Market Trends of Activated Carbon Fiber Industry
This section covers the major market trends shaping the Activated Carbon Fiber Market according to our research experts:
Increasing Demand from the Purification Industry
- One of the major applications of activated carbon fiber includes purification. Gas and water purification involve the major usage of activated carbon fibers owing to their properties.
- High-purity gases are required in various industries and laboratories. The presence of impurities, such as moisture, hydrocarbons, oxygen, or sulfur compounds, can lead to interference or inefficient use of the gases. This creates a need for the purification of industrial gases.
- Gas purification is required for automotive emission control, aircraft cabin air purification, emission and odor control, gas masks, and maintaining indoor air quality. Moreover, gas purification requirements are increasing in numerous industries, with the diversifying application of gases and growing concerns about air pollution.
- According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), around 80.15 million vehicles were produced across the world last year, witnessing a growth rate of 3% compared to ~77.71 million vehicles in 2020, thereby enhancing the demand for activated carbon fibers for automotive emission control.
- Water purification in India is expected to register a decent increase during the forecast period, owing to various government initiatives. The Council on Energy, Environment, and Water (CEEW), in association with the 2030 Water Resources Group, is planning to improve wastewater management in India, along with increasing private investments to build wastewater treatment plants.
- All the aforementioned factors are expected to drive the global market during the forecast period.
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North America to Dominate the Market
- North America is expected to dominate the activated carbon fiber market due to increasing demand from purification, chemicals, and the medical industry in countries such as the United States and Canada.
- The United States is a major industrialized nation that houses multiple industries in heavy-scale, medium-scale, and small-scale categories. The country is known for its booming commercial activities. Moreover, the United States is one of the highest consumers of water in the world. Approximately 80% of the US water and wastewater treatment industry is owned and managed publicly.
- However, the rural part of the country has significantly lower access to water treatment infrastructure and facilitates in comparison to the urban areas. Since 2003, the United States Department of Agriculture (USDA) has funded around USD 10 billion for the construction and maintenance of 7,500 rural water and wastewater systems and is planning to further increase its investment in the coming years. This growing investment in water treatment in the country is likely to boost the demand for activated carbon fiber.
- According to the American Chemistry Council, the value of United States chemical shipments accounted for USD 768.9 billion last year, compared to USD 696 billion in 2020, thereby supporting the demand for activated carbon fiber-based filters from the chemical industry.
- The increasing geriatric population and the growing requirement for medical facilities for the treatment of chronic diseases have been supporting the growth of the healthcare sector, as well as the consumption of activated carbon fibers for various applications in the country.
- In the healthcare industry in Canada, the medical device sector is a highly diversified and export-oriented industry that manufactures equipment and supplies. The sector is driven by product innovation. The industry can draw on world-class innovative research being conducted in Canadian universities, research institutes, and hospitals, some of which have been spun off into Canadian medical device companies.
- Thus, rising demands from the above-mentioned factors are expected to drive growth in the North American region.
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