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DUBLIN--(BUSINESS WIRE)--Dec 1, 2022--
The "Activated Carbon Fiber Market by Type (PAN-based, Pitch-based, Cellulosic Fiber, Phenolic Resin), Application (Solvent Recovery, Air Purification, Water Treatment, Catalyst Carrier), & Region (North America, Europe, APAC, RoW) - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The activated carbon fiber market is estimated to be USD 232 million in 2022 and is projected to reach USD 350 million by 2027, at a CAGR of 8.5% between 2022 and 2027.
Growing industrial demand for chemical separation agents, chemical recovery agents, and efficient catalyst carrier
The cost of chemical separation and the catalyst carrier process is increasing, which is leading to increased demand for cost-efficient and reliant solutions. For many chemical reactions, catalysts such as platinum, palladium, and rhodium are expensive components, which force industries to use these catalysts wisely. Also, the costly solvent recovery is a major challenge for industries.
Extremely high surface area and the adsorption capacity of activated carbon fiber bring about an efficient separation process. The ?bers in the activated composite materials are rigidly connected to create an open, porous, stiff monolith that can be shaped into a relatively close shape, which can separate chemical elements as per requirements.
Growing demand from personal protective equipment and the protective clothing industry
Chemical protective suits made of ACF are flexible, lightweight, compatible with several washing and overcome the limitations of ACS-based suits. As a result, the market for protective garments has seen an increase in demand for ACF. The healthcare industry has been witnessing substantial growth in Asia Pacific and Middle Eastern countries, with significant investments being made for the development of the industry. As a result, it is anticipated that the need for protective gear for medical use would rise in the coming years.
Need for environment-favorable process of production
Considering the environmental impact of ACF production, different types of biomass have started to replace synthetic fiber as a raw material for ACF manufacturing. Making use of biomass not only addresses environmental issues, but it is also creating wealth from agricultural wastes at the same time.
The expansion of the market would likely be impacted by disruptions across supply chains and fluctuating prices of raw materials of ACF, such as synthetic fiber, which is non-degradable and tends to bind with particles of dangerous chemical pollutants, such as flame retardants and pesticides. The development of an environment favorable process is a major challenge faced by activated carbon fiber market.
Asia Pacific region is expected to grow with the highest CAGR during the forecast period
Asia Pacific is the fastest-growing market for activated carbon fiber globally. Asia Pacific is also the fastest-growing activated carbon fiber market owing to high demand from chemical, air purification, and other end-user industries. Water treatment applications are also driving the activated carbon fiber market in the region.
Continuous developments, including expansions, acquisitions, product launches, and joint ventures, are expected to help the activated carbon fiber market grow. Several products are introduced, and manufacturers make investments to increase the production capacity of activated carbon fibers across industries. Also, technological advancement is expected to increase penetration in the overall market these are the factors leading to high growth of the activated carbon fiber market during the forecast period.
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INDUSTRY KEYWORD: CHEMICALS/PLASTICS MANUFACTURING
SOURCE: Research and Markets
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PUB: 12/01/2022 08:22 AM/DISC: 12/01/2022 08:22 AM
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