Feb 09,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Industrial Absorbent Market.
It was estimated prior to this unanticipated outbreak that the Industrial Absorbent Market was expected to grow at a CAGR of 4.8% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Industrial absorbent can be defined as a mixture of materials that are insoluble in nature. Absorbents are used to absorb liquid by picking up and holding it in a material. This material has the capacity of holding water that causes it to swell. In various industries, such absorbents are used as they are helpful in dealing with chemical as well as oil spills.
The prime factor that is contributing to the demand for industrial absorbents is mainly the growing sternness of environment-related regulations on chemical and oil spills, which is driving the market.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the material type, the market is segmented as natural organic, inorganic, and synthetic. The synthetic segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. The quality of results offered by synthetic absorbent is driving the growth of this segment.
Based on the product type, the industrial absorbent market is segmented as pads, rolls, pillows, granules, booms & socks, sheets & mats, and others. The booms & socks segment is expected to grow with a lucrative CAGR over the forecast period owing to the growing incidences of accidental spills in marine areas.
Based on the utility type, the market is segmented as universal, oil-only, and HAZMAT/chemical. The HAZMAT/chemical segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. Stringent government regulations for hazardous chemical spills in industrial as well as commercial environment is driving the growth of this segment.
Based on the end-use industry type, the industrial absorbent market is segmented as oil & gas, chemical, food processing, healthcare, and others. The chemical segment is expected to grow with a promising CAGR over the forecast period owing to rising cases of chemical spillage during transportation.
In terms of regions, Asia-Pacific is estimated to be the fastest-growing industrial absorbent market during the forecast period, with China, Japan, India, and South Korea being the major countries with promising growth opportunities. The growth of the market is driven by the introduction of various government initiatives to reinforce environmental regulation to spill response. North America and Europe are also anticipated to offer significant growth opportunities over the forecast period.
Some of the major industrial absorbent manufacturers are-