INDUSTRIAL ABSORBENTS MARKET TO REACH USD 5.4 BILLION BY 2027 | CAGR 4.3% – FORENCIS RESEARCH

Industrial Absorbents MarketΒ - Global Industry Analysis and Forecast 2020 to 2027

Global Industrial Absorbents Market: Key Highlights

  • According to the new market research report Industrial Absorbents Market by Material Type (Synthetic and Natural), by Product (Pads, Rolls, Pillows, Granules, Booms & Socks, Sheets & Mates, and Others), by Type (Oil-only, Universal, and HAZMAT/Chemical), by End-User (Oil & Gas, Chemical, Food Processing, and Others), by Region (North America, Asia Pacific, Europe, Middle East & Africa, South America) – Global Forecast (2020 to 2027)”, the global industrial absorbents market is estimated to reach USD 5.4 Billion by 2027 at a CAGR of around 4.3% during the review period.
  • Absorbents are chemically inert in nature which makes them safe for use on any kind of surface or chemicals
  • It is primarily used to the extraction of chemicals or fluids spilt on different surfaces or floors
  • The growing demand for industrial absorbent from various end-use industries, such as oil & gas, chemical, food and beverages, and healthcare
  • The synthetic material segment is anticipated to hold a major share of the global industrial absorbents market during the forecast period.

Industrial Absorbents Market

Global Industrial Absorbents Market: Key Market Dynamics

  • Growing environment-related regulations imposed on oil and chemical spills on the environment is one of the major driving factors driving the market
  • Accidental oil spills, discharge of fuel during oil processing, on-floor accidental spillage, leakage through large-scale petroleum units, oil drilling accidents, and oil transportation are some of the key sources of oil spillage
  • Rapid industrialization is also expected to boost the demand for industrial absorbent during the forecasted period
  • Availability of substitutes and saturation and buoyancy of industrial absorbent products are the major restraining factors toward the market growth

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Global Industrial Absorbents Market: Regional Overview

  • North America

North America is expected to dominate the global industrial absorbents market in terms of both value and volume. The dominance of the region can be attributed to the availability of the raw material and the presence of the market player in North America. The US is expected to dominate the industrial absorbent market in the North America region withholding over 60% market share. The US chemical industry is serving both a sizable domestic market and an expanding global market. It is also one of the top exporting sectors of U.S. manufacturing. The industry's more-than 13,000 firms produce 70,000+ products. In 2017, the U.S. chemical industry had final sales exceeding USD 765 billion and directly employed more than 529,000 workers, with additional indirect employment by industry suppliers of more than 1.8 million.

  • Asia-Pacific

The Asia-Pacific industrial absorbents market is expected to grow at the highest CAGR over the forecast timeframe. This growth can be attributed to the stringent environmental regulations for chemical and oil spills and rising pollution caused by various end-user industries in the region. Moreover, low labour cost and rapid industrialization and increasing occurrences related to liquid spills in the end-user industries are also expected to boost the Asia-Pacific industrial absorbent market.

Global Industrial Absorbents Market: Key Players Overview

  • 3M:

3M is a US-based multinational combination of multiple business companies engaged in the manufacturing the industrial, safety and consumer products. The company majorly operate through five business segments namely safety and industrial business, transportation and electronics business, health care business, consumer business. The Safety and Industrial segment consist of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules. 

  • Brady Corporation:

Brady Corporation is a manufacturer and supplier of identification solutions and workplace safety products. The company operates through two business segments Identification Solutions (IDS) and Workplace Safety (WPS). The IDS segment includes identification and healthcare products, and the WPS segment includes workplace safety and compliance products. The IDS segment offers products that are manufactured under various brands, including the Brady brand. The WPS segment offers a range of product categories, such as safety and compliance signs, tags, and labels; informational and architectural signage; industrial warehouse and office equipment, and labour law compliance posters.

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Rep Id : CM 0110

Published : 2020-07-09

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