The Industrial Absorbents market is a well-established market which is calculated to reach close to 4.8 billion by the year 2023 with a CAGR of 5.26 %. The Industrial Absorbents market is majorly driven by its demand in many chemical industries. The various applicabilities of absorbents in the land and water-based spills is also a reason for the boost of the industrial absorbents market globally.
Industrial Absorbents Market Value and Growth:
The Global Industrial Absorbents market size was around USD 3.7 Billion by revenue, at the end of 2018. It is anticipated to grow at a 5.26 % CAGR to reach close to USD 4.8 Billion by 2023.
Industrial Absorbents Market Drivers and Restraints:
The high occurrences of oil and water-based spills in both water bodies and land is the major driver to the global market for industrial absorbents. The stringent regulations in regions like Europe and North America on the chemical discharge process has increased the demand for spill control products designed for chemicals. This led to the adoption and application of chemical absorbent products, hence driving the global industrial absorbents market growth. Also, the rapid industrialization in countries like South Korea, India, Japan, and China has added advantage to the global industrial absorbents market. However, there are a few health hazards related to the manufacturing of the absorbents which are the main restraint to its global expansion.
Industrial Absorbents Market Segmentation Analysis:
By Material Type
Based on the type of material the global industrial absorbents market is segmented in Organic, Inorganic and Synthetic. The synthetic segment is anticipated to have the highest growth due to the emerging need for newer and better solutions for the same old problem.
Based on the product the global market for industrial absorbents is divides into Pads, Rolls, Booms & Socks and Others. Among the mentioned products the booms & socks segment is anticipated to lead the global market in the forecast period of 2018-2023. the booms & socks are widely used mostly in all the oil-based spill control in the environment. Booms have excellent hydrophobic properties and are perfectly suited for seas, ponds, and lakes. Socks are majorly used to control and containment of oil spills on land environments and these flexible tubes are ideal for quick absorption of liquid spills like water- based and oil-based on land. The high occurrences of large spills in regions like Europe and the Middle East is the main reason for the high growth rate of booms & socks.
Based on the type of absorbent the global industrial absorbents market is categorized into Universal, Oil-only, HAZMAT/Chemicals, and Others. Of the mentioned types of absorbents, the HAZMAT/ Chemical absorbents are projected to have the highest growth rate in the forecast period and are anticipated to lead the global market for industrial absorbents by 2023. The chemical absorbents are usually used for the cleanup process of unknown liquid spills, acid spills, base spills, and other hazardous spills. This applicability of the HAZMAT absorbents is because they are specifically designed to absorb highly acidic or caustic fluids and are majorly composed of synthetic absorbents.
By End-Use Industry
Based on the end-use Industry of the absorbents the industrial absorbents market is globally segmented into Oil & Gas, Chemical, Food Processing, and Others. Out of all the end-use industries mentioned the chemicals industry is the major user of absorbents and is anticipated to have the largest global size and growth rate in the aforementioned forecast period. The frequent accidents which occur in these industries make it constantly in need of absorbents. Also, in regions like North America and Europe where there are strict regulations and norms for a factory’s functioning compels all the companies to use absorbents on the work floor where there is a spill.
Industrial Absorbents Market Geographical Analysis:
By geography, the Industrial Absorbents market is segmented as Latin America, Europe, Asia Pacific, Middle-East & Africa, and North America. Asia Pacific is expected to be the fastest-growing market in the forecast period, due to its high CAGR, increasing demand for growing industries and scope of future opportunities, mainly in developing countries like Japan, India, and China. The market value of Europe is second in lead after the Asia Pacific, and the growth in this is moderate and is anticipated to remain the same during the forecast period.
The growth in North America is considerably low due to the regional advantages offered in the Asia Pacific like cheap labor and ease of resource availability. This makes the market centered in the Asia Pacific making North America slow growing regional market. However, the market size in this is the largest due to the well-established industries over the past years. The Middle East & Africa and Latin America regions, being in the low developing countries due to the contribution of low GDP countries, have fewer chances for industry growth. Hence, the Industrial Absorbents market in these regions is slow growing in nature.
Industrial Absorbents Market Key Market Players:
By the end of 2018, 3M Company (US), Absorbent Products Ltd. (Canada), Brady Corporation (US), Ansell Ltd. (Australia), Decorus Ltd. (UK), Asa Environmental Inc. (USA), Chemtex (India), Kimberly-Clark Professional (US), EP Minerals (USA), Meltblown Technologies Inc. (US), GEI Works (USA), Monarch Green, Inc. (US), Jaycot Industries (India), New Pig Corporation (US), Share Corporation (USA), Oil-Dri Corporation of America (US), Tolsa S.A (USA), Johnson-Matthey (UK), and UES Promura (Australia) are the leading shareholders of the Global Industrial Absorbents market. These companies are currently focused on expansion strategies to improve their market value and position.
Industrial Absorbents Market Research Report Key Highlights:
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Material Type
5.1.5 Y-o-Y Growth Analysis, By Material Type
5.1.6 Market Attractiveness Analysis, By Material Type
5.1.7 Market Share Analysis, By Material Type
5.2.4 Booms & Socks
5.2.6 Y-o-Y Growth Analysis, By Product
5.2.7 Market Attractiveness Analysis, By Product
5.2.8 Market Share Analysis, By Product
5.3.6 Y-o-Y Growth Analysis, By Type
5.3.7 Market Attractiveness Analysis, By Type
5.3.8 Market Share Analysis, By Type
5.4 End-Use Industry
5.4.2 Oil & Gas
5.4.4 Food Processing
5.4.6 Y-o-Y Growth Analysis, By End-Use Industry
5.4.7 Market Attractiveness Analysis, By End-Use Industry
5.4.8 Market Share Analysis, By End-Use Industry
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
184.108.40.206 By Geographical Area
220.127.116.11 By Material Type
18.104.22.168 By Product
22.214.171.124 By Type
126.96.36.199 By End-Use Industry
6.1.4 Market Attractiveness Analysis
188.8.131.52 By Geographical Area
184.108.40.206 By Material Type
220.127.116.11 By Product
18.104.22.168 By Type
22.214.171.124 By End-Use Industry
6.1.5 Market Share Analysis
126.96.36.199 By Geographical Area
188.8.131.52 By Material Type
184.108.40.206 By Product
220.127.116.11 By Type
18.104.22.168 By End-Use Industry
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 3M Company
8.3 Brady Corporation
8.4 Decorus Europe Ltd.
8.5 Johnson Matthey Plc
8.6 Kimberly-Clark Professional
8.7 Meltblown Technologies Inc.
8.8 Monarch Green, Inc.
8.9 New Pig Corporation
8.10 Oil-Dri Corporation of America
8.11 Absorbent Products Ltd.
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures