Rising Demand from Oil & Gas Industry Supporting Industrial Absorbents Market Growth
According to our latest study on "Industrial Absorbents Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Type, and End-Use Industry," the market is expected to grow from US$ 3,850.41 million in 2022 to US$ 5,085.36 million by 2028; it is estimated to record a CAGR of 4.7% from 2022 to 2028.
An absorbent is a combination of insoluble elements that are used to absorb spill. Oil & gas, chemicals, food processing, healthcare, and personal care industries are among the major end users of industrial absorbents. They are used to clean large- and small-scale oil spills in the oil & gas industry. Accidental spillage of oil due to fuel discharge during oil processing, leakage through large-scale offshore petroleum units, mishaps during oil drilling, and oil transportation through oceanic routes can prove as a severe threat to the surrounding environment. Oil spillage hampers the water quality and adversely affects the aquatic ecosystem. A surge in the incidents of oil spillage triggers the demand for industrial absorbents in the oil & gas industry. For instance, in 2020, an incident at oil and biofuel pipelines in the US resulted in the accidental spillage of 43,157 barrels. The rising number of oil refineries is another factor propelling the demand for industrial absorbents. With the increasing number of drilling operations, North America and the Middle East are the major contributors to the demand for industrial absorbents.
Industrial Absorbents Market Breakdown – by Region
Industrial Absorbents Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Pads, Rolls, Pillows, Booms, Socks, and Others), Type (Universal, Oil-Only, and Hazmat/Chemical), and End-Use Industry (Oil & Gas, Chemical, Food Processing, Healthcare, Automotive, and Others)
Industrial Absorbent Market Size and Growth Analysis to 2028
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In the chemicals industry, a chemical spill generally occurs while transporting stored chemicals. Industrial absorbents are broadly used for cleaning such hazardous chemicals. Companies in the industrial absorbents market are capitalizing on research and development to develop absorbents that soak petroleum products. In the food processing industry, absorbents are used to prevent food ingredients such as meat, fish, or poultry from drying out during storage or transportation while retaining the original flavor and appearance of the product. Moreover, manufacturers are increasingly investing in developing countries to meet the surging demand for industrial absorbents. For instance, E Innovate LLC, a provider of biodegradable oil cleanup solutions, collaborated with a company in India to develop biodegradable towels using West Texas cotton to clean up oil spills. Such initiatives are contributing to the industrial absorbents market growth.
3M Co, Ansell Ltd, Brady Corp, Decorus Europe Ltd, Meltdown Technologies Inc, Oil-Dri Corp of America, Schoeller Industries GmbH, Fentex Ltd, Complete Environmental Products Inc, and Tolsa SA are among the key players operating in the industrial absorbents market. These companies have a diverse geographic presence and offer an extensive product range to cater to consumer trends in the industrial absorbents market.
Impact of COVID-19 Pandemic on Industrial Absorbents Market
The COVID-19 pandemic affected economies and industries in various countries in the world. Lockdowns, travel restrictions, and business shutdowns hampered the growth of several industries, including the chemicals & materials industry. The shutdown of manufacturing units disrupted global supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales. Various companies witnessed delays in product deliveries and a slump in sales of their products in 2020. Moreover, the bans imposed by governments of countries in Europe, Asia Pacific (APAC), and North America on international travel compelled enterprises to temporarily discontinue their collaboration and partnership plans. All these factors hampered various industries in 2020 and early 2021, thereby restraining the growth of the industrial absorbents market. However, in 2021, several economies resumed operation as governments revoked or relaxed the previously imposed restrictions, which boosted the global marketplace. Further, manufacturers were permitted to operate at full capacities, which helped them overcome the demand–supply gap and other repercussions. As a large percentage of people from many countries were fully vaccinated by 2021, the industrial absorbent manufacturers focused on increasing their production to revive their businesses.
The report segments the industrial absorbents market as follows:
Based on product type, the industrial absorbents market is segmented into pads, rolls, pillows, booms, socks, and others. By type, the market is segmented into universal, oil-only, and hazmat/chemical. In terms of end-use industry, the industrial absorbents market is segmented into oil & gas, chemical, food processing, healthcare, automotive, and others. Based on geography, the industrial absorbents market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.
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