LONDON--(BUSINESS WIRE)--The global charcoal market size is expected to post a CAGR of close to 4% during 2019-2023, according to the latest market research report by Technavio.
Factors such as growing population, globalization, and rapid urbanization in many developing countries have led to the emergence of several industries, which in turn, has resulted in water contamination in many countries. The wastewater treatment process involves the elimination of contaminants using activated carbon. Therefore, rapid industrialization is expected to increase the demand for activated carbon for wastewater treatment, thereby driving the growth of the global charcoal market size.
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As per Technavio, the diverse use of activated carbon will have a positive impact on market growth over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2019-2023.
Charcoal Market: Diverse Uses of Activated Carbon
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 being 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 critical materials used in gold recovery methods such as Carbon in Column (CIC), Carbon in Pulp (CIP), and Carbon in Leach (CIL). Thus, the increasing use of activated carbon in many such applications is expected to fuel market growth.
“Apart from the diverse uses of activated carbon, other factors such as the stringent regulations on reducing GHG emissions coupled with the rising use of bioenergy in heating systems, changes in the energy mix, and the increased use of charcoal in barbecues are expected to boost the charcoal market growth during the forecast period,” says a senior analyst at Technavio.
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Charcoal Market: Segmentation Analysis
This market research report segments the charcoal market by end-users (households, metallurgical industry, and others) and geography (the Americas, APAC, and EMEA).
EMEA led the market in 2018, followed by APAC and Americas, respectively. Various government support instruments including grants, subsidies and incentives are being provided to accelerate the consumption of charcoal in the region. Moreover, wood fuels such as charcoal are often priced lower than conventional fuels, making them much more affordable. In addition, the increasing focus of European countries on reducing the carbon footprint by replacing fossil fuel-based plants with renewable energy-based plants will further increase the adoption of charcoal in the forthcoming years.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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