Activated Carbon

TABLE OF CONTENTS

INTRODUCTION

I. EXECUTIVE SUMMARY

II. MARKET ENVIRONMENT

General

Macroeconomic Overview

Manufacturing Sector Overview

Population & Household Formation

Historical Market Trends

Environmental & Regulatory Issues

Water Pollution

Air Pollution

Regulatory Agencies & Legislation

The Environmental Protection Agency

The Occupational Safety and Health Administration

Other Government Initiatives

Pollution Control Outlook

Competitive Materials

World Demand

III. SUPPLY & DEMAND

General

Production Shipments & Inventories

Production Capacity

Calgon Carbon

MeadWestvaco

NORIT Americas

Acticarb Tailored Products

Other Companies

Capacity Expansion Activity

Regeneration Activities

Strategic Considerations

Regeneration Methods

Regeneration Capacity

Activated Carbon Producers

Independent Regenerators

Expansion Activity in Regeneration Capacity

(continued on next page)

US Foreign Trade

US Imports

US Exports

Supply & Demand

Demand by Material

Pricing Trends

IV. PRODUCTS

General

Granular Activated Carbon

Production Capacity

Supply & Demand

Demand by Type & Application

Powdered Activated Carbon

Production Capacity

Supply & Demand

Demand by Application

V. LIQUID PHASE APPLICATIONS

General

Water Treatment

Water Withdrawal & Use Trends

Activated Carbon Demand

Products

Applications

Food & Beverage Processing

Food & Beverage Industry Overview

Activated Carbon Demand

Sweetener Processing Applications

Other Food & Beverage Processing Applications

Pharmaceutical & Medical

Pharmaceutical Industry Outlook

Activated Carbon Demand

Other Liquid Phase Applications

(continued on next page)

VI. GAS PHASE APPLICATIONS

General

Air Purification

Activated Carbon Demand

Industrial

Motor Vehicle

Residential

Emission Canisters

Motor Vehicle Industry Outlook

Activated Carbon Demand

Solvent Recovery

Recovery & Recycling

Activated Carbon Demand

Other Gas Phase Applications

Cigarette Production

Gas Separation & Purification Systems

Personnel Protection/Clothing

Ultracapacitors

All Other Gas Phase Applications

VII. INDUSTRY STRUCTURE

General

Market Share

Calgon Carbon

MeadWestvaco

NORIT

Other Companies

Competitive Strategies

Acquisitions & Divestitures

Cooperative Agreements

Marketing & Distribution

Technology & Manufacturing

Feedstocks

Production Technology

Product Characteristics

Manufacturing Trends

(continued on next page)

Research & Development

Raw Material Development

Other Research & Development Activities

Company Profiles

Acticarb Tailored Products LLC

AgriTec Systems Incorporated

Airguard Industries Incorporated, see CLARCOR

AQF Technologies LLC, see BBA Group plc

Asbury Carbons Incorporated

Barnebey Sutcliffe Corporation, see Calgon Carbon

BBA Group plc

C*CHEM, see Molecular Products Limited

Calgon Carbon Corporation

California Carbon Company Incorporated

Cameron Carbon Incorporated

Cameron Environmental Incorporated

Camfil Farr Group

Carbochem Incorporated

Carbon Activated Corporation

Carbon Link Limited

Carbtrol Corporation

CLARCOR Incorporated

CPL Carbon Link Corporation, see Carbon Link

Culligan International Company, see Veolia

Environnement

Cummings-Moore Graphite Company, see Asbury

Carbons

Donau Chemie AG

Envirotrol Incorporated

Filter Products Incorporated, see CLARCOR

GE Water & Process Technologies, see General Electric

General Carbon Corporation

General Electric Company

Jacobi Carbons AB

Keystone Filter, see Met-Pro Corporation

KX Industries LP

Maxwell Technologies Incorporated

(continued on next page)

