New Delhi, July 29, 2022 (GLOBE NEWSWIRE) -- With a growing range of advanced applications, the global adsorbent market is thriving. Innovations in oil & gas processing and socio-economic advancements, including the increasing use of adsorbents in maintaining purity requirements in numerous applications and environmental concerns, are driving the market's growth….
A study, recently conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the global adsorbents market was worth USD 3.9 billion in 2020 and is further projected to reach USD 5.9 billion by 2027, at a CAGR of 6.0 % during the forecast period (2021-2027). With a growing range of advanced applications, the global adsorbent market is thriving. Innovations in oil & gas processing and socio-economic advancements, including the increasing use of adsorbents in maintaining purity requirements in numerous applications and environmental concerns, are driving the market's growth. Adsorbents are versatile and ideal for different industry verticals such as biofuel, oil & gas, pharmaceutical, nuclear, automobile, construction, chemicals, refrigeration, and petrochemicals.
Denitrogenation/Desulfurization Technology is Creating Immense Opportunities for the Market
Refineries are being forced to handle heavier stocks due to rising demand for distillate fuels and decreasing supplies of lighter, easier-to-process crude. The significant nitrogen and sulfur concentrations in these stocks are the main issues encountered during processing. These stocks contain nitrogen and sulfur oxides when burned, posing substantial environmental risks. The conventional methods for eliminating organic nitrogen/sulfur compounds from liquid fuels in refineries worldwide include hydrogenation and hydro-sulfurization employing hydro-treating catalysts. High temperatures, high pressure, and hydrogen consumption are typical requirements for these processes. The existing hydro-desulfurization process removes easy sulfur compounds, not the refractory sulfur compounds found in liquid fuels. Furthermore, while nitrogen molecules are not regulated, they compete with sulfur compounds for active sites on catalysts in the traditional process. As a result, nitrogen compounds should be eliminated to the greatest extent possible. At room temperature and atmospheric pressure, the adsorbent material is designed to remove both nitrogen and sulfur compounds without hydrogen selectively. Refineries will be able to generate certified liquid fuels at a reasonable cost using this method. This technology has the potential to set new standards in the adsorbents market in the upcoming years.
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Global Adsorbents Market: By Type
Based on types, the global adsorbents market is categorized into molecular sieves, activated carbon, silica gel, activated alumina, and others. Molecular Sieves is likely to be the fastest-growing type segment during the forecast period. The increased use of adsorbents in petroleum refining is responsible for this segment's rise. Molecular sieves are frequently used in the petroleum sector, particularly for purifying gas streams and the science lab for separating compounds and drying materials. 3A, 4A, 5A, and 13X are the four main types of molecular sieves. The chemical formula for the molecule determines the pore size of molecular sieves.
Impact of COVID-19
The global adsorbents market has been negatively affected due to the COVID-19 pandemic. Several industries have been affected by the outbreak, including the energy, chemical, construction, and air separation and drying industries. Building project materials, labor, and significant cost components have been severely affected by the pandemic. Moreover, several countries that manufacture adsorbents had to halt their production because of the pandemic. Most adsorbents are produced in Asia-Pacific and North America, which were hit hard by the virus. These challenges have caused a disturbance in the adsorbents market's supply chain, with many manufacturing units slowing down.
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Asia-Pacific Leads the Global Adsorbents Market
In 2020, Asia-Pacific held the highest share of the adsorbents market. The demand for adsorbents in the region is fueled by countries like China, Japan, and India. One of the major reasons driving the global adsorbents market is rapid industrialization, particularly in emerging economies such as China and India. Many industrial processes, such as the production of low sulfur fuels, use adsorbents to remove and control pollutants. They are widely used in numerous applications, from insulating glass windows to mercury removal in natural gas/crude oil wellheads. Adsorbents are an essential component of any specialized product manufacturing process. Since the region has huge market demand, the market is more active and competitive than in other regions. These factors are expected to enhance adsorbent demand in Asia-Pacific during the forecast period.
Competitive Landscape
Due to the presence of numerous players involved in the market, the global adsorbents market is moderately fragmented. In order to stay competitive, companies develop new products and engage in expansion and acquisition. Additionally, some of the leading players are increasing their global footprint by purchasing overseas producers.
Some key players in the global Adsorbents market are Arkema, Honeywell International Inc., Axens, Basf SE, Cabot Corporation, Clariant AG, W. R. Grace & Co.-Conn, Calgon Carbon Corporation, Zeochem, Jalon, Porocel, Zeolyst International, Haycarb Plc, Fuji Silysia Chemical, Ltd., AGC Chemicals Americas, Interra Global and other prominent players.
In September 2021, Shell and BASF announced theie plans of working together to promote the transition to a zero-emissions world. As part of their collaboration, the two firms investigated, de-risked, and deployed BASF's Sorbead Adsorption Technology for pre-and post-combustion applications in CCS. Shell uses Sorbead Adsorption Technology to dehydrate CO2 gas that is captured using Shell's carbon capture technologies such as ADIP Ultra or Cansolv.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global adsorbents market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global adsorbents market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
Recent Developments
In January 2020, Altus Midstream installed Honeywell UOP's Ortloff SRX technology at its Diamond Central cryogenic gas processing complex, marking the first global use of the innovative technology to recover valuable natural gas liquids (NGLs) from input gas, according to Honeywell. · The facility in Reeves County, Texas, opened in May 2019 and can currently handle up to 600 million standard cubic feet of natural gas per day.
- In June 2021, W. R. Grace & Co. announced the completion of its acquisition of the Fine Chemistry Services business of Albemarle Corporation for approximately USD 570 million, including USD 300 million paid in cash and USD 270 million funded through the issuance to Albemarle of non-participating preferred equity of a newly created Grace subsidiary.
Scope of the Report
| Attribute | Details |
| Years Considered | Historical data – 2017-2020 |
| Base Year – 2020 | |
| Forecast – 2021 – 2027 | |
| Facts Covered | Revenue in USD Billion |
| Market Coverage | U.S, Canada, France, Germany, United Kingdom, Rest of the Europe, Japan, China, India, New Zealand, Australia, Rest of the APAC, Brazil, Mexico, Rest of the Latin America, South Africa, Saudi Arabia, UAE, and Rest of MEA. |
| Product/Service Segmentation | By Type, By Application, and By Region |
| Key Players | Key Players for the market are Arkema, Honeywell International Inc., Axens, Basf SE, Cabot Corporation, Clariant AG, W. R. Grace & Co.-Conn, Calgon Carbon Corporation, Zeochem, Jalon, Porocel, Zeolyst International, Haycarb Plc, Fuji Silysia Chemical, Ltd., AGC Chemicals Americas, Interra Global and other prominent players. |
By Type
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- Molecular Sieves
- Activated Carbon
- Silica Gel
- Activated Alumina
- Others
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By Application
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- Petroleum Refining
- Gas Refining
- Chemicals/Petrochemicals
- Water Treatment
- Air Separation & Drying
- Packaging
- Others
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By Region
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- North America
- Europe
- The Asia-Pacific
- Latin America
- The Middle East and Africa
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