Global Industrial Absorbents Market: Key Highlights
· Accordingto a report published by the U.S. National Oceanic and AtmosphericAdministration (NOAA) in 2018, around 137 oilspills occurred during 2018, which implied approximately 11spills per month. The consumption of industrial absorbents is directlyproportional to the number of oil spills.
· In termsof demand, Asia Pacific led the global industrial absorbents market in 2018, andthe trend is anticipated to continue from 2019 and 2027. Theoil & gas industry in Asia Pacific is projected to expand at a CAGR ofnearly 4% during the forecast period.
· Thenatural segment has witnessed growth over the last few years, due to the lowcost and eco-friendliness of natural industrial absorbents. Natural industrialabsorbents are increasingly being used across developed as well as developingregions. The natural segment is anticipated to expand at a high CAGR during theforecast period.
· Thedemand for industrial absorbents in China is projected to rise at a CAGR of ~4% from 2019 and 2027. Chinais a leading manufacturer and consumer of industrial absorbents in AsiaPacific, due to the high availability of raw materials, such as natural as wellas synthetic fabrics, at a low price. The country is estimated to witnessincreased demand for oil-only industrial absorbents in the near future.
Global Industrial Absorbents Market: Key Driversand Opportunities
· Thedemand for industrial absorbents has increased over the last few years. Thetrend is expected to continue during the forecast period also. This growth canbe attributed to rise in the incidence of oil and fuel spills in waters and onland. Industrial absorbents are increasingly being used for oil spill removal,due to their characteristics such as low-cost production, low environmentalimpact, and low energy consumption. Absorbents are used to clean large-and small-scale oil spills to protect the environment, including aquatic biota.
· Majorplayers operating in the global industrial absorbents market, such as 3MCompany, Brady Corporation, and Oil-Dri Corporation of America, are expandingtheir presence in Asia Pacific in order to tap immense opportunities in theregion.
· Growingenvironment-related regulations about oil and chemical spills at workplaces isone of the key factors boosting the global industrial absorbents market. Theuse of industrial absorbents aids in complying with various state and federalregulations, such as the OSHA regulation.
· Consciousnessabout and pressure to follow stringent environment-related regulations meantfor oil spill control and reduction in pollution caused due to spills isincreasing, thereby boosting the growth of the global industrial absorbentsmarket.
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Asia Pacific to be Highly Lucrative Region ofGlobal Industrial Absorbents Market
· In termsof value, North America held a major, i.e. more than 35% shareof the global industrial absorbents market in 2018.
· Expandingoil & gas industry and rising demand for oil spill absorbent products aremajor factors anticipated to drive the industrial absorbents market in AsiaPacific during forecast period.
· Risingenvironment-related awareness and stringent government regulations regardingworkplace safety and discharge of industrial effluents are the key factorspropelling the demand for industrial absorbents across the globe.
· Theindustrial absorbents market in Asia Pacific is anticipated to expand at a highCAGR during the forecast period. The industrial absorbents market in AsiaPacific is driven by a rise in the demand from China, Japan, India, and SouthKorea, led by rising incidence of minor liquid spills in various end-useindustries, and rapid industrialization in these countries.
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Global Industrial Absorbents Market – KeyDevelopments
· In 2017, NPSCorporation acquired Evolution Sorbent Products LLC, a U.S.-based absorbentmanufacturer, thereby becoming the largest manufacturer of absorbent products.
· In 2018, U.S.Silica Holdings, Inc. acquired EP Minerals, a global manufacturer of engineeredmaterials and industrial absorbents, for US$ 750 Mn. Thisacquisition would help the former add extra EBITDA.
· In May2019, Ansell Limited announced an investment of US$ 32Mn toward the expansion of its manufacturing facility in Lat Krabang,Thailand. This expansion is aimed at increasing the facility’s manufacturingcapacity by 30%, and help fulfill the rising global demand forchemical protection products in the next few years.
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Global Industrial Absorbents Market – CompetitionLandscape
· Theglobal industrial absorbents market was highly fragmented in 2018. Dueto presence of a large number of manufacturers in the global market, and theirgrowth initiatives, the global industrial absorbents market is estimated to behighly competitive during the forecast period.
· Majormanufacturers of industrial absorbents include 3M Company, BradyCorporation, Oil-Dri Corporation of America, Ansell, EP Minerals, JohnsonMatthey, Meltblown Technologies, Chemtex Inc., Absorbent Products Ltd., MonarchGreen, Inc., and New Pig Corporation.
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