Global Industrial Absorbents Market Overview
Global Industrial absorbents market is projected to reach USD 4.7 billion
by 2024, growing at a CAGR of 5.1% during the forecast period. Regulations
concerning oil and chemical spills as well as growing concerns about
environment are the main factors expected to aid growth in global
industrial absorbents market during forecast period. However, saturation
and buoyancy of industrial absorbent products as well as availability of
cost-effective substitutes of industrial absorbents hinder the industrial
absorbents market globally.
Global Industrial Absorbents Market Segmentation
Global Industrial Absorbents Market
has been categorized into product, type, end-use industry, material type
and regional distribution. Rolls, pads, booms and socks are the segments
covered under product type. Of these categories, booms and socks are ideal
industrial absorbents for spill control. These are extensively used for
oil-based spill control in water environment. Notably, booms have
exceptional water repelling properties and are best suited for water
environment like lakes, ponds and sea. On the other hand, socks are
flexible tubes, which are used to control and contain spills on land
environment and are ideal for rapidly absorbing water-based or oil-based
liquid spills on land. Based on material type, the market has been
bifurcated into synthetic, natural organic and natural inorganic. Based on
type, the market has been segmented into oil-only, universal and HAZMAT.
Considering the type segment, HAZMAT is anticipated to be one of the
largest contributors in industrial absorbents market during the forecast
period. Stringent regulations in regions like Europe and North America on
chemical discharge into the environment are boosting demand for spill
control products. Based on end-use industry, the market has been segmented
into chemicals, oil & gas and food processing. Chemicals are hazardous
materials and can cause severe harm to humans or environment, if
accidentally released or spilled in the environment. The manufacturers of
chemicals need to immediately respond to accidental spills that occur
during manufacturing processes to minimize the impact of spills on the
environment. Furthermore, regions like Europe and North America have
stringent norms with respect to chemicals and spill response. All these
factors propel the growth of industrial absorbents in the chemical end-use
industry.
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Global Industrial Absorbents Market Regional Segmentation
Asia-Pacific industrial absorbents market is expected to register the
highest growth rate, owing to growing awareness and pressure to reinforce
strict environmental regulations for spill response and control as well as
pollution caused by end-user industries. The industrial absorbents market
in Asia-Pacific is driven by demand from countries like China, India, South
Korea and Japan, owing to rapid industrialization and increasing
occurrences of small liquid spills across end-user industries.
Competitive Landscape
Some of the leading companies in global industrial absorbents market are 3M
Company, Brady Corporation, Johnson Matthey Plc, Oil-Dri Corporation of
America, Ansell Limited, New Pig Corporation, Monarch Green, Inc., DecorUS
Europe Ltd. and Meltblown Technologies Inc.
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Some of the leading players in global industrial absorbents market are 3M
Company, Brady Corporation, Johnson Matthey Plc, Oil-Dri Corporation of
America, Ansell Limited, New Pig Corporation, Monarch Green, Inc., DecorUS
Europe Ltd. and Meltblown Technologies Inc.
TechSci Research calculated Worldwide
Industrial Absorbents Market
size using a top-down approach, where data for various end-user segments
was recorded and forecast for the future years. TechSci Research sourced
these values from the industry experts and company representatives and
externally validated through analyzing historical data of these product
types and applications for getting an appropriate, overall market size.
Various secondary sources such as company websites, news articles, press
releases, company annual reports, investor presentations and financial
reports were also studied by TechSci Research.