Industrial Absorbents Market

Global Industrial Absorbents Market Size (2024 to 2029)

The size of the global industrial absorbents market was worth USD 6.11 billion in 2023. The global market is anticipated to reach USD 9.31 billion by 2029, registering a CAGR of 7.26% from 2024 to 2029.

The Industrial absorbent market is majorly driven by its demand in many chemical industries. The various applicability of absorbents in land and water-based spills are also a reason for the boost of the industrial absorbent market globally.

MARKET DRIVERS

Oil and chemical spill regulations and growing environmental concerns are majorly propelling the growth of the global industrial absorbents market.

The growing concern for the environment and regulations related to oil and chemical spills in the environment, the increasing incidence of oil and water spills in water and on land, and rapid industrialization are some of the main factors driving the growth of the market during the period 2024-2029. However, the saturation and buoyancy of absorbent industrial products and the availability of profitable Industrial Absorbent substitutes are the main obstacles to the growth of the world Industrial Absorbent market.

The global industrial absorbents market is expected to experience substantial growth during the forecast period due to growing environmental concerns and growing regulations regarding global oil and chemical spills. The growing environmental concerns and regulations regarding oil and chemical spills in the environment, the increasing incidence of oil and water spills in water as well as on land, and rapid industrialization are also contributing to the global market expansion. Many companies are involved in launching innovative industrial absorbents. Industrial absorbents are a kind of material that is majorly employed for the withdrawal of chemicals or spilled liquids on different surfaces or floors. It is made up of chemicals and soaking composites mainly made for this type of spill that assists in the withdrawal procedure and is more effective than a normal absorbent. Industrial absorbents are inherently chemically inert, making them safe to use on any type of surface or chemical.

MARKET RESTRAINTS

However, the saturation and buoyancy of absorbent industrial products, as well as the availability of profitable substitutes for industrial absorbents hinder the world market of industrial absorbents. The ease of access to profitable substitutes for industrial absorbents products such as crushed clay and montmorillonite are further hampering the growth of the global market. Furthermore, congestion and lightness of industrial absorbent goods and the presence of price-effective substitutes for industrial absorbents are significant barriers to the expansion of the worldwide industrial absorbent market.

Impact of COVID-19 on the Global Industrial Absorbents Market

As a result of the COVID-19 pandemic and the resulting collapse, all companies in the oil and gas industry were affected. An analysis of a group of independent London-listed oil and gas companies suggests that past performance and current strategic moves are positioning themselves better than others to manage current volatility. London-listed independent oil and gas companies Cairn Energy Plc, EnQuest Plc, Genel Energy, Premier Oil, and Tullow Oil were in a relatively strong position by 2020, posting both rising revenue and declining net debt compared to the previous year. In 2019, the group recorded a slight increase in exploration spending compared to the previous year, but it has yet to translate into growth in reserve substitution. Due to its size and financial situation, the search for private investments to finance activities is necessary, and, for many, its debt ratio has increased.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Industrial Absorbents Market Analysis By Product

The brooms and socks segment is expected to lead the industrial absorbents market during the forecast period. Booms and socks are perfect industrial absorbent goods for controlling spills. Booms and socks are widely employed for oil-based spill control in the water environment.

Global Industrial Absorbents Market Analysis By Type

The HAZMAT/chemical segment is predicted to witness a prominent CAGR in the global market during the forecast period. HAZMAT/chemical absorbent goods are employed to clean up spills involving acids, bases, and other dangerous or unknown solvents as these spills can have dangerous effects on the environment and can be dangerous to the living beings who are living in the place.

Global Industrial Absorbents Market Analysis By End Use

The chemical segment is estimated to hold the major share of the global market during the forecast period. Chemicals are dangerous materials and can cause major harm to humans or the environment if accidentally poured or spilled in the environment. Chemical accidents generally occur throughout the transportation of stored chemicals.

REGIONAL ANALYSIS

The Asia Pacific regional segment is predicted to experience the quickest expansion rate throughout the foreseen period owing to escalating awareness and pressure to increasingly strict environmental rules for the response and control of spills and pollution from end-use businesses. The Industrial Absorbents industry in Asia-Pacific is augmented by calls from nations like China, Japan, India, and South Korea, owing to quick industrialization and the increase in the number of small liquid spills in end-use businesses. In addition to that, regions like Europe and North America have strict spill and chemical response standards. All of these reasons are driving Industrial Absorbents' expansion in the end-use chemical industry.

KEY PLAYERS IN THE GLOBAL INDUSTRIAL ABSORBENTS MARKET

Companies playing a major role in the global industrial absorbents market include 3M Company (US), Brady Corporation (US), Decorus Europe Ltd. (UK), Johnson Matthey Plc, Kimberly-Clark Professional, Meltblown Technologies Inc. (US), Monarch Green, Inc. (US), New Pig Corporation (US) and Oil-Dri Corporation of America (US).

DETAILED SEGMENTATION OF THE GLOBAL INDUSTRIAL ABSORBENTS MARKET INCLUDED IN THIS REPORT

This research report on the global industrial absorbents market has been segmented and sub-segmented based on product, type, end-use and region.

By Product

• Pads
• Rolls
• Pillows
• Granules
• Booms and Socks
• Sheets and Mats
• Others

By Type

• Universal
• Oil-only
• HAZMAT/Chemical

By End-use 

• Oil And Gas
• Chemical
• Food Processing
• Healthcare
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa