Reports And Data
Industrial Absorbents Market Size – USD 4,090.4 Million in 2021, Growth – at a CAGR of 4.8%, Trends – Increasing focus on environmental sustainability
NEW YORK, NY, UNITED STATE, May 11, 2022 /EINPresswire.com/ — The global Industrial Absorbents Market size is expected to reach USD 6,255.3 Million in 2030 and register a revenue CAGR of 4.8% over the forecast period, according to latest report by Reports and Data. Emergence of biodegradable industrial absorbents and increasing focus on environmental sustainability are key factors expected to drive market growth over the forecast period. The market for industrial absorbents is being engulfed with ‘readily biodegradable’ products. Companies across the world are stepping up their research efforts to develop ready-to-use biodegradable products made from naturally occurring ingredients. While majority of players are focused on developing new synthetic absorbents, others are aiming for a circular economy in order to gain consumer trust.
Manufacturers are promoting awareness regarding recyclable absorbents to alleviate production stress on local farmers. End-use industries benefit from this method as recyclability results in lower waste volumes at the end of cleanup.
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Major companies in the market report include 3M Company, Decorus Europe Ltd., Kimberly-Clark Worldiwde Inc., Monarch Green, Inc., Johnson Matthey plc, Jaycot Industries, ASA Environmental Products, Inc., UES Promura, EP Minerals LLC, and Chemtex Speciality Limited
Some Key Highlights from the Report
HAZMAT segment is expected to register a rapid revenue growth rate over the forecast period. HAZMAT absorbent products are used to clean up spills containing acids, bases, and other hazardous or unknown liquids since these spills might harm environment and endanger living beings in vicinity. HAZMAT absorbent products are mostly composed of synthetic absorbents and are designed to absorb acidic or caustic fluids.
Booms & socks segment accounted for largest revenue share in the global industrial absorbents market in 2021. Booms & socks are excellent industrial absorbents for spill control. Booms & socks are widely utilized in water environment to manage oil-based spills. Booms have exceptional water repellency and are ideally suited for water areas such as sea, lakes, and ponds. Socks are flexible tubes used to control and contain spills on land. They are ideal for swiftly absorbing oil- or water-based liquid spills.
Chemical segment is expected to account for largest revenue share in the global industrial absorbents market over the forecast period. Chemicals are hazardous compounds, if discharged or spilled in environment, can cause serious harm to humans and environment. Chemical accidents generally occur when stored chemicals are transported. To reduce the impact of spills on environment, chemical manufacturers need to respond immediately to accidental spills that occur during manufacturing processes. Moreover, regions such as North America and Europe have strict chemical and spill response regulations. All of these factors have fueled growth of the industrial absorbents market in chemical industry.
Market in Asia Pacific is expected to register highest revenue share in the global industrial absorbents market during the forecast period, due to growing awareness and pressure to impose strict environmental regulations for spill response and control, as well as pollution generated by end-use industries. Industrial absorbents market in Asia Pacific is being driven by demand from countries such as India, China, South Korea, and Japan, due to increasing industrialization and rising incidences of small liquid spills across end-use industries.
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For the purpose of this report, Reports and Data has segmented the global industrial absorbents market based on type, material type, product type, end-use, and region:
Type Outlook (Revenue, USD Million; 2019-2030)
Universal
Oil-only
HAZMAT
Others
Material Type Outlook (Revenue, USD Million; 2019-2030)
Natural Organic
Inorganic
Synthetic
Product Type Outlook (Revenue, USD Million; 2019-2030)
Pads
Rolls
Pillows
Granules
Booms & Socks
Sheets & Mats
Others
End-Use Outlook (Revenue, USD Million; 2019-2030)
Chemical
Oil & Gas
Food Processing
Healthcare
Others
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Regional Outlook (Revenue, USD Million; 2019-2030)
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
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