NEWARK, Del, Feb. 14, 2024 (GLOBE NEWSWIRE) -- The industrial absorbent market is estimated to be worth US$ 4.5 billion in 2024 and is projected to be valued at US$ 6.5 billion in 2034. Between 2024 and 2034, the industry is expected to register a CAGR of 3.7%. The expanding scope of industries, including manufacturing, oil and gas, chemicals, automotive, and healthcare, is driving the demand for industrial absorbents.
These sectors require effective spill management solutions to address spills, leaks, and drips occurring during various stages such as production, transportation, and storage. This increasing demand is propelling the growth of the industrial absorbents market.
Rising environmental concerns and a growing imperative for businesses to monitor their environmental impact are expected to drive the global industrial absorbents industry forward in the coming years. The demand for eco-friendly, high-performance absorbent materials is anticipated to fuel innovation and shape the future of spill management solutions across various sectors worldwide.
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The global surge in oil and gas consumption has necessitated a significant increase in production to meet demand, raising the likelihood of oil spills during extraction activities. To safeguard both individuals and the environment from these risks, industrial absorbents are extensively utilized. There has been a notable uptick in the demand for industrial absorbents.
The projected rise in the adoption of industrial absorbents within the oil and gas sector presents manufacturers with a prime opportunity to innovate and create absorbent materials that offer both effectiveness and affordability. The exploration of new crude oil and natural gas reservoirs further amplifies the business prospects for industrial absorbent manufacturers worldwide.
Key Takeaways from the Industry Study
- From 2019 to 2023, the industrial absorbent market expanded at a CAGR of 5.7%.
- Based on the type, the organic segment is expected to rise at a CAGR of 3.5% from 2024 to 2034.
- The industrial absorbent demand in China is predicted to grow at a CAGR of 4.0% through 2034.
- In the United States, the industrial absorbent industry is estimated to register a CAGR of 3.9% from 2024 to 2034.
- The United Kingdom is projected to expand by a value CAGR of 4.6% between 2024 and 2034.
- The industrial absorbent market in Japan is anticipated to record a CAGR of 4.4% during 2034.
“The stringent environmental regulations, which mandate the use of effective spill control measures and growing emphasis on workplace safety propelling the growth of the industrial absorbent market,” says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
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Competitive Landscape
Key players in the global industrial absorbent market are strategically prioritizing collaboration, expansion, and the introduction of innovative products. The market players expanding market presence by entering new geographical regions or strengthening existing footholds through acquisitions, mergers, or partnerships.
- In January 2023, ANSELL Ltd. unveiled a partnership with Vizient, Inc., focusing on room turnover essentials. Under this collaboration, Vizient members gain access to discounted rates on an extensive array of room turnover items, including absorbent floor pads, disposable linens, mops, waste bags, patient positioning straps, and turnover packs.
- Decorus Europe offers a range of industrial absorbent products, including pads, socks, and pillows, designed to meet the spill containment and cleanup needs of various industries.
- Meltblown Technologies Inc. produces absorbent materials using advanced manufacturing processes, offering efficient solutions for spill response and environmental protection.
Key Players in the Industrial Absorbent Market
- Kimberly-Clark Worldwide Inc.
- 3M
- Johnson Matthey
- ANSELL LTD
- Brady Worldwide Inc.
- Monarch Green Inc.
- Decorus Europe
- Meltblown Technologies Inc.
- TOLSA
- UES Promura
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Industrial Absorbent Market - Key Segments
By Type:
- Organic
- Inorganic
- Synthetic
By Material:
- Clay
- Diatomaceous Earth
- Cellulose
- Polypropylene
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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