Growing environmental concerns and strict regulations regarding chemical and oil spills to boost global industrial absorbents market through 2024.
According to TechSci Research report, “Global Industrial Absorbents Market By Product, By Material Type, By Type, By End-Use Industry, By Region, Competition, Forecast & Opportunities, 2024’’, global industrial absorbents market is projected to grow at a CAGR of 5.24% during the forecast period of 2019-2024, reaching $ 5140.86 million by 2024. Growing environmental concerns, new product launches and increasing applications of industrial absorbents in various end user industries are some of the key factors expected to drive the market. However, buoyancy of industrial absorbent products and availability of cost-effective alternatives of industrial absorbents hinder the growth of global industrial absorbents market.
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Industrial absorbents have extensive use in the oil & gas segment, which is anticipated to account for the largest share in global industrial absorbents market during the forecast period. Oil spills are caused mainly due to the leakage of oil-based liquids, liquid gases or liquid hydrocarbons into the environment, which is harmful for environmental as well as human health. Thus, to recover and dispose spilled liquids and overcome the consequences of spills, industrial absorbents are used by oil & gas manufacturers. Industrial absorbents market in the Asia-Pacific region is driven by demand from countries such as India, China, Japan and South Korea, owing to demand across end-use industries. Furthermore, the booms are anticipated to be fastest growing segment during the forecast period. Booms are ideal for spill control and are extensively used for oil-based spill control in water environment. Booms are flexible tubes used to control and contain spills on land environment and are ideal for rapidly absorbing oil- or water-based liquid spills on land.
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“Backed by strict regulations framed by environmental bodies like the EPA for spill control, predominantly in oil & gas and chemical end-use industries, industrial absorbents market in the North America region is anticipated to witness substantial growth during the forecast period. Canada and United States are among the largest producers and consumers of oil & gas products, wherein industrial absorbent products are used to remediate the spills caused during the production and distribution activities of oil & gas. As a result, North America is expected to dominate global industrial absorbents market over the course of next five years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Industrial Absorbents Market By Product, By Material Type, By Type, By End-Use Industry, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global industrial absorbents market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyses the emerging trends along with essential drivers, challenges and opportunities in global industrial absorbents market.
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