LONDON–(BUSINESS WIRE)–#ConsumableFuels–The global charcoal market is expected to post a CAGR of close to 4% during the forecast period 2019-2023, according to the latest market research report by Technavio.
The increasing use of activated carbon in diverse applications is one of the major trends influencing the growth of the global charcoal market. Activated charcoal is extensively used by several end-user industries to remove contaminants from municipal and industrial wastewater and groundwater. Activated charcoal is also a cost-effective solution for purifying the air from pollutants such as Siloxanes, hydrogen sulfide, and volatile organic compounds. It is also used in the mining industry in the gold recovery process. Activated carbon is one of the key materials used in gold recovery methods such as Carbon in Column (CIC), Carbon in Pulp (CIP), and Carbon in Leach (CIL). The increasing use of activated carbon in many such applications is expected to fuel the market’s growth.
As per Technavio, the increasing demand for industrial wastewater treatment will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global charcoal market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global charcoal market: Increasing demand for industrial wastewater treatment
Factors such as growing population, globalization, and rapid urbanization in many developing countries has led to the emergence of several industries. The rapid industrialization has led to increased water contamination in many countries. The growth of industries such as F&B, oil and gas, power, mining, refineries, steel manufacturing, electronics, and pharmaceutical have increased the need for treatment of wastewater. The wastewater treatment process involves the elimination of contaminants using activated carbon. The rapid industrialization is expected to increase the demand for activated carbon for wastewater treatment, thereby driving the growth of the global charcoal market size.
“EMEA is providing a significant number of growth opportunities for charcoal manufacturers. The consumption of charcoal in the region is expected to increase with the rise in support instruments such as grants, subsidies, and incentives on the use of renewable energy sources. In APAC, factors such as the rapid growth in infrastructure and industrialization in countries such as China and India have increased the demand for activated charcoal. Also, the rise in the demand for steel and other metals in the region will positively impact the growth of the charcoal market,” says an analyst at Technavio.
Global charcoal market: Segmentation analysis
This market report segments the global charcoal market by end-users (households, metallurgical industry, and others) and geography (the Americas, APAC, and EMEA).
EMEA led the market in 2018 with a market share of more than 67%, followed by APAC and the Americas. The dominance of EMEA can be attributed to the increasing urbanization in sub-Saharan Africa (SSA).
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