February 24, 2023 07:33 ET | Source: The Insight Partners The Insight Partners
New York, Feb. 24, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Industrial Absorbents Market Demand, Industry Trends and Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Pads, Rolls, Pillows, Booms, Socks, and Others), Type (Universal, Oil-Only, and Hazmat/Chemical), and End-Use Industry (Oil & Gas, Chemical, Food Processing, Healthcare, Automotive, and Others). The market is expected to grow from US$ 3.85 Billion in 2022 to US$ 5.09 Billion by 2028; it is estimated to record a CAGR of 4.7% from 2022 to 2028. Fruit Processing Machine
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Global Industrial Absorbents Market Report Scope, Segmentations, Regional & Country Scope:
Growth in Chemical Industry in Asia Pacific Drives Industrial Absorbents Market
The oil & gas and chemicals industries are significant contributors to the economic growth of Asia Pacific, especially India and China. According to the International Association of Oil & Gas Producers (IOGP), China, Indonesia, and India are major producers of oil & gas in the region. According to the International Organization of Motor Vehicle Manufacturers, the total passenger car production in India increased from 3.3 million vehicle units in 2020 to 4.3 million vehicle units in 2021. With the rising number of automobiles, the demand for fuel, lubricants, and other chemicals is also surging in Asia Pacific. The increasing demand for oil & gas, and chemicals and chemical derivatives in this region is contributing significantly to the growth of the industrial absorbents market.
Manufacturers in the chemicals and materials industry are establishing their production units in Asia Pacific due to low labor costs in this region. Several industrial absorbent manufacturers are also focused on the expansion of their manufacturing capabilities in this region.
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Asia Pacific held the largest share of the industrial absorbents market in 2022. The industrial absorbents market growth in this region is attributed to the high usage in the chemicals, healthcare, and food processing industries, among others. In India, government initiatives and policies such as Make-in-India encourage the setup of different manufacturing plants. The rise in foreign direct investments is also contributing to the economic growth of Asia Pacific, further bolstering industrialization in the region. Thus, the ongoing industrialization is driving industrial absorbents market growth across the region.
Industrial Absorbents Market: Competitive Landscape and Key Developments
3M Co, Ansell Ltd, Brady Corp, Decorus Europe Ltd, Meltdown Technologies Inc, Oil-Dri Corp of America, Schoeller Industries GmbH, Fentex Ltd, Complete Environmental Products Inc, and Tolsa SA are among the key players operating in the industrial absorbents market. These companies have a wide presence across the world, which allows them to serve many customers.
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Impact of COVID-19 Pandemic on Industrial Absorbents Market
Before the onset of the COVID-19 pandemic, the demand for industrial absorbents was mainly driven by the oil & gas and chemicals industry. Due to the pandemic, governments of various countries imposed restrictions on oil & gas and chemical manufacturing plants, which affected the demand for industrial absorbents. The shortage of manpower resulted in the deceleration of industrial absorbents’ production and distribution. Disruptions in the global supply chain and the shutdown of oil & gas and chemicals production facilities hampered the demand for industrial absorbents. Moreover, amid lockdowns imposed by different countries in 2020, maintaining inventory levels became cumbersome for industries.
The economies started reviving their operations in 2021, and the demand for industrial absorbents for different applications began to rise globally. In 2021, the food processing, chemical, and oil & gas industries rebounded strongly. The increasing use of industrial absorbents in these industries is expected to offer more growth opportunities for the market during the forecast period.
Industrial Absorbents Market: Segmental Overview
Based on product type, the global industrial absorbents market is segmented into pads, rolls, pillows, booms, socks, and others. The booms segment held the largest market share in 2022. Absorbent booms help concentrate oil in thicker surface layers so that vacuums, skimmers, or other collection methods can be used with greater efficiency. As booms are resistant to acids and hydrocarbon fluids, they are widely used in the oil & gas industry. Moreover, absorbent booms absorb water-based fluids to efficiently contain hydrocarbon fluids such as vegetable oils, diesel, and hydraulic oils. The availability of absorbent booms with extremely high liquid retention abilities contributes to the dominance of the booms segment in the industrial absorbents market.
Based on type, the global industrial absorbents market is segmented into universal, oil-only, and hazmat/chemical. The hazmat/chemical segment held the largest market share in 2022, and the oil-only segment is expected to register the highest CAGR during the forecast period. Hazmat/chemical absorbent is used to handle and clean up spills of acids, bases, paints, unknown liquids, and corrosive and hazardous chemicals. Regulations related to chemical spills drive the demand for hazmat/chemical absorbents in the chemicals industry.
Based on end-use industry, the industrial absorbents market is segmented into oil & gas, chemical, food processing, healthcare, automotive, and others. The oil & gas segment held the largest market share in 2022, and the chemical segment is expected to register the highest CAGR during the forecast period. Industrial absorbents are used to clear oil spills in the oil & gas industry. These absorbents have hydrophobic fibers which repel water (and float), absorbing only oils and other hydrocarbons. Even when fully saturated, they still float on water. This makes these pads ideal for use around water and in wet conditions. Oil and chemical spills are common in the oil & gas industry. Oil spills have hazardous effects on the environment and are a major concern for environmental degradation. Thus, the use of industrial absorbent in oil & gas production industries reduces the effects of spills on the environment.
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Impact Of COVID-19 Pandemic on Industrial Absorbents Market
The COVID-19 outbreak adversely affected many industries, including the chemicals & materials industry. The governments of various countries imposed lockdowns, travel bans, and border restrictions to curb the spread of the virus. This halted the production of many companies operating in the chemicals & materials industry, creating supply shortages. Moreover, due to severe supply chain disruptions, raw material sourcing became difficult, creating a significant raw material shortage. The Industrial Absorbents market also witnessed a similar impact of the COVID-19 pandemic. Many production facilities remained closed under government mandates, which hampered the overall production volume of companies operating in the Industrial Absorbents market. Moreover, as the end-use industries such as construction, automotive, and transportation were adversely affected, there was a slowdown in demand for Industrial Absorbents, which resulted in a decline in profits of many small-scale, mid-scale, and large-scale companies.
However, the healthcare industry witnessed a significant boom because of the COVID-19 pandemic. Fluoropolymer tubing is widely used in various medical equipment such as catheters, bio-containment vessels, syringes, and sutures. This factor had a positive impact on the Industrial Absorbents market growth during 2020. Further, in 2021, the global marketplace witnessed a positive recovery, and governments announced the relaxation of their previously imposed restrictions. Manufacturers were permitted to operate at full capacity, which helped them overcome the demand and supply gap. Fluoropolymer manufacturers focused on increasing their production capabilities to maximize their profits, which is expected to further boost the Industrial Absorbents market growth over the forecast period.
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