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 by Material Type (Natural Organic & Inorganic,
Synthetic), Product (Pads, Rolls, Booms & Socks), Type (Universal,
Oil-only, HAZMAT), End-use Industry (Oil & Gas, Chemical, Food Processing),
and Region - Global Forecast to 2023"
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“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.
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“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.
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