Dublin, Jan. 17, 2024 (GLOBE NEWSWIRE) -- The "Global Industrial Absorbents Market: Analysis by Type, Product Type, End User, Region Size & Forecast with Impact Analysis of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.
In 2022, the global industrial absorbents market was valued at US$3.68 billion, and is probable to reach US$5.13 billion by 2028. The market is projected to grow at a CAGR of 5.69%, during the forecast period of 2023-2028.
The global industrial absorbents market is expected to experience substantial growth during the forecast period due to growing environmental concerns and growing regulations regarding global oil and chemical spills. Moreover, many companies are involved in launching innovative industrial absorbents, collaborating and merging for their expansion. Emergence of biodegradable industrial absorbents and increasing focus on environmental sustainability are key factors expected to drive market growth over the forecast period.
Market Segmentation Analysis
By Type: According to the report, the global industrial absorbents market is segmented into three types: Hazmat/Chemical, Oil-only and Universal. Hazmat/Chemical segment acquired majority of share in the market in 2022, as the HAZMAT and chemical industries prioritize safety due to the inherently high risks associated with handling hazardous materials. Whereas, Oil-only segment has the fastest CAGR, as the global demand for oil and gas is projected to continue increasing in the future, driven by population growth and economic development. This increased activity will lead to a greater need for oil spill prevention and cleanup solutions, consequently boosting the demand for oil-only absorbents.
By Product Type: According to the report, the global industrial absorbents market is segmented into six product types: booms, socks, rolls, pads, pillows and others. Booms segment acquired majority of share in the market in 2022, as booms have exceptional water repellency and are ideally suited for water areas such as sea, lakes, and ponds. Whereas, socks segment has the fastest CAGR, as awareness of environmental issues and the importance of sustainable practices grows, industries are more likely to adopt environmentally friendly spill containment solutions. If the socks are made from eco-friendly materials, this could contribute to their market growth.
By End User: According to the report, the global industrial absorbents market is segmented into six end users: chemical, oil and gas, food processing, healthcare, automotive and others. Chemical segment acquired majority of share in 2022 and is anticipated to experience the highest CAGR in the market in the forecasted period due to factors such as various hazardous compounds are handled by the chemical industry, and unintentional spills can have a negative impact on the environment, worker safety, and public health. Chemical businesses spend money on industrial absorbents as part of their spill response and prevention plans to reduce these hazards.
By Region: The report provides insight into the industrial absorbents market based on the geographical operations, namely North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific industrial absorbents market enjoyed the highest market share in 2022 and would register the highest CAGR in the forecasted period, as the industries in these nations continue to expand and innovate, thereby bolstering the region's importance in the global market. Moreover, governments in the region are implementing stricter environmental regulations, driving the demand for absorbents to comply with environmental standards and minimize pollution. Throughout the forecast period, the Asia-Pacific region is anticipated to become a significant market for industrial absorbents. The manufacturing industry in the area is expanding significantly, which is fueling demand for industrial absorbents. China plays a significant role in global trade, and its industrial activities involve the transportation of goods and raw materials. The risk of spills during transportation increases the demand for industrial absorbents as a preventive measure and for compliance with international environmental standards.
Global Industrial Absorbents Market Dynamics
Growth Drivers: The chemical industry, a pivotal sector in the global economy, plays a vital role in various applications. From basic chemicals to specialty chemicals, its diverse range of products caters to numerous industries. This growing demand is not only propelling the global industrial absorbents market but also creating significant opportunities for manufacturers and suppliers globally. Another significant factor driving the chemical industry's adoption of industrial absorbents is compliance with stringent environmental regulations. Further, the market is expected to increase due to rising demand for industrial absorbents in oil & gas industry, high demand of industrial absorbents in food & beverage industry augmenting environmental concerns, globalization and increased trade, public awareness, etc.
Challenges: The market's expansion is projected to be hampered by fluctuating raw material prices. The prices of raw materials like polypropylene, acrylic acid, and other polymers used in the production of industrial absorbents are susceptible to fluctuations due to factors such as supply chain disruptions, global economic conditions, and changes in government policies. The other challenges that industrial absorbents market faces include high cost of eco-friendly absorbents, etc.
Trends: One of the most distinct and pervasive trends observed in the global industrial absorbents market is mounting focus on waste management and recycling. The growing focus on waste management and recycling is having a significant impact on the industrial absorbent market. Stricter environmental regulations and increasing awareness about the need for sustainability are driving the demand for eco-friendly absorbent materials. More trends in the market are believed to augment the growth of industrial absorbents market during the forecasted period include, biodegradable absorbents, technological advancements, etc.
Competitive Landscape and Recent Developments
The global industrial absorbents market is moderately fragmented. Key players of global industrial absorbents market are:
- 3M Company
- Kimberly-Clark Corporation
- Brady Corporation
- Oil-Dri Corporation of America
- Ansell Limited
- Johnson Matthey PLC
- Meltblown Technologies Inc.
- Fentex Limited
- Complete Environmental Products
- Tolsa SA
- New Pig Corporation
The key players are constantly investing in strategic initiatives, such as new product launches, introducing their products to emerging markets and more, to maintain a competitive edge in this market. For instance, in January 2023, the ANSELL Ltd. announced an agreement with Vizient, Inc. for room turnover products. In accordance with the new arrangement, Vizient members would have access to discounted prices for a wide range of room turnover products, such as absorbent floor pads, disposable linens, mops, waste bags, patient positioning straps, and turnover packs.
Key Topics Covered
1. Executive Summary
2. Introduction
3. Global Market Analysis
4. Regional Market Analysis
5. Impact of COVID-19
6. Market Dynamics
7. Competitive Landscape
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/bg0334
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