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“Growing environmental concerns and regulations regarding liquid spills are expected to drive the overall growth of the industrial absorbents market.”
The industrial absorbents market size is expected to grow from USD 3.7 billion in 2018 to USD 4.7 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 5.1% during the forecast period. The industrial absorbents market is driven by various factors, such as the growing environmental concerns and regulations regarding oil and chemical spills. However, availability of cost-effective substitutes of industrial absorbents can hinder the growth of the market.
“Pads segment is expected to hold the largest market share during the forecast period.”
Pads is the largest product segment in the industrial absorbents market. The industrial absorbents market, by product has been categorized into pads, rolls, pillows, granules, booms & socks, sheets & mats, and others. Pads are the most used spill control products for liquid spills such as oil, water-based liquids, and mild chemicals such as citric acid, hydrofluoric acid, and sodium hydroxide. Industrial absorbent pads are manufactured majorly using polypropylene materials and are widely used in oil & gas, chemical, and food processing end-use industries. In addition, cellulose-based industrial absorbent pads have a noteworthy application in the healthcare end-use industry.
“The oil-only segment is expected to grow at the highest CAGR in the industrial absorbents market during the forecast period”
The industrial absorbents market has been segmented on the basis of type into universal, oil-only, and HAZMAT/chemical. Oil-only absorbent products are designed to selectively absorb petroleum hydrocarbons and other oil-based liquids only and do not absorb water-based liquids. They are widely used for oil spills that may occur due to leakage of oil-based liquids, which have a huge impact on human health, ecosystem, and can result in huge economic losses. Growing demand for oil-based liquids spill control products from emerging regions such as Asia Pacific and Middle East & Africa is driving the growth of the oil-only segment of the industrial absorbents market during the forecast period.
“Asia Pacific industrial absorbents market is expected to record the highest growth rate during the forecast period.”
Asia Pacific is expected to have the highest growth rate during the forecast period due to the rising awareness and pressure to reinforce strict environmental regulations for spill response & control and pollution caused by end-use industries. The industrial absorbents market in Asia Pacific is driven by the demand from countries such as China, Japan, India, and South Korea owing to rapid industrialization and rising occurrences of small liquid spills across the end-use industries.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the industrial absorbents marketplace.
- By Company Type: Tier 1 – 24%, Tier 2 – 36%, and Tier 3 – 40%
- By Designation: C-level Executives – 20%, Directors – 32%, and Others – 48%
- By Region: North America – 20%, Europe – 16%, APAC – 36%, South America – 12%, and MEA – 16%
The industrial absorbents market comprises 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). The study includes in-depth competitive analysis of these market players, along with their company profiles, recent developments, and key market strategies.
- The market study covers the industrial absorbents market across segments. It aims at estimating the market size and the growth potential of this market across different segments based on material type, product, type, end-use industry, and region.
Key Benefits of Buying the Report
- The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall industrial absorbents market and its subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies.
- The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.