Industrial Absorbents Market is expected to reach US$ 5.50 Billion by 2031


PRESS RELEASE BY The Insight Partners 19 Jun 2024

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Asia Pacific Dominated Industrial Absorbents Market in 2023

According to our latest market study on “Industrial Absorbents Market Forecast to 2031 – Global Analysis – by Product Type, Type, and End-Use Industry,” the market was valued at US$ 3.94 Billion in 2023 and is projected to reach US$ 5.50 Billion by 2031; it is anticipated to record a CAGR of 4.3% from 2023 to 2031. The report highlights key factors driving the industrial absorbents market growth and prominent players along with their developments in the market.

In 2023, Asia Pacific accounted for the largest industrial absorbents market share. The oil & gas industry generates a huge demand for industrial absorbents in this region. As oil and chemical spills are common in the oil & gas industry, the use of industrial absorbents is considerably high, as these can help avoid the hazardous effects of oil spills. In addition, chemicals, healthcare, manufacturing, and food processing industries are the other major contributors to the market progress in Asia Pacific. Government initiatives and policies such as Make in India encourage the setup of different manufacturing plants in Asia Pacific countries. A rise in foreign direct investments leads to regional economic growth, further bolstering industrialization in the region. The chemical manufacturing industry contributes to a significant fraction of manufactured exports in several Asian nations, including China, South Korea, India, and Japan. Further, the automobile industry in Asia Pacific has been witnessing healthy growth for the past few years. According to the International Organization of Motor Vehicle Manufacturers, vehicle production in the Asia-Oceania region increased from 50.02 million in 2022 to 55.12 million in 2023. Thus, the strong growth of the automotive industry in countries such as China, India, Japan, and South Korea further fuels the industrial absorbents market progression in Asia Pacific.

Industrial Absorbents Market Breakdown – by Region

Industrial Absorbents Market Breakdown – by Region


Industrial Absorbents Machine Market Scope 2031

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Industrial Absorbents Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product Type (Pads, Rolls, Pillows, Booms, Socks, and Others), Type (Universal, Oil-Only, and Hazmat/Chemical), End-Use Industry (Oil & Gas, Chemical, Food Processing, Healthcare, Automotive, and Others), and Geography

China dominates the industrial absorbents market share in Asia Pacific. The China Maritime Safety Administration, a part of the Ministry of Transport, is responsible for investigating marine pollution incidents in Chinese waters and responding to them. In recent years, China has rolled out a series of new pollution regulations pertaining to ships, which came into effect during 2010–2012. These encompass various issues, including oil pollution response planning and pre-spill clean-up arrangements, as well as emergency handling of pollution incidents. Regulations have also introduced a domestic ship-source oil pollution compensation fund. Thus, the presence of such stringent regulations supports the industrial absorbents market growth in China.

India accounts for the second-largest share of the industrial absorbents market in Asia Pacific. According to the India Brand Equity Foundation, the Indian chemicals industry is expected from US$ 178 billion in 2019 to US$ 304 billion by 2025, at a CAGR of 9.3%. The demand for chemicals in the country is expected to surge by 9% per annum by 2025. The chemicals industry is anticipated to contribute US$ 300 billion to India's GDP by 2025. An investment of US$ 107.38 billion is estimated in the Indian petrochemicals and chemicals sector by 2025. The specialty chemicals constitute 22% of India's total chemicals and petrochemicals market. According to the India Energy Outlook 2021 (IEA), primary energy demand is expected to nearly double to 1,237.9 million tons of oil equivalent, and the GDP of India is expected to increase to US$ 8.6 trillion by 2040. Thus, increasing investments in chemicals and oil & gas industries bolster the industrial absorbents market size in India.

Industrial Absorbents Market: Trends

Biodegradable absorbents made from natural and organic materials are emerging as a significant industrial absorbents market trends with burgeoning microplastic pollution and increasing awareness about environmental sustainability. Conventional industrial absorbents are made of polyethylene, polypropylene, and polyurethane, which are effective in cleaning oil and other liquid spills; however, they end up in landfills, potentially leaching harmful chemicals and microplastics into the environment over time. Therefore, manufacturers are developing sustainable alternatives that help in the effective cleanup of spills while being less hazardous to the environment. For instance, in August 2023, EarthSafe expanded its portfolio of spill containment products by introducing FlashDry coir absorbent, which is sustainable and made from 100% organic husks. It is classified as a universal hazmat absorbent that works for all kinds of spills. Its hydrophobic and oleophilic properties make it ideal for various industrial spills, such as automotive fluids, lubricants and degreasers, marine oil spills, paints, chemicals, and resins. Such products are trending in the industrial absorbents market and are expected to witness tremendous demand in the coming years.

Stakeholders in the industrial absorbents market are also looking for innovative natural materials to develop lightweight absorbents. For instance, in January 2019, the Department of Tourism, Culture, Industry and Innovation of Newfoundland and Labrador, Canada, announced the sanctioning of repayable loans to Hi-Point Industries, a manufacturer of oil absorbents, to boost international export of its lightweight industrial absorbent—clangor—made from naturally occurring blonde sphagnum peat moss. Further, government agencies are collaborating with biodegradable industrial absorbent manufacturers to support sustainable economic development. For example, in June 2022, Green Boom, a manufacturer of eco-friendly oil absorbent products, signed a Memorandum of Understanding with the Investment Promotion Agency Qatar (IPA Qatar) during the second annual Qatar Economic Forum to introduce its biodegradable industrial absorbents to the Middle East and Qatari market. The IPA Qatar aims to accelerate innovative manufacturing technologies in Qatar by partnering with Green Boom in an attempt to support the commitment to transforming into a sustainable and knowledge-based economy in the coming years. Thus, collaborations between government bodies and different companies are expected to boost the demand for biodegradable industrial absorbents, favoring the market growth in the coming years.

3M Co, Ansell Ltd, Brady Corp, Decorus Europe Ltd, Meltblown Technologies Inc, Oil-Dri Corp of America, Schoeller Industries, Fentex Ltd, Complete Environmental Products Inc, TOLSA SA, SpillTech Environmental Inc, New Pig Corp, Empteezy Ltd, and Green Stuff Absorbentes are among the key players profiled in the industrial absorbents market report.

Industrial Absorbents Market Segmentation:

The industrial absorbents market analysis is based on product type, type, end-use industry, and geography. By product type, the market is segmented into pads, rolls, pillows, booms, socks, and others. Based on type, the market is segregated into universal, oil-only, and hazmat/chemical. In terms of end-use industry, the market is segmented into oil & gas, chemical, food processing, healthcare, automotive, and others. The geographic scope of the industrial absorbents market report encompasses North America (the US, Canada, and Mexico), Europe (Germany, France, the UK, Italy, Russia, and the Rest of Europe), Asia Pacific (China, India, Japan, Australia, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

 

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