High demand for environmentally friendly and high-performance absorbents will continue to drive the industrial absorbents market as industries seek sustainable solutions to manage spills and mitigate environmental risks.
WILMINGTON, Del., Oct. 18, 2023 /PRNewswire/ -- The global industrial absorbents market stood at US$ 4.5 billion in 2022, and the global market is projected to reach US$ 6.4 billion in 2031. The global industrial absorbents market is anticipated to expand at a CAGR of 4% between 2023 and 2031.
The industrial absorbents market has experienced substantial revenue growth, primarily driven by a confluence of factors such as growing environmental concerns, increasingly stringent regulatory frameworks, and heightened awareness of occupational safety. Industries including manufacturing, petrochemicals, automotive, and healthcare have come to heavily rely on industrial absorbents to respond to spillage incidents and mitigate their potential consequences swiftly.
Industrial absorbents encompass diverse products, from natural materials like clay, diatomaceous earth, and peat moss to synthetic materials such as polypropylene and cellulose. Moreover, technological advancements have led to innovative absorbent solutions with enhanced absorbency capabilities, reusability, and biodegradability.
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Industrial Absorbents Market Report Scope:
Report Coverage | Details |
Forecast Period | 2023-2031 |
Base Year | 2020-2022 |
Size in 2022 | US$ 4.5 Bn |
Forecast (Value) in 2031 | US$ 6.4 Bn |
Growth Rate (CAGR) | 4.0 % |
No. of Pages | 344 Pages |
Segments covered | By Material Type, By Type, By Product Type, By End-use |
As environmental consciousness continues to mount and businesses feel a greater need to scrutinize their ecological footprint, the global industrial absorbents industry is poised for further growth. The demand for environmentally friendly, high-performance, absorbent materials is expected to drive innovation, shaping the future of spill management solutions across various sectors worldwide. In an age of heightened environmental awareness and increasing regulations, industrial absorbents are set to play a pivotal role in maintaining ecological sustainability and safeguarding workplace safety.
Global Industrial Absorbents Market: Key Players
- ANSELL Ltd. unveiled a collaboration with Vizient, Inc. to offer room turnover products at discounted rates to Vizient members. This agreement encompasses a comprehensive array of room turnover products, including absorbent floor pads, disposable linens, mops, waste bags, patient positioning straps, and turnover packs. This strategic partnership is expected to provide Vizient members with cost-effective access to essential room turnover supplies, further enhancing the efficiency and effectiveness of their operations.
- The 3M Company unveiled its ambitious 20-year, US$1 billion investment plan aimed at achieving three key environmental objectives. These initiatives include achieving carbon neutrality by 2050, reducing water usage at its facilities by 25%, and enhancing the quality of water returned to the environment after production processes.
Key Takeaways of Market Report
- Global industrial absorbents market to generate absolute dollar opportunity worth US$ 6.4 billion until 2031.
- Global industrial absorbents market is valued at US$ 4.5 billion in 2022.
- The market value of the global industrial absorbents market management from 2018 to 2022 is 3.2%.
- North America is forecasted to hold a market share of 33.5%.
- Asia Pacific is expected to have a value share of 26.82%.
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Global Industrial Absorbents Market: Growth Drivers
- The global use of oil and gas has experienced a remarkable expansion, with production surging to meet the ever-growing global demand. This heightened production poses a significant risk of oil spills during the extraction process, thereby necessitating the deployment of industrial absorbents for the protection of both human safety and the environment.
- The expected rise in the utilization of industrial absorbents, especially in the oil and gas sector, presents an opportunity for manufacturers to focus on innovation and the development of absorbent materials that are not only highly efficient but also cost-effective.
Global Industrial Absorbents Market: Regional Landscape
- North America has established itself as a significant player in the global industrial absorbents market, and this dominance is anticipated to persist and potentially expand in the foreseeable future.
- The region's impressive industrial growth, particularly in the United States and Canada, with a notable focus on the oil and gas sector, is one of the primary drivers behind this market success in North America.
- The industrial absorbents market in Asia Pacific is poised for continuous growth, driven by the expansion of key end-use industries, notably the oil & gas, chemicals, and automotive sectors.
- Leading economies in the region, including China, India, Japan, and South Korea, are spearheading this expansion due to their diverse industrial profiles and stringent regulatory frameworks.
- With these nations displaying ongoing industrial development and innovation, the demand for industrial absorbents is expected to surge, further solidifying Asia Pacific's significance in the global market.
Global Industrial Absorbents Market: Segmentation
- By Material Type
- Organic
- Inorganic
- Synthetic
- By Type
- Oil-Only
- Universal
- HAZMAT / Chemical
- By Product Type
- Pads
- Rolls
- Pillows
- Socks or Snakes
- Booms
- Lose sorbents
- Others
- By End-use
- Oil & Gas
- Chemical
- Automotive
- Food Processing
- Healthcare
- Others
- By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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