Market Research Future (MRFR) has published a cooked research report on the “Global Industrial Absorbents Market” that contains information from 2018 to 2032. The industrial absorbents market is estimated to register a CAGR of 4.30% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global industrial absorbents market— 3M Co, Ansell Ltd, Brady Corp, Decorus Europe Ltd, Meltblown Technologies Inc, Oil-Dri Corp of America, Schoeller Industries GmbH, Fentex Ltd, Complete Environmental Products Inc, Tolsa SA, and others.
Industrial Absorbents Market Highlights
The global industrial absorbents market is accounted to register a CAGR of 4.30% during the forecast period and is estimated to reach USD 7.01 Billion by 2032.
Products used to soak up and contain spills and leaks in industrial settings are included in the industrial absorbents market. It contains substances including silica, clay, and organic components. This market has experienced a surge in demand for efficient spill control systems due to expanding environmental regulations and concerns, spurring innovation and expansion.
Segment Analysis
The global industrial absorbents market has been segmented based material type, product, type and end-use industry.
On the basis of material type, the market is segmented into natural organic, natural inorganic and synthetic. The natural organic segment dominated the market in 2022. The natural organic absorbents present in wetlands, forests, and water bodies are particularly well suited for spill response.
Based on product, the global industrial absorbents market has been segmented into pads, rolls, pillows, granules, booms & socks, sheets & socks, sheets & mats and others (rags, lids, towels, and skimmers). The booms & socks segment dominated the market in 2022. In the maritime and offshore industries, booms and socks are frequently utilized to contain and mitigate oil spills.
Based on type, the global Industrial absorbents market has been segmented into universal, oil-only and HAZMAT/chemical. The HAZMAT/chemical segment dominated the market in 2022. Because handling hazardous materials carries a significant risk, safety is given priority in the HAZMAT and chemical sectors.
Based on end-use Industry, the global Industrial absorbents market has been segmented into oil & gas, chemical, food processing, healthcare and others (aerospace and automotive). The chemical category generated the most income in 2022. The chemical business deals with a variety of dangerous substances, and accidental spills can be harmful to the environment, worker safety, and public health.
Regional Analysis
The global industrial absorbents market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe industrial absorbents market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The industrial absorbents market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World industrial absorbents market comprises of Middle East, Africa, and Latin America.
The North America industrial absorbents market dominated this market in 2022 (45.80%). Laws like the Clean Water Act and the Oil Pollution Act, which are enforced in the US by agencies like the Environmental Protection Agency (EPA), require businesses, especially those involved in the handling of chemicals and oil, to have comprehensive spill response plans that make use of industrial absorbents. The need for companies to follow these rules in order to avoid exorbitant fines is the main demand generator in North America.
Moreover, the second-largest market share for industrial absorbents is held by Europe. The severe environmental regulations in the area are what essentially drive the market for industrial absorbents in Europe. The European Union (EU) has established challenging sustainability objectives and put in place strict laws to safeguard both the environment and public health. The requirement to comply with these strict rules and directives is the primary driver of the demand for industrial absorbents in Europe.
Additionally, from 2023 to 2032, the market for industrial absorbents in Asia-Pacific is anticipated to grow at the quickest CAGR. The area's engagement in oil and gas exploration and production is a significant element. Industrial absorbents are required for use in the local oil and gas industry, especially when responding to oil spills. Their employment in this field is primarily justified by their awareness of the potential damaging economic and environmental repercussions of oil spills in the region's delicate ecosystems.
Furthermore, due to an increase in industrial activity, the market for industrial absorbents in Latin America has been steadily expanding. Demand for absorbents including clay, cellulose, and polypropylene in handling spills and leaks has increased as a result of increased environmental restrictions and awareness. Market growth for absorbents in the area is anticipated to be driven by an increasing focus on sustainability and safety.
Key Findings of the Study
- The global Industrial absorbents market is expected to reach USD 7.01 Billion by 2032, at a CAGR of 4.30% during the forecast period.
- The Asia-Pacific region accounted for the fastest-growing global market due to the Oil and gas operations in the area need for the usage of industrial absorbents, particularly for responding to oil spills.
- Based on end-use Industry, the chemical segment was attributed to holding the largest market in 2022.
- 3M Co, Ansell Ltd, Brady Corp, Decorus Europe Ltd, Meltblown Technologies Inc, Oil-Dri Corp of America, Schoeller Industries GmbH, Fentex Ltd, Complete Environmental Products Inc, Tolsa SA, and others.
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Companies Covered | 15 |
Pages | 128 |
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