Saudi Arabia Activated Carbon Market: Trends, Growth Drivers, and Forecast
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Saudi Arabia Activated Carbon Market is flourishing because of the substantial growth of the pharmaceutical industry and an increasing demand for air purification systems.
BlueWeave Consulting, a leading strategic consulting, and market research firm, in its recent study, estimated Saudi Arabia Activated Carbon Market size at USD 59.72 million in 2023. During the forecast period between 2024 and 2030, BlueWeave expects Saudi Arabia Activated Carbon Market size to expand at a CAGR of 6.01% reaching a value of USD 89.87 million by 2030. Major growth factors for Saudi Arabia Activated Carbon Market include the product's wide range of applications in industries such as chemicals, food and beverages, and pharmaceuticals, as well as the Kingdom's water scarcity and the high demand for activated carbon in water treatment.
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Growth Drivers
Demand from Thriving Oil & Gas Sector
The expanding oil and gas sector is one of the major factors driving Saudi Arabia Activated Carbon Market. The demand for activated carbon is high in the oil and gas sector due to its various applications, including oil refining, petrochemical production, and gas processing activities. Activated carbon plays a critical role in the refining process, where it is used for purifying various chemical streams, removing impurities from gas streams, and ensuring the quality of end products. Furthermore, the industry is also focused on improving its operational efficiency and reducing its environmental impact, which further drives the demand for activated carbon in the Kingdom, propelling its overall market growth.
Challenges
Limited Demand from Non-oil Sectors
Saudi Arabia is heavily reliant on its oil and gas industry, which could limit the demand for activated carbon from other sectors, including pharmaceutical or environmental sustainability. Activated carbon is an essential element in air and water purification processes. However, the high demand for activated carbon from industries attributed to fossil fuels may hinder its growth in other sectors. Moreover, the adoption of eco-friendly technologies is still in its early stages, and the growth has been rather slow. There is limited local production capacity for activated carbon, which means the country relies on imports, which further limits the Saudi Arabia Activated Carbon Market.
Opportunity - Rapid Industrialization and Stringent Government Regulations
Saudi Arabia is witnessing rapid industrialization under its Vision 2030 and has been significantly focusing on the growth of non-oil sectors, including automotive, pharmaceutical & healthcare, and food & beverages. With the expansion of these sectors, the demand for activated carbon is projected to surge because of its use in the purification processes. Activated carbon is used for many purposes in industrial settings, such as chemical processing, air and water filtration, and recovery of solvents. In addition, stringent government regulations and standards surrounding air and water quality, waste management, and emission reduction are further anticipated to drive Saudi Arabia Activated Carbon Market over the forecast period.
Competitive Landscape
Saudi Arabia Activated Carbon Market is highly competitive, as several companies are competing to gain a significant market share. Key players in the market include Cabot Corp., Kuraray Co. Ltd, Kureha Corp., Osaka Gas Co. Ltd, Evoqua Water Technologies, Carbios SA, Saudi Carbonate Company, and Al-Jazeera Factory. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
Scope of the Report:
By Type
By Application
By End User Industry
Frequently Asked Questions (FAQs):
1. What is the current market size of Saudi Arabia Activated Carbon Market?
Ans: Saudi Arabia Activated Carbon Market size was estimated at USD 59.72 million in 2023.
2. What is the expected CAGR and Value of Saudi Arabia Activated Carbon Market during the forecast period?
Ans: During the forecast period between 2024 and 2030, Saudi Arabia Activated Carbon Market size is expected to grow at a CAGR of 6.01% a value of USD 89.87 million by 2030.
3. What are the major factors driving Saudi Arabia's Activated Carbon Market's growth?
Ans: Major factors driving the growth of the Saudi Arabian activated Carbon Market include the substantial growth of the pharmaceutical industry and increasing demand for air purification systems.
4. Which segment accounts for a major share of Saudi Arabia Activated Carbon Market by type?
Ans: The powdered segment holds a larger market share of Saudi Arabia Activated Carbon Market by type.
5. Name the key players in Saudi Arabia Activated Carbon Market.
Ans: Key players in Saudi Arabia Activated Carbon Market include Cabot Corp, Kuraray Co Ltd, Kureha Corp, Osaka Gas Co Ltd, Evoqua Water Technologies, Carbios SA, Saudi Carbonate Company, and Al-Jazeera Factory.
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