Chicago, June 24, 2024 (GLOBE NEWSWIRE) -- The Global Industrial Absorbents Market is projected to grow from USD 4.3 billion in 2023 and reach USD 5.2 billion by 2028, at a CAGR of 4.0% from 2023 to 2028. as per the recent study by MarketsandMarkets™. The exponential growth of the industrial absorbents market is intricately linked to the amplified concern for our ecological well-being. Heightened environmental consciousness has spurred a global call for action, with industries increasingly recognizing the critical role they play in preserving ecosystems. As regulatory bodies tighten the reins on spill management, demanding stringent adherence to laws addressing oil and chemical spills' deleterious effects, industries are compelled to seek effective solutions.
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Browse In-Depth TOC On "Industrial Absorbents Market”
157 - Market Data Tables
46 - Figures
189 - Pages
List of Key Players in Industrial Absorbents Market:
- 3M Company (US)
- Brady Corporation (US)
- Decorus Europe Ltd. (UK)
- Johnson Matthey Plc (UK)
- Kimberly-Clark Professional (US)
- Meltblown Technologies Inc. (US)
- Monarch Green, Inc. (US)
- New Pig Corporation (US)
- Oil-Dri Corporation of America (US)
Drivers, Restraints, Opportunities and Challenges in Industrial Absorbents Market:
- Drivers: Growing environmental concerns and regulations regarding oil and chemical spills on the environment.
- Restraints: Saturation and buoyancy of industrial absorbent products.
- Opportunity: Growth opportunity for reusable industrial absorbent products.
- Challenges: Reducing large oil spills.
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Key Findings of the Study:
- The synthetic segment to lead the industrial absorbents market during 2023-2028.
- The pads segment will lead the industrial absorbents market during the forecast period.
- Oil-only is expected to register the highest growth during the forecast period.
- North America will lead the global industrial absorbents market during the forecast period.
The synthetic segment holds the top position in the industrial absorbents market due to its substantial demand across key industries like oil & gas, chemicals, food processing, and healthcare. Synthetic absorbents offer a range of advantages, including versatility in handling various types of spills, cost-effectiveness, and high absorbency rates. Their ability to efficiently manage oil, chemical, and hazardous material spills make them preferred choices across diverse industries. Additionally, advancements in manufacturing technology have led to the development of synthetic absorbents with enhanced properties such as higher absorbency capacities and eco-friendly formulations. These factors collectively position the synthetic segment at the forefront of the industrial absorbents market, driving its growth and widespread adoption in spill management applications.
Based on products, the pads segment is expected to be the largest segment of the industrial absorbents industry due to its practicality, convenience, and versatility. Pads offer a quick and efficient solution for spill containment and cleanup across various industries. They are easily deployable, making them ideal for both planned and emergency spill response scenarios. Moreover, pads come in different sizes and absorbency capacities, catering to a wide range of spill types and volumes. Their ease of use, effectiveness in absorbing liquids like oil, chemicals, and water, and compatibility with different surfaces contribute to their widespread adoption. As industries prioritize efficient and reliable spill management solutions, the pads segment stands out for its effectiveness, driving its leading position in the industrial absorbents market.
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Based on products, the industrial absorbents market is segmented into pads, rolls, pillows, granules, booms & socks, sheets & mats, and others. The pads category led the industrial absorbents market, being the most prevalent absorbent used for wiping or preventing spills. These pads predominantly utilize materials like polypropylene, polyester, and polyurethane. Widely employed as universal and HAZMAT absorbents, they serve diverse industrial purposes. Booms & socks, on the other hand, are primarily deployed in water spill environments, especially for oil spill prevention and recovery.
Based on type, the industrial absorbents market is classified into universal, oil-only, and HAZMAT/Chemical. The oil-only segment held the largest share in the industrial absorbents market, primarily due to its extensive usage in the oil & gas industry, a major consumer of industrial absorbents. Entities involved in oil and LNG production utilize oil-only absorbents such as booms, socks, pillows, and rolls during drilling, processing, and production operations. HAZMAT/chemical absorbents cater to dangerous chemical spillages on land or water, while universal absorbents target smaller liquid spills, excluding hazardous chemicals.
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