Industrial Absorbents Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 3.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Industrial Absorbents Market Analysis
The market for industrial absorbents is expected to register a CAGR of more than 3% during the forecast period.
The global Industrial Absorbents Market was badly impacted by the COVID-19 pandemic. Due to halted manufacturing and a lack of availability of raw materials, there was a disruption in the trade cycle. Lockdowns and travel restrictions imposed by several countries greatly impacted the oil and gas industry, resulting in a considerable influence on the market. However, in 2022, the situation was coming on track, and the market was stable and growing steadily.
- The major factor driving the market studied is the growing oil and gas industry demand.
- On the flip side, health hazards related to the manufacturing of absorbents hinder the market's growth.
- The expansion of oil refineries to increase demand for absorbents is an opportunity for the market's growth.
- The Asia-Pacific region represents the largest market and is expected to be the fastest-growing market over the forecast period, owing to the increasing consumption from countries such as China, India, and Japan.
Industrial Absorbents Market Trends
Oil and Gas Industry to Dominate the Demand
In the oil and gas industry, absorbents are widely used to repel water and absorb only oil and other hydrocarbon products.
The expansion of oil refineries is expected to increase the demand for absorbents, thereby driving the market. Demand for oil and subsequent products worldwide is also expected to drive the market.
As of 2022, the United States had 130 operable petroleum refineries. The newest refinery in the United States is the Texas International Terminals which started operating in February 2022.
The chemical industry plays an important role in the growth of the absorbent industrial market. Over the three years from 2021 to 2024, the industry is expected to grow, with overall industry growth expected to be 1.8% in 2024. Basic chemicals are expected to see the largest growth of any chemical segment, at a 2.1 percent forecast for 2024.
According to the European Chemical Industry Council, AISBL, the worldwide sales of chemicals increased by 15.2% and reached USD 4332.38 billion in 2021 from USD 3759.89 billion in the previous year.
The increasing number of drilling operations in the North American and Middle Eastern regions is expected to affect the market demand positively.
The United States is expected to be one of the largest markets for drilling services, mainly due to the increasing number of wells drilled and fracked in shale and tight reserves. For instance, in 2021, the United States government reopened the land to develop oil and gas fields to meet the global demand for oil and natural gas and deal with high prices in the United States, which would aid the market.
As the United States invested heavily in expanding its oil and gas production capacity, the Gulf of Mexico has become a global hotspot for offshore drilling. As of 2021, the Gulf of Mexico region is responsible for 97% and 15% of the US offshore and total hydrocarbon production, respectively. The region has one of the highest global densities of offshore oilfield services.
There is an increase in the number of exploration and production operations, as many oil and gas players are looking for new prospects in the crude oil sector, which may enhance the usage of absorbent in the industry.
In May 2022, European Union announced it to end its reliance on Russian oil and gas and invest USD 319.15 billion by 2030. The investment division includes USD 10.64 billion for gas infrastructure, USD 2.2 billion for oil, and the remaining for clean energy.
Therefore, the demand for industrial absorbents will grow from the oil and gas industry over the forecast period.
Asia-Pacific Region to Dominate the Market
The Asia-Pacific region is expected to account for the largest and fastest-growing market for industrial absorbent during the forecast period.
Chemicals demand in the market plays a keen role in boosting the market for industrial absorbent. China is the largest chemicals producer in the world, contributing 43% of global chemical sales, followed by the EU27 chemical industry with 14.7% and the United States coming in third with 10.9%. In 2022, worldwide chemical production grew by 2.7% compared to a 7% growth in 2021.
Many major companies in the market have their chemical plants in China. With the growing demand for various chemicals globally, the market studied in this sector is projected to grow during the forecast period.
India is poised to attract USD 58 billion in investments from global energy companies, such as Chevron, ExxonMobil, and Total Energies, for oil and gas exploration by the end of 2023. The government aims to double the net area explored for oil and gas to 500,000 sq. km from 250,000 sq. km by 2025. This will help in boosting the market for industrial absorbent.
In 2021, China National Petroleum Corp was one of the leading oil refining companies in the world. The company reported a capacity of 4,899 million barrels per day and generated revenue of USD 435,244 million for that year.
The Indian oil and gas industry has been growing rapidly, and the players are undertaking investments to cater to the burgeoning demand. The industry attracted investments of USD 25 billion in exploration and production in 2022.
The chemical processing industry in the country is highly diversified and manufactures more than 70,000 products. The country is the 3rd-largest chemical producer, in terms of volume, in Asia, and 7th by output, globally.
According to the India Brand Equity Foundation (IBEF), the country's chemical sector is growing rapidly to reach USD 300 billion by 2025, with an annual growth of about 15% to 20%. Therefore, the demand for industrial absorbents will increase in the chemical industry in the coming years.
Hence, with such trends, the demand for industrial absorbents in the Asia-Pacific region is expected to grow considerably during the forecast period.
Industrial Absorbents Industry Overview
The Industrial Absorbent Market is partially consolidated. The major companies of the market studied include 3M, Brady Worldwide, Inc., Johnson Matthey, Kimberly-Clark Worldwide, Inc., and TOLSA, among others.
Industrial Absorbents Market Leaders
-
3M
-
Brady Worldwide, Inc.
-
Johnson Matthey
-
Kimberly-Clark Worldwide, Inc.
-
TOLSA
*Disclaimer: Major Players sorted in no particular order
Industrial Absorbents Market News
- June 2022: Green Boom, a revolutionary line of eco-friendly oil absorbent products, announced a Memorandums of Understanding (MoUs) with Investment Promotion Agency Qatar (IPA Qatar) during the second annual Qatar Economic Forum. With this announcement, the company created its presence in the Middle East region to cater biodegradable line of oil-only absorbents suitable for large spill response, industrial and transportation applications.
Industrial Absorbents Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Growing Demand from the Oil and Gas Industry
4.1.2 Other Drivers
4.2 Restraints
4.2.1 Health Hazards related to the Manufacturing of the Absorbents
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Material Type
5.1.1 Natural
5.1.2 Synthetic
5.2 Type
5.2.1 Universal
5.2.2 Oil-only
5.2.3 Hazmat
5.2.4 Other Types
5.3 End-user Industry
5.3.1 Oil and Gas
5.3.2 Chemical
5.3.3 Food Processing
5.3.4 Healthcare
5.3.5 Other End-user Industries
5.4 Geography
5.4.1 Asia-Pacific
5.4.1.1 China
5.4.1.2 India
5.4.1.3 Japan
5.4.1.4 South Korea
5.4.1.5 Rest of Asia-Pacific
5.4.2 North America
5.4.2.1 United States
5.4.2.2 Canada
5.4.2.3 Mexico
5.4.3 Europe
5.4.3.1 Germany
5.4.3.2 United Kingdom
5.4.3.3 Italy
5.4.3.4 France
5.4.3.5 Rest of Europe
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Rest of South America
5.4.5 Middle-East and Africa
5.4.5.1 Saudi Arabia
5.4.5.2 South Africa
5.4.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) Analysis ** / Market Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 3M
6.4.2 ANSELL LTD
6.4.3 Brady Worldwide Inc.
6.4.4 Decorus Europe
6.4.5 Johnson Matthey
6.4.6 Kimberly-Clark Worldwide Inc.
6.4.7 Meltblown Technologies Inc.
6.4.8 Monarch Green Inc.
6.4.9 TOLSA
6.4.10 UES Promura
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Expansion of Oil Refineries to Increase Demand for Absorbents
Industrial Absorbents Industry Segmentation
The chemical industry uses the industrial absorbent for aggressive chemicals like acids and bases that neutralize the chemical and encapsulate the liquid. It absorbs oil spills in the oil & gas industry and absorbs moisture from meat, poultry, and perishable food products. The absorbent is used for surgical dressings, cosmetic purposes, and sanitary products in the healthcare industry.
The Industrial Absorbent Market is segmented by material type (Natural and Synthetic), Type (Universal, Oil-only, Hazmat, and Other Types), end-user Industry (Oil and Gas, Chemical, Food Processing, Healthcare, and Other End-user Industries), and geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecasts for the market in terms of revenue (USD million) for all the above segments.
| Material Type | |
| Natural | |
| Synthetic |
| Type | |
| Universal | |
| Oil-only | |
| Hazmat | |
| Other Types |
| End-user Industry | |
| Oil and Gas | |
| Chemical | |
| Food Processing | |
| Healthcare | |
| Other End-user Industries |
| Geography | |||||||
| |||||||
| |||||||
| |||||||
| |||||||
|
Industrial Absorbents Market Research FAQs
What is the current Industrial Absorbent Market size?
The Industrial Absorbent Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Industrial Absorbent Market?
3M, Brady Worldwide, Inc. , Johnson Matthey, Kimberly-Clark Worldwide, Inc. and TOLSA are the major companies operating in the Industrial Absorbent Market.
Which is the fastest growing region in Industrial Absorbent Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Industrial Absorbent Market?
In 2024, the Asia Pacific accounts for the largest market share in Industrial Absorbent Market.
What years does this Industrial Absorbent Market cover?
The report covers the Industrial Absorbent Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Industrial Absorbent Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Industrial Absorbent Industry Report
Statistics for the 2024 Industrial Absorbent market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Industrial Absorbent analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
