CHICAGO, December 7, 2018 /PRNewswire/ --
According to the new market research "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", published by MarketsandMarkets™, 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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"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.
"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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