Industrial Absorbents Market
Industrial Absorbents Market (Material: Synthetic and Natural; Product: Oil-only, Universal, and HAZMAT/Chemical; and End-use Industry: Chemicals, Oil & Gas, Food Processing, and Others [Healthcare, Aerospace, Life Sciences, Mechanical Workshops, and Garages]) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
Press Release :
High Demand for Biodegradable Absorbents in Oil & Gas Industries
Recent events of drone attacks on the Saudi Arabia oil facility, Abqaiq, has raised the issue of safety requirements in oil & gas industries. To reduce the severity of such emergency situations, stakeholders in the oil & gas industry are complying with safety requirements by increasing the volume of industrial absorbents at their oil processing facilities. This is well justified, since the oil & gas industry is projected to dominate the industrial absorbents market with the highest requirement for absorbents, projected to reach ~183,900 tons by the end of 2027.
In order to reduce environmental impact, manufacturers in the industrial absorbents market are fostering innovation in all-cotton oil 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. Biodegradable absorbents are growing increasingly popular in the industrial absorbents market, since they solve the problem of micro plastic pollution. Companies are focusing on expanding their product offerings to local garages and offshore facilities to solve the problem of oil spills.
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Naturally-made Industrial Absorbents Help Companies Comply with Stringent Environmental Regulations
Companies in the industrial absorbents market are innovating in natural materials for the development of lightweight absorbents. For instance, in January 2019, the Ministry of Tourism, Culture, Industry and Innovation in Newfoundland and Labrador, Canada, announced the sanctioning of repayable loans to Hi-Point Industries - a manufacturer of oil absorbents. This was done to boost international export of their lightweight industrial absorbent - Oclansorb, which is made from naturally-occurring blonde sphagnum peat moss. Although synthetic absorbents dominate the market, natural industrial absorbents are projected for high growth in the industrial absorbents market, with an estimated output of ~275,400 tons by the end of 2027.
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Industrial absorbents made with natural materials help companies in the industrial absorbents market to comply with strict environmental regulations. Another driver that is creating incremental opportunities for manufacturers is the emergence of biodegradable industrial absorbents. These absorbents are being extensively used to clean hazardous hydrocarbon oil spills in the most environmental-friendly way. Companies are increasing R&D to develop industrial absorbents that soak petroleum products.
Companies Tapping into New End Markets to Increase Scope for Incremental Opportunities
Apart from oil & gas and chemical industries, companies in the industrial absorbents market are tapping into new opportunities in the personal care and hygiene sector. Incontinence is a major health concern amongst elderly patients. Hence, manufacturers in the market are innovating novel fecal incontinence protection products that cater to the convenience of elderly individuals. They are utilizing highly absorbent nonwoven materials to provide continued cleanliness to the wearer. Likewise, they are also shifting focus to cater to the needs of women, since there is growing demand for absorbent menstruation underwear.
The trend of 'ready biodegradable' products is engulfing the industrial absorbents market. Companies in the landscape are increasing research efforts to make ready biodegradable products from naturally-occurring materials. Where most players are innovating new synthetic absorbents, other market players are aiming toward a circular economy to gain credibility in the eyes of consumers. They are developing multi-functional biopolymers made from renewable feedstock such as glucose and glycerol. Companies are increasing efforts to get their products certified, so that they are readily available for end users.
Increasing Popularity of Recyclability of Absorbents as Cost-efficient Solution in Demanding Situations
The industrial absorbents market is highly fragmented, with five major players accounting for only ~15% of the total market share. This creates many opportunities for start-ups and emerging players to dominate the landscape. However, there is a need for risk assessment before entering the market, since manufacturers may have to face hurdles in real oil-sorbing applications and environmental disasters.
Demanding situations have caused issues of overharvesting in the agricultural landscape. To overcome this challenge, manufacturers are increasing awareness regarding recyclable absorbents to reduce production stress on local farmers. Recyclability of sorbents allows faster collection of oil in practical situations and environmental disasters. End-use industries are benefitting from this technique, as recyclability leads to lesser volumes of waste at the end of the cleanup.
