Growing environmental concerns and regulations regarding oil and chemical spills on the environment, increasing incidences of oil and water-based spills in water as well as on land, rapid industrialization are key factors contributing to high CAGR of industrial absorbents during forecast period.
Market Size – USD 3.7 Billion in 2018, Market Growth - CAGR of 5.1%, Market Trends – Increasing focus on environmental sustainability
NEW YORK, June 04, 2019 (GLOBE NEWSWIRE) -- According to the current analysis of Reports and Data, the global Industrial Absorbents market was valued at USD 3.7 Billion in 2018 and is expected to reach USD 5.42 Billion by year 2026, at a CAGR of 5.1%. The study covers in-depth analysis of industrial absorbents and upcoming trends in the global industrial absorbents market. Industrial absorbents are a type of material that is primarily used for the extraction of chemicals or fluids spilled on different surfaces or floors. It is comprised of soaking chemicals and materials specifically for these kinds of spills that help in the extraction process and are more effective than a normal absorbent. Industrial absorbent is chemically inert in nature which makes them safe for use on any kind of surface or chemicals. Growing environmental concerns and regulations regarding oil and chemical spills on the environment, increasing incidences of oil and water-based spills in water as well as on land, rapid industrialization are some of the key factors propelling the market growth during 2019-2026. However, Saturation and Buoyancy of industrial absorbent products, availability of cost-effective substitutes of industrial absorbents are major hindrance for the growth of global industrial absorbents market.
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Further key findings from the report suggest
- Environmental Protection Agency rules state that absorbent materials and recovered oil must be properly disposed or recycled according to local, state and federal regulations
- Absorbents contaminated with solvent or gasoline or another material that may ignite, be toxic or corrosive in addition to picking up oil may also be subject to hazardous waste guidelines under the Resource Conservation and Recovery Act.
- A recent oil spill on the shores of the Bay of Bengal in India at Ennore port deeply affected the marine life and the pristine beaches of Marina in Chennai, India.
- To aid in the clean-up activities, a Chennai based maritime company, NAVTEK came-up with a timely solution and has used its environmentally friendly absorbent nonwoven mats at the spill site
- On the basis of product, Booms and Socks are likely to be one of the leading markets during the forecast period. Booms generally absorb water along with the oil making them even heavier whereas absorbent socks can be used for a variety of solvents as well as for cleaning up spills on outdoor equipment and machine bases. Oil socks are used to absorb oil and to wrap machines to prevent spilling on the floor. Rolls are primarily designed to cover large areas and walkways. Booms and socks hold 50% of the total market share with a CAGR 4.7%
- A pillow is a fabric bag filled with absorbent material, used for rapid absorption of high volumes of liquid in a limited area. A pad is a sheet of absorbent material used to control low-volume spills and help to prevent physical hazards and protect surfaces from damaging liquid materials. Pad holds the lowest market share (12.5%) in the industrial absorbents market.
- Organic sorbents can adsorb between 3 and 15 times their weight in oil, but there are disadvantages to their use. Some organic sorbents tend to adsorb water as well as oil, causing the sorbents to sink
- Inorganic sorbents, like organic sorbents, are inexpensive and readily available in large quantities. These types of sorbents are not used on the water's surface
- Universal absorbents are multipurpose that includes handling solvents, oil, water and other types of liquids. This ultimately helps in cleaning floors and prevention of falling or slipping
- Oil only absorbents are best used outdoors to recover just oil-based spills such as petroleum, diesel and solvents (technically referred to as hydrophobic). Hazmat absorbents are ideal for chemical spills of bio-hazardous liquids in both industrial and commercial environments
- North America is estimated to account for the largest share of the market owing to the stringent regulations from EPA for spill control for oil and gas industries. It holds 35.5% of the market share.
- Asia Pacific market is anticipated to be the fastest growing region during the forecast period owing to its environmental regulations for oil spills and pollution caused by industries. It has the highest CAGR (5.9%) and accounts for 24.8% of the total market share in industrial absorbent market
- Key players in the industrial absorbents include 3M, Brady Corporation, Johnson Matthey, Oil-Dri Corporation of America, Ansell, New Pig, Monarch Green, Decorus Europe, Meltblown Technologies, UES Promura, Kimberly-Clark Professional, Jaycot Industries, Chemtex, Tolsa Group, Asa Environmental Products, GEI Works, EP Minerals, Share, Absorbent Products
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Segments covered in the report:
For the purpose of this study, Reports and Data have segmented the Industrial absorbent market on the basis of type, material type, product, end use, and region:
Type (Revenue, USD Million; 2016–2026)
- Universal
- Oil -only
- HAZMAT
Material Type (Revenue, USD Million; 2016–2026)
- Natural Organic
- Inorganic
- Synthetic
Product (Revenue, USD Million; 2016–2026)
- Pads
- Rolls
- Booms
- Socks
End Use (Revenue, USD Million; 2016–2026)
- Chemical
- Oil & Gas
- Food Processing
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Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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