The global industrial absorbents market size is expected to reach USD 6,255.3 Million in 2030 and register a revenue CAGR of 4.8% over the forecast period, according to latest report by Reports and Data. Emergence of biodegradable industrial absorbents and increasing focus on environmental sustainability are key factors expected to drive market growth over the forecast period. The market for industrial absorbents is being engulfed with ‘readily biodegradable' products. Companies across the world are stepping up their research efforts to develop ready-to-use biodegradable products made from naturally occurring ingredients. While majority of players are focused on developing new synthetic absorbents, others are aiming for a circular economy in order to gain consumer trust.
Manufacturers are promoting awareness regarding recyclable absorbents to alleviate production stress on local farmers. End-use industries benefit from this method as recyclability results in lower waste volumes at the end of clean-up.
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Some Key Highlights from the Report
- HAZMAT segment is expected to register a rapid revenue growth rate over the forecast period. HAZMAT absorbent products are used to clean up spills containing acids, bases, and other hazardous or unknown liquids since these spills might harm environment and endanger living beings in vicinity. HAZMAT absorbent products are mostly composed of synthetic absorbents and are designed to absorb acidic or caustic fluids.
- Booms socks segment accounted for largest revenue share in the global industrial absorbents market in 2021. Booms socks are excellent industrial absorbents for spill control. Booms socks are widely utilized in water environment to manage oil-based spills. Booms have exceptional water repellency and are ideally suited for water areas such as sea, lakes, and ponds. Socks are flexible tubes used to control and contain spills on land. They are ideal for swiftly absorbing oil- or water-based liquid spills.
- Chemical segment is expected to account for largest revenue share in the global industrial absorbents market over the forecast period. Chemicals are hazardous compounds, if discharged or spilled in environment, can cause serious harm to humans and environment. Chemical accidents generally occur when stored chemicals are transported. To reduce the impact of spills on environment, chemical manufacturers need to respond immediately to accidental spills that occur during manufacturing processes. Moreover, regions such as North America and Europe have strict chemical and spill response regulations. All of these factors have fueled growth of the industrial absorbents market in chemical industry.
Major Companies:
- 3M Company
- Decorus Europe Ltd.
- Kimberly-Clark Worldwide Inc.
- Monarch Green Inc.
- Johnson Matthey plc
- Jaycot Industries
- ASA Environmental Products Inc.
- UES Promura
- EP Minerals LLC
Competitive Landscape:
The report further sheds light on the competitive landscape and provides in depth information about each market player including its global position, product portfolio, financial standing, revenue growth and company overview. The market players are focused on adopting various inorganic and organic growth strategies such as mergers and acquisitions, joint ventures, collaborations, product launches and partnerships to gain a robust footing in the market.
Key questions addressed in the report:
- What is the expected market size of the global Industrial Absorbents market during the forecast period?
- What CAGR is the global market expected to register during the forecast period?
- Which key factors are expected to boost global market growth between 2021 and 2028?
- What are the key restraints that are expected to hamper global market growth?
- Which regional market is expected to register robust CAGR during the forecast period?
- Which key players are operating the global Industrial Absorbents market?
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Industrial Absorbents Market Segmentation:
Type Outlook:
- Universal
- Oil-only
- HAZMAT
- Others
Material Outlook:
- Natural Organic
- Inorganic
- Synthetic
Regional Outlook:
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- K.
- Italy
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- A.E.
- South Africa
- Rest of MEA
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