Industrial Absorbents Market worth 4m

TrendingReports 5/26/2023 3:55:45 PM

Absorbents Market worth $4.7 billion by 2023

The report "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
" The industrial absorbents market 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 major factors
driving the industrial absorbents market include growing environmental concerns
and regulations regarding oil and chemical spills.


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74 - Tables

53 - Figures

132 – Pages


“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.


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“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.

Major manufacturers in the industrial absorbents market
include 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).


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