PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1159489
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1159489
According to Stratistics MRC, the Global Activated Carbon Fiber Market is accounted for $328 million in 2022 and is expected to reach $516 million by 2028 growing at a CAGR of 7.80% during the forecast period. Activated carbon, also known as activated charcoal, is used in a variety of industrial applications involving reusable recovery, such as gas and air cleaning. Carbon fiber and activated carbon properties are superior in activated carbon fibers. Activated carbon fiber based on polyacrylonitrile and phenolic resin has excellent properties such as high surface area and absorption power, rapid adsorption and desorption rates, and ease of fabrication. These properties make it particularly suitable for air purification, wastewater treatment, chemical recovery, and a variety of other applications.
According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), approximately 80.15 million vehicles were produced worldwide last year, indicating a 3% increase over 77.71 million vehicles in 2020, thereby driving growth for activated carbon fibers for automotive emission control.
The rising prevalence of chronic kidney disease
The healthcare industry is driving growth in the global market for activated carbon fiber. Because it bonds to nitrogen and other pathogens, activated carbon fiber may be a viable dialysis option for patients with end-stage renal disease. Furthermore, in patients with severe kidney disease, oral activated carbon fiber significantly slows the onset of hyperparathyroidism. It also slows the progression of vascular calcifications in patients with stage 3-4 CKD, boosting market growth. Furthermore, the number of patients suffering from kidney disease has been increasing in recent years, which is expected to drive the market for activated carbon fiber throughout the forecast period.
Fluctuation of raw material prices
Because of the high demand for activated carbon, raw materials such as coconut shell charcoal, which is used in the manufacturing process, are in short supply. Raw material prices have risen as a result of this. The high cost of activated carbon fiber due to fluctuations in raw material prices may limit overall product demand. As a result, while activated carbon fiber is an excellent adsorbent, it is also expensive for adsorption, limiting market growth. The inconsistency of raw materials required to manufacture activated carbon fiber, as well as the processing costs associated with the manufacture of activated carbon fiber, are expected to limit market growth in the near future.
Growing Need for Pollution Control
The growing demand for mercury control technology in industrial air purification applications is expected to drive up demand for activated carbon fiber. As a result of growing concerns about air pollution caused by manufacturing plants in a number of developed and developing countries, governing bodies are taking stringent measures to implement a system to clean hazardous air pollutants. This is having a positive effect on the global market growth of activated carbon fiber. Furthermore, many metropolitan areas in developing countries face significant air pollution challenges, so industrial air purification is becoming increasingly important, boosting the market growth of activated carbon fibers.
Availability of Alternatives
The availability of alternatives, high costs, and the implementation of various government rules and laws in different regions have led to some challenges in terms of the supply chain in the activated carbon fibre market. In addition to raw material prices, manufacturers are burdened with additional costs incurred due to increased energy taxes, which results in higher operating costs and lower profit margins, restraining the growth of the activated carbon fibre market. However, the potential for application advancements is expected to grow exponentially in the coming years.
Given the increased consumption of filter masks during COVID-19, the use of activated carbon fiber in the medical industry has increased exponentially. High-population countries such as India and China were at the top of the list of countries where the pandemic was severe; as a result, the demand for filter masks increased dramatically in these areas. As a result, consumption of activated carbon fiber was balanced, and this factor had some impact on the growth of the activated carbon fiber market. The COVID-19 pandemic had a negative impact on industries such as wastewater treatment, air purification, and chemical manufacturing, resulting in a significant drop in activated carbon fiber market revenue. Furthermore, the lockdown in some economies impacted the production and consumption of this product in many industries by disrupting supply chains and markets, causing the market to be partially negatively impacted.
The Synthetic segment is expected to be the largest during the forecast period
During the forecast period, the synthetic segment is expected to register the largest share owing to the manufacture of activated carbon fiber. Materials such as polyacrylonitrile (PAN), phenolic resin, pitch, and others have high tensile strength, heat and flame resistance, durability, strength, stiffness, and other properties. PAN-based activated carbon fiber is far more resistant to compressive failure than its pitch-based counterparts or polymeric high-performance fibers. The material is widely used in a wide range of applications, such as capacitors, catalysts, and refiguration. Over the forecast period, the growth of the enabled carbon fiber market will be driven by rising demand for catalyst carriers and ongoing advances in supercapacitors.
The Water treatment segment is expected to have the highest CAGR during the forecast period
Water treatment segment is expected to witness the highest CAGR growth during the forecast period due to the rapid development of the economy, an increase in industrial enterprises, and the fact that pollution of water source areas has become increasingly serious. Water purification has made extensive use of activated carbon fibers. Because it is difficult to effectively remove pollutants from the water source using the traditional drinking water purification process, the safety of drinking water has become increasingly concerned. As a result, activated carbon fiber has become a new technological advancement in the water treatment industry, which is boosting market growth.
Region with largest share:
During the forecast period, Asia Pacific is expected to register the largest share in the market, due to the regional expansion linked to the region's economic boom, which has been fueled by factors such as cheap materials and labour as well as advanced technologies and other advancements. Furthermore, the region is experiencing severe air pollution as a result of the presence of several manufacturing units in China and Japan, which is negatively impacting human health with diseases such as bronchitis and asthma. As a result of these factors, the regional market's growth is on the rise.
Region with highest CAGR:
The North America region is expected to grow significantly and to register the highest CAGR growth during the forecast period, due to increased demand from the purification, chemical, and medical industries in countries such as the United States and Canada. The United States is a major advanced economy with a diverse range of industries on a large, medium, and small scale. The country is well known for its brisk commercial activity. Additionally, the region's increasing investment in water treatment is likely to increase demand for activated carbon ?ber in this region.
Key players in the market
Some of the key players profiled in the Activated Carbon Fiber Market include Osaka Gas Chemicals Co.Ltd, Kuraray Company, Anshan Sinocarb Carbon Fibers Co., LTD, Toyobo Co. Ltd, Evertech Envisafe Ecology Co.,LTD, Jiangsu Tongkang Special Activated Carbon Fiber & Fabric Co., Ltd., Unitika Ltd, Gun Ei Chemical Industry, Kejing Carbon Fiber, Awa Paper & Technological Co. Inc., Hangzhou Nature Technology Co. Ltd. and HPMS Graphite Solutions.
In March 2022, Toyobo Co. Ltd and Mitsubishi Corporation signed an agreement to establish a new joint venture company (Toyobo Co. Ltd, 51%, and Mitsubishi Corporation, 49%) for the planning, development, manufacturing, and sales of functional materials, which is expected to commence operations in January 2023. The new JV will deal in operations related to photo functional materials, fine chemicals, engineering plastics, water treatment membranes, environment solution devices, activated carbon products, activated carbon filters, spun-bond nonwoven fabrics, lifestyle materials, and high-performance fibers
In June 2020, in response to increasing global demand for activated carbon, Kuraray Co., Ltd. announced that its U.S.-based subsidiary, Calgon Carbon Corporation (hereinafter "Calgon Carbon"), has agreed to expand production facilities at its Pearl River Plant in Mississippi, USA.
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