Industrial Absorbent Market Size and Growth Analysis to 2028

The industrial absorbents 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 register a CAGR of 4.7% from 2022 to 2028.

Industrial absorbents are a mixture of materials that are insoluble in nature. Absorbents are used in various industries for managing chemical and oil spills. In the food processing industry, industrial absorbents are used to preserve food ingredients such as meat, fish, or poultry from drying out during storage or transportation while maintaining the original flavor and appearance of the product.

The industrial absorbents market is segmented into five major regions North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. In 2022, Asia Pacific held the largest market share, and it is estimated to register the highest CAGR during the forecast period. High demand for industrial absorbents from manufacturing, food processing, chemical, healthcare, and oil & gas industries favors the growth of the industrial absorbents market in Asia Pacific. The chemical manufacturing industry accounts for a notable share of manufactured exports in several Asian countries, including China, South Korea, India, and Japan. Furthermore, 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 (OICA), the Asia-Oceania region's vehicle production increased from 44.2 million in 2020 to 46.7 million vehicles in 2021. The flourishing automotive industry in countries such as China, India, Japan, and South Korea fuels the industrial absorbents market growth.

Strategic Insights

Impact of COVID-19 Pandemic on Industrial Absorbents Market

Before the COVID-19 pandemic, the industrial absorbents market was mainly driven by industries such as food processing, oil & gas, chemical, automotive, and healthcare. Absorbents are substances or materials that can absorb a liquid substance, and they are used to manage spillage or discharges of oils, hydrocarbons, fuels, used oils, and naphthalene and acenaphthene, among others, which can pollute the environment. In 2020, various industries had to slow down their operations due to disruptions in supply chains caused by the shutdown of national and international borders. The pandemic hampered manufacturing processes due to restrictions imposed by government authorities in various countries. The pandemic also caused fluctuations in the prices of raw materials. The pandemic caused a historic decline in global oil demand. The oil demand-supply imbalance occurred in tandem with the declining need for chemicals and refined products stemming from industrial slowdown and travel restrictions due to the pandemic. Large oil & gas companies responded by cutting capital and operational expenditure. All these factors negatively impacted the demand for industrial absorbents.

However, in 2021, the demand for industrial absorbents surged in various end-use industries due to the increased incidences of oil and chemical spills. For instance, according to the International Tanker Owners Pollution Federation Limited, six oil spills of over 7.7 tons were recorded from tanker incidents in 2021, slightly higher than incidences in 2020. In 2021, the economies started reviving as various industries resumed business activities. As a result, several industries, including oil & gas, food processing, and chemicals, showed signs of recovery in their operations. Various industries are also overcoming the challenges of supply chain disruptions of their raw materials. With such a promising recovery, the global industrial sector is expected to provide the impetus for the industrial absorbents market growth in the coming years.

Industrial Absorbents Market Breakdown, by Region

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Market Insights

Strategic Developments by Key Players Favor Industrial Absorbents Market Growth

In November 2022, Cellcomb, a subsidiary of Paper Province Company, launched a cellulose-based pad that effectively absorbs liquids from fresh foods (such as meat, fish, and poultry) packaging. Such strategic developments by key players are expected to bolster the industrial absorbents market growth. In addition, a few key players are involved in strategies such as mergers and acquisitions to expand their geographic presence.

Type-Based Insights

Based on type, the industrial absorbents market is segmented into universal, oil-only, and hazmat/chemical. The oil-only segment is expected to register the highest CAGR during the forecast period. Oil-only absorbents have the unique characteristic of repelling water, and absorbing oils and fuels selectively. As these absorbents float on the water, they are extremely effective in cleaning marine oil spills. These are used in areas where frequent oil leaks, spills, or ruptures occur—such as warehouses; automotive and marine workshops; and facilities that use, store, or dispose of oils or oil-based liquids. These absorbents work faster and last longer to offer cost-effective spill control. Oil absorbents are used to absorb motor oil leaks or any small spill near machinery with convenience, in turn, allowing users to keep workplaces clean and safe.

Industrial Absorbents Market, by Type – 2022 and 2028

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End-Use Industry-Based Insights

Based on end-use industry, the industrial absorbents market is divided into oil & gas, chemical, food processing, healthcare, automotive, and others. The chemical segment is expected to register the highest CAGR during the forecast period. Industrial absorbents such as diatomaceous and sepiolite earth are an important part of the chemical industry as they help absorb chemicals spilled during manufacturing or transportation and minimize the impact of spills on the environment.

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 major players operating in the industrial absorbents market. These companies mainly focus on product innovation to expand their market share and follow emerging market trends.

Report Spotlights

• Progressive industry trends in the industrial absorbents market to help companies develop effective long-term strategies
• Business growth strategies adopted by market players in developed and developing countries
• Quantitative analysis of the industrial absorbents market from 2020 to 2028
• Estimation of global demand for industrial absorbents
• Porter's Five Forces analysis to illustrate the efficacy of buyers and suppliers operating in the industrial absorbents industry
• Recent developments to understand the competitive market scenario
• Market trends and outlook, as well as factors driving and restraining the growth of the industrial absorbents market
• Assistance in the decision-making process by highlighting market strategies that underpin commercial interest
• Size of the industrial absorbents market at various nodes
• Detailed overview and segmentation of the market and growth dynamics of the industrial absorbents industry
• Size of the industrial absorbents market in various regions with promising growth opportunities