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Companies in the industrial absorbents market are increasing their production capabilities in Asia Pacific, as the region is projected for high growth during the forecast period. Biodegradability and recyclability are the key trends driving market growth. Manufacturers are tapping into opportunities for the development of superabsorbents for various hygiene products. However, high manufacturing costs of both, synthetic and collected material absorbents, poses as a challenge for manufacturers, as large-scale oil spill situations demand huge volumes of absorbents, which creates environmental stress. Hence, manufacturers should increase awareness about recyclability amongst end-use industries to reduce environmental impact. They should invest in the development of naturally-made oil absorbents to boost international exports.
Global Industrial Absorbents Market: Highlights
- In terms of value, the global industrial absorbents market is expected to reach a value of ~US$ 5.4 Bn by 2027.
- North America constituted a key share of the global industrial absorbents market, in terms of consumption, in 2018, as the region is a major manufacturer of industrial absorbents. North America is projected to gain market share of more than 35.0%, in terms of value, by 2027. The U.S. accounted for more than 66.0% share of the industrial absorbents market in North America in 2018.
- The oil & gas segment is anticipated to present lucrative opportunities to the global industrial absorbents market during the forecast period, due to the increasing demand for oil-only absorbent products across the globe. Oil-only absorbents are hydrophobic in nature, and they are specifically used to clean oils and hydrocarbon-based fuels. Rising incidence of oil spills and expanding oil & gas industry are driving the demand for oil-only absorbent products.
- Among the materials, the synthetic segment dominated the global industrial absorbents market in 2018, and its market share is anticipated to rise to more than 76% by 2027. The natural segment is anticipated to expand at a CAGR of ~ 4% during the forecast period.
Global Industrial Absorbents Market: Key Drivers and Restraints
- Industrial absorbents are useful to clean large- and small-scale oil spills to protect the environment, including aquatic biota. Discoveries of new reserves of crude oil and natural gas, increase in accidental oil spills, and rise in the adoption of industrial absorbents are creating opportunities for companies operating in the global industrial absorbents market.
- Accidental oil spills, discharge of fuel during oil processing, on-floor accidental spillage, leakage through large-scale off-shore petroleum units, accidents during oil drilling, and oceanic oil transportation are some of the key sources of oil spillage. Oil spillage is a serious threat to the environment. It adversely affects the aquatic ecosystem and worsens water quality. Industrial absorbents are useful in cleaning such oil spills.
- Growing environment-related regulations imposed on oil and chemical spills at workplaces is one of the key factors boosting the global industrial absorbents market
Global Industrial Absorbents Market: Key Material Segment
- Based on material, the global industrial absorbents market has been segregated into synthetic and natural.
- Industrial absorbents are manufactured by using natural and synthetic materials. Natural materials include organic (such as peat, straw, peat moss, sawdust, wool, and flax) and inorganic (such as clay, vermiculture, glass fiber, sand, and volcanic ash) materials. Synthetic materials include polypropylene, polyethene, polyurethane, and super-absorbent flakes.
- The synthetic material segment is anticipated to hold a major share of the global industrial absorbents market during the forecast period. The natural segment is expected to expand at a CAGR of ~4% during the forecast period.
Global Industrial Absorbents Market: Key Product Segment
- Based on product, the global industrial absorbents market has been segmented into oil-only, universal, and HAZMAT/chemical.
- The oil-only segment is expected to expand at a CAGR of ~4% during the forecast period. The demand for oil-only products in developed as well as developing regions is expected to substantially rise in the near future.
- Factors such as growth of the global oil & gas industry, increase in stringent environmental regulations, awareness about pollution caused by oil spills, and increased spending on workplace cleanliness are expected to drive the demand for oil-only industrial absorbents from 2019 and 2027.
Global Industrial Absorbents Market: Key End-use Industry Segment
- Based on end-use industry, the global industrial absorbents market has been segmented into chemicals, oil & gas, food processing, and others.
- The oil & gas segment is expected to expand at a CAGR of ~4% during the forecast period. Rise in oil and gas extraction and substantial increase in the incidence of oil spills are expected to drive the oil & gas segment of the global industrial absorbents market from 2019 and 2027.
North America to Hold Major Share of Global Industrial Absorbents Market
- In terms of value and volume, North America constituted a major share of the global industrial absorbents market in 2018, and the trend is projected to continue during the forecast period. The presence of key manufacturers of industrial absorbents and availability of raw materials are expected to boost the market in North America in the next few years.
- The U.S. led the industrial absorbents market in North America, holding more than 66% of the market share in 2018. The market share of the country is expected to increase by 1% by 2027.
- The industrial absorbents market in Asia Pacific is estimated to reach ~US$ 530 Mn by 2021. China led the industrial absorbents market in Asia Pacific, holding more than 29% of the market share in 2018. The market share of the country is expected to increase by 1% by 2027.
Global Industrial Absorbents Market: Competition Landscape
- Major players operating in the global industrial absorbents market are
- 3M Company
- Brady Corporation
Oil-Dri Corporation of America
- EP Minerals
- Johnson Matthey
- Meltblown Technologies
- Chemtex Inc.
- Absorbent Products Ltd.
- Monarch Green, Inc.
- New Pig Corporation.
- Industrial absorbent manufacturers across the world have been focusing on the development of new products by using natural and renewable raw materials, which easily degrade.
- The global industrial absorbents market was fragmented in 2018, and the trend is projected to continue throughout the forecast period.
Industrial Absorbents Market: Scope of the Study
A new study on the global industrial absorbents market was published by Transparency Market Research (TMR). It presents a wealth of information on key market dynamics, including the drivers, market trends, and challenges, as well as structure of the global industrial absorbents market. TMR’s study offers valuable information on the global industrial absorbents market to illustrate how market growth would discern during the forecast period, i.e. 2019–2027.
Key indicators of market growth, which include value chain analysis as well as supply chain analysis, and compounded annual growth rate (CAGR), are elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret the quantitative growth aspects of the global industrial absorbents market during the forecast period.
An extensive analysis of leading market players’ business strategies is also featured in TMR’s study on the global industrial absorbents market. This can help readers understand principal factors to anticipate the growth of the global industrial absorbents market. In this study, readers can also find specific data on avenues for the qualitative and quantitative growth of the global industrial absorbents market, which would guide market players in making apt decisions in the near future.
This study also discusses the underlying trends and the impact of various factors that are driving the global industrial absorbents market, along with their influence on the evolution of the market.
This study also offers Porter’s five forces analysis, value chain analysis, pricing analysis, and regulatory scenario of the global industrial absorbents market in order to elaborate the crucial growth tactics and opportunities for market players operating in the market.
Key Questions Answered in TMR’s Study on Global Industrial Absorbents Market
- How much revenue is the global industrial absorbents market expected to generate by the end of the forecast period?
- Which region currently accounts for the maximum share of the global industrial absorbents market?
- What are the factors expected to drive the global industrial absorbents market during the forecast period?
- Which regional market is likely to be lucrative during the forecast period?
- What are the essential strategies incorporated by key stakeholders in the global industrial absorbents market to expand their geographical presence?
- What are major advancements in the global industrial absorbents market?
This report answers these questions about the global industrial absorbents market, aiding major stakeholders and key players in making correct decisions and strategizing for the growth of their business.
Global Industrial Absorbents Market: Research Methodology
This TMR report on the global industrial absorbents market is based on a complete and comprehensive evaluation of the market, supported by secondary and primary sources. The competition scenario of the global industrial absorbents market is supported by an assessment of different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data and current trends, researchers of the market have arrived at predictions and estimations, and calculated the market forecasts.
This report uses an analytical triangulation method to estimate the numbers of the global industrial absorbents market, with both, the bottom-up and top-down approach.
This detailed assessment of the global industrial absorbents market, along with an overview of the competition landscape, is provided based on a careful examination of the growth avenues related to the market. Analysts’ conclusions on how the global industrial absorbents market is set to expand are based on carefully-vetted primary and secondary sources.
Segmentation of Global Industrial Absorbents Market
TMR’s study on the global industrial absorbents market segments the market based on material, product, end-use industry, and region. Changing market trends and other crucial market dynamics associated with these segments of the global industrial absorbents market are discussed in detail.
Oil & Gas
Middle East & Africa