Authored By: Sarah
23 Aug 2024

Industrial Absorbents Market Size to grow by USD 1119.5 million between 2024-2028

The Industrial Absorbents Market is segmented by End-user (Chemicals, Oil and gas, Food processing, Healthcare, and Others), Type (Chemical, Oil-only, and Universal), and Geography (APAC, North America, Europe, South America, and Middle East and Africa). As per the Global Forecast research report 2024-2028 published by Technavio, the market size is estimated to grow by USD 1119.5 million, at a CAGR of 4.36% during the forecast period. There are several companies that are contributing to the market as per this report. Technological advancements in absorbent materials and products .

By End-user, the Chemicals segment is projected to dominate the market size in 2024

In the chemicals industry, the handling and processing of materials necessitate the utilization of industrial absorbents to mitigate risks associated with corrosive, toxic, and flammable substances. These substances, inherent in chemical production and transportation, pose significant hazards if spilled. Industrial absorbents, such as diatomaceous earth, are essential for swiftly containing and absorbing such spills, thereby minimizing potential environmental damage and accidents. Diatomaceous earth, a naturally occurring sedimentary rock, is highly porous and possesses exceptional absorbent properties. It is commonly employed in the chemical sector as an absorbent for various liquids, including oils, solvents, and chemicals.

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Why is APAC forecasted to hold the largest regional market size in 2024?

In the Asia Pacific (APAC) region, the expanding industrial sector and heightened environmental concerns are fueling a significant demand for industrial absorbents. Key drivers of this market growth include stringent waste management regulations, the necessity for spill cleanup in industries, and the growing emphasis on maintaining a clean and secure work environment. The robust manufacturing sector in APAC, particularly in countries like China, Japan, and South Korea, contributes significantly to this trend. These nations are renowned for their industries in sectors such as automotive, electronics, and chemicals, which generate substantial quantities of hazardous substances, necessitating effective absorbents for spill response and containment.

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Research Analysis Overview

The Industrial Absorbents Market has witnessed significant growth in recent years due to the increasing demand from drilling operations in the oil and gas sector. Key players in this market include Texas International Terminals and BP Plc. The market is driven by the demands of petroleum refineries and oil refineries for hydrocarbon products, which require absorbents for various processes. The trade cycle and travel restrictions have impacted the market growth, but the rising industrialization in various regions is expected to boost the market. High-performance absorbents are in high demand due to their ability to effectively absorb water, oil, and chemical spills. The sector offers complete solutions and a wide range of product offerings, with complementary capabilities in environmental friendliness and performance. The market is currently experiencing saturation, but the growing concerns for human life and ecosystems in the face of chemical and oil spills continue to drive regulations and environmental concerns, ensuring the market's continued growth. Texas International Terminals and BP Plc, among others, are investing in research and development to create more effective and eco-friendly absorbents. The market is expected to remain a critical component of the industrial sector, ensuring the safe and efficient handling of hydrocarbon products.

Market Research Overview

The Industrial Absorbents Market is a significant segment of the global Specialty Chemicals Market, encompassing businesses specializing in high-value-added chemicals used in the manufacturing of diverse product categories. These include, but are not limited to, fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings. According to Technavio, the Global Specialty Chemicals Market size is determined by the consolidated revenue generated by manufacturers in this sector. Key growth drivers for this market include the increasing demand for specialty adhesives and sealants, which are essential components in various industries such as automotive, construction, and electronics. - The Industrial Absorbents Market is experiencing significant growth, fueled by the . Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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