PUBLISHER: The Insight Partners | PRODUCT CODE: 1509801
PUBLISHER: The Insight Partners | PRODUCT