industrial emissions and the removal of lead and other contaminants from the public water supply. The latter is the dominant application segment of the wood activated carbon market in developing regions such as Asia Pacific.
Due to the rapid urbanization observed in emerging economies such as India, the demand for clean water is growing. The use of wood activated carbon is highly efficacious in this application, as well as costing less than alternative methods. Due to this, the demand for wood activated carbon for water purification is rising.
North America Wood Activated Carbon Market Driven by Increasing Use to Purify Industrial Emissions
In North America, the strict regulatory mandates to remove mercury from airborne industrial emissions have seen wood activated carbon receive increasing demand. China is also a notable example of a country that has enforced stringent laws regarding the purification of airborne industrial emissions. Application in mercury removal is expected to remain a significant part of the global wood activated carbon market in the coming years.