MeadWestvaco Corporation

Met-Pro Corporation

Molecular Products Limited

NORIT Nederland BV

PICA SA, see Veolia Environnement

Purolator Products Air Filtration Company, see

CLARCOR

Res-Kem Corporation

ResinTech Incorporated

Siemens AG

TIGG Corporation

Titan Technologies Incorporated

United Air Specialists Incorporated, see CLARCOR

USFilter Corporation, see Siemens AG

Vara Technologies, see Calgon Carbon

Veolia Environnement

Vivendi Environnement SA, see Veolia Environnement

Waterlink Incorporated, see Calgon Carbon

Westates Carbon, see Siemens AG

Zimpro Systems, Products and Services, see Siemens

Other Companies Mentioned in Study

LIST OF TABLES

SECTION I -- EXECUTIVE SUMMARY

Summary Table

SECTION II -- MARKET ENVIRONMENT

1 Macroeconomic Overview

2 Manufacturers'  Shipments

3 Population & Household Formation

4 Activated Carbon Market Trends, 1993-2003

5 Pollution Control Expenditures

SECTION III -- SUPPLY & DEMAND

1 Activated Carbon Production & Shipments

2 US Activated Carbon Production Capacity by Company, 2003

3 US Activated Carbon Regeneration Capacity by Company, 2003

4 Foreign Trade in Activated Carbon

5 Activated Carbon Imports to the US

6 Activated Carbon Exports from the US

7 Activated Carbon Supply & Demand

8 Activated Carbon Demand by Material

9 Activated Carbon Pricing Trends

SECTION IV -- PRODUCTS

1 Activated Carbon Demand by Product & Application

2 US Granular Activated Carbon Production Capacity by Company, 2003

3 Granular Activated Carbon Supply & Demand

4 Granular Activated Carbon Demand by Type & Application

5 US Powdered Activated Carbon Production Capacity by Company, 2003

6 Powdered Activated Carbon Supply & Demand

7 Powdered Activated Carbon Demand by Application

SECTION V -- LIQUID PHASE APPLICATIONS

1 Activated Carbon Demand in Liquid Phase Applications by Type & Product

2 Water Withdrawal & Water Use Trends (continued on next page)

3 Activated Carbon Demand in Water Treatment Applications by Type & Product

4 Activated Carbon Demand in Drinking Water Applications by End Use & Product

5 Activated Carbon Demand in Municipal Drinking Water Treatment Applications by Product

6 Activated Carbon Demand in Residential Drinking Water Treatment Applications

7 Activated Carbon Demand in Wastewater & Sewage Treatment Applications by Product

8 Activated Carbon Demand in Groundwater Treatment Applications by Product

9 Food & Beverage Industry Outlook

10 Activated Carbon Demand in Food & Beverage Processing Applications by Type & Product

11 Activated Carbon Demand in Sweetener Processing Applications

12 Activated Carbon Demand in Other Food & Beverage Processing Applications

13 Pharmaceutical Shipments

14 Activated Carbon Demand in Pharmaceutical Processing & Medical Applications by Product

15 Activated Carbon Demand in Other Liquid Phase Applications by Type & Product

SECTION VI -- GAS PHASE APPLICATIONS

1 Activated Carbon Demand in Gas Phase Applications by Type & Product

2 Activated Carbon Demand in Air Purification by Type & Product

3 Motor Vehicle Use, Production & Retail Sales

4 Activated Carbon Demand in Emission Canisters

5 Recovery & Recycling of Chemicals & Metals Hazardous Wastes

6 Activated Carbon Demand in Solvent Recovery Applications by Product (continued on next page)

7 Activated Carbon Demand in Other Gas Phase Applications by Product

SECTION VII -- INDUSTRY STRUCTURE

1 US Estimated Activated Carbon Sales by Company, 2003

2 Selected Acquisitions & Divestitures

3 Selected Cooperative Agreements

LIST OF CHARTS

SECTION II -- MARKET ENVIRONMENT

1 Activated Carbon Market Trends, 1993-2003

2 World Activated Carbon Demand, 2003

SECTION III -- SUPPLY & DEMAND

1 Activated Carbon Industry Flowchart

2 Geographic Distribution of Selected Activated Carbon Regeneration Plants, 2003

3 Activated Carbon Imports to the US, 2003

4 Activated Carbon Exports from the US, 2003

SECTION VII -- INDUSTRY STRUCTURE

1 US Activated Carbon Sales by Company, 2003