Rising concern over air pollution across the globe, growing demand for wastewater treatment projects and R&D investments in ACF developments will positively impact on the ACF market growth over the forecast timeframe, says this report.
Selbyville, Delaware, Feb. 22, 2021 (GLOBE NEWSWIRE) -- Based on Global Market Insights Inc., report, the global Activated Carbon Fiber (ACF) Market size was estimated at $922 million in 2020 and is slated to surpass $1.4 billion by 2027, registering a CAGR of 6.8% from 2021 to 2027. The report provides a comprehensive analysis of the top winning strategies, wavering industry trends, drivers & opportunities, top investment avenues, competitive scenarios, market estimations & size.
Stringent government regulations pertaining to vehicle emission across the globe and the development of ACF filters are further driving the activated carbon fiber market demand in air purification applications. The automotive sector is showcasing tremendous growth in emerging economies. Further establishment of new passenger car production facilities in the Asia Pacific region along with rising spending capacity and improved standard of living in this region is supporting the demand for passenger car air purifying filters.
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Rapidly growing industrialization and decreasing water levels on the earth have encouraged water treatment. Polluted water from industries and household contains different solid, semisolid, liquid or gaseous pollutants in it, which adversely affects the environment if released without processing. ACF act as an excellent medium for water purification. It can perform better adsorption capacities and rates for low molecular weight pollutants as compared to currently used filter materials.
Phenolic resin-based ACF expected to generate over USD 280 million in revenue by 2027. The materials have good thermal insulation, corrosion resistance, and high thermal stability as compared to pitch and other precursor products. The phenolic resins are widely used owing to lower costs, easy availability, low toxicity, and ease of processing. Novolak and resole are among two major phenolic resins used in the production of ACF.
Chemical recovery applications expected to showcase a moderate growth rate with a CAGR of around 6.8% from 2021 to 2027 in the activated carbon fiber (ACF) market share. Chemical and solvent recovery are a few major concerns in the chemical industry. Stringent government regulations and the development of several solvent recovery equipment in recent years have developed the demand for ACF products. Several organic solvents, such as lipid, ketone, benzene, alcohol, and others, can be absorbed and recycled.
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Europe ACF business showcases a considerable growth rate with a CAGR of around 6.2% from 2021 to 2027. Stringent regulations on chemical and air pollution coupled with the presence of several passenger car manufacturing facilities across the region are driving the demand for ACF products. Rising health issues and growing requirements for water treatment equipment are further supporting the activated carbon fiber market growth.
The market share is highly fragmented and major players in the activated carbon fiber industry include manufacturers such as MC Evolve Technologies Corporation, Kuraray Co., Ltd., Toyobo Co., Ltd., Hangzhou Nature Technology Co., Ltd., Awa Paper & Technological Company, Inc., Hewlett Packard Materials Solutions, Inc., Jiangsu Tongkang Activated Carbon Fiber Ltd., Osaka Gas Chemical Co., Ltd., OJSC – Open Joint Stock Company, Unitika Ltd., Anshan Sinocarb Carbon Fibers Co., Ltd., Evertech Envisafe Ecology Co., Ltd, Gun Ei Chemical Industry Co., Ltd., Jiangsu Kejing Carbon Fiber Co., Ltd., Jiangsu Sutong Carbon Fiber Co., Ltd.
Industry players are focused on geographic expansion, mergers & acquisitions, strategic collaborations with water treatment and air pollution control projects, and cost optimization strategies over the long run.
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