The market for industrial absorbents is expected to grow from USD 3.7 billion in 2018 to USD 4.7 billion by 2023, The study involved four major activities to estimate the current market size for industrial absorbents. Exhaustive secondary research was done to collect information on the market, peer markets, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Browse 74 market data Tables and 53 Figures spread through 132 Pages and
in-depth TOC on "Industrial Absorbents Market”.
New Pig Corporation is engaged in the manufacture and sales of absorbent-based spill control products. The company is one of the leading players in the industrial absorbents market. It company offers a wide range of spill control products. New Pig Corporation also has a strong online presence, which makes it more competitive in the industrial absorbents market. The company is focused on the development of new products to sustain in the fragmented market for spill control products. For example, in 2017, it introduced the PIG Forklift Spill Kit for forklift truck and tow motors. This strategy helped the company strengthen its product portfolio for the industrial absorbents market.
Speak to our analyst @ Click here
“Synthetic segment is expected to grow at the
highest CAGR during the forecast period.”
The synthetic segment is expected to be the
fastest-growing material type segment in the industrial absorbents market. The
industrial absorbents market by material type has been categorized into natural
organic, natural inorganic, and synthetic. Synthetic industrial absorbents are
capable of absorbing liquid up to 70 times of their weight, which makes them a
highly adopted material for industrial applications. Synthetic absorbents have
properties such as non-flammability and excellent water repellency, which makes
them suitable for applications in oil-only and HAZMAT spill control products.
“Oil & gas segment is expected to hold the
largest market share during the forecast period.”
Based on end-use industry, the oil & gas
segment is expected to account for the largest share in the industrial
absorbents market during the forecast period. Oil spills are caused due to the
leakage of liquid hydrocarbon, oil-based liquids, or liquid gases into the
environment, which is harmful for human and environmental health. Therefore, to
overcome the consequences of spills and to recover and dispose spilled liquids,
industrial absorbents products are used by the oil & gas producers. In
addition, oil & gas manufacturers involved in downstream, midstream, and
upstream operations need to employ spill control products to mitigate the risks
associated with the spills.
“North America is expected to hold the largest
market share of the industrial absorbents market during the forecast period.”
North America is estimated to account for the
largest share of the market in 2018. The region is an established market for
industrial absorbents owing to the stringent regulations framed by
environmental bodies such as the EPA for spill control, particularly in oil
& gas and chemical end-use industries. In addition, the US and Canada are
among the largest producers and consumers of oil & gas products, wherein
industrial absorbent products are used to control and remediate spills caused
during oil & gas production and distribution activities. This factor has
fueled the growth of the industrial absorbents market in North America.
3M Company (US), Brady Corporation (US),
Decorus Europe Ltd. (UK), Johnson Matthey Plc (UK), Kimberly-Clark Professional
(US), Meltblown Technologies Inc. (US), Monarch Green, Inc. (US), New Pig
Corporation (US), and Oil-Dri Corporation of America (US) are the leading
manufacturers of industrial absorbents, globally.
Read More Insights At https://www.marketsandmarkets.com/ResearchInsight/industrial-absorbent-market.asp
About MarketsandMarkets™
MarketsandMarkets™ provides
quantified B2B research on 30,000 high growth niche opportunities/threats which
will impact 70% to 80% of worldwide companies’ revenues. Currently servicing
7500 customers worldwide including 80% of global Fortune 1000 companies as
clients. Almost 75,000 top officers across eight industries worldwide approach
MarketsandMarkets™ for their painpoints around revenues decisions.
MarketsandMarkets’s flagship
competitive intelligence and market research platform,
"Knowledgestore" connects over 200,000 markets and entire value
chains for deeper understanding of the unmet insights along with market sizing
and forecasts of niche markets.
Contact MarketsandMarkets™:
Mr. Ashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
Comments
Post a Comment