According to a new research report by Transparency Market Research (TMR), a leading market research and intelligence firm, the global absorbent pads market is demonstrating an extremely competitive business landscape. The leading manufacturers of absorbent pads across the world, such as Novipax LLC, Brady Corp., 3M Co., Oil-Dri Corporation of America, Trico Corp., Sirane Ltd., Prima SRL, and Azapak, have been concentrating on customizing absorbent pads as per consumers’ demand. They are also focusing on increasing their visibility in the global market through strategic collaborations and regional expansions. Over the coming years, these companies are likely to compete on the basis of product differentiations, states the research report.
As per TMR, the worldwide absorbent pads market is expected to report a rise at a CAGR of 5.10% during the period from 2019 to 2027. Absorbent pads are mainly produced using polypropylene, polyethylene, paper, and fiber. Universal absorbent pads, oil absorbent pads, chemical absorbent pads, and hazmat absorbent pads are the key products available in the global adsorbent pads market. These absorbent pads find significant demand in the food, agriculture, medical, oil and gas, chemical, and the automotive industries.
In terms of the geography, the global absorbent pads market registers its presence across North America, Europe, Asia Pacific excluding Japan (APEJ), Japan, Latin America, and the Middle East and Africa (MEA). Currently, North America holds the most prominent position in the absorbent pads market across the world. With continued application of absorbent pads for keeping food products fresh and hygienic, this regional absorbent pads market is expected to remain on the top over the period of the forecast. On the other hand, the ongoing expansion in the food and the chemical industries is projected to fuel the demand for absorbent pads in Asia Pacific excluding Japan. This, in turn, will increase the growth rate of APEJ absorbent pads market, substantially, in the near future. Other regional absorbent pads markets are also projected to witness a decent growth rate over the years to come, notes the market study.
Increasing Knowledge about Absorbent Pads’ Characteristics to Support Growth
Absorbent pads are excellent for the cleaning and maintenance of drips and inevitable spills and leaks at factories and production sites while handling, storing, dispensing, and transporting fluid or liquid products. The increasing knowledge about these properties of absorbent pads among end users is boosting the growth of the global absorbent pads market. Various characteristics of absorbent pads, such as durability, sturdiness, usability, easy recycling, and nonreactivity with absorbed liquid, make them perfect for industries looking to improve safety and productivity at the workplace. Absorbent pads are witnessing a rise in their demand in the packaging of poultry, meat, and seafood, which is expected to propel the worldwide absorbent pads market over the next few years, states the report.
Volatile Prices of Raw Material to Cause Hinderance
The global absorbent pads market is, although, displaying a healthy growth rate, it may face a serious challenge in the near future from the volatile prices of raw materials. The increasing entry of new participants in absorbent pads production business, which is reducing the profitability margin of existent players, may also hamper the growth of this market to some extent over the next few years. In addition to this, the environmental threats posed by plastic absorbent pads are likely to limit their demand to a certain degree, which will cause a slowdown the market’s growth in the years to come, reports the research study.
The review is based on a report by Transparency Market Research, titled “Absorbent Pads Market (Material Type - Polypropylene, Polyethylene, Paper, Fiber, Others; Product Type - Universal Absorbent Pads, Oil Absorbent Pads, Chemical Absorbent Pads, Hazmat Absorbent Pads; End Use - Food & Agriculture, Oil & Gas, Medical, Chemical, Automotive, Others (Household, Industrial)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 – 2027.”
The global absorbent pads market is segmented into:
- Universal Absorbent Pads
- Oil Absorbent Pads
- Chemical Absorbent Pads
- Hazmat Absorbent Pads
- Food & Agriculture
- Oil & Gas
- North America
- Asia Pacific excluding Japan
- Latin America
- Middle East and Africa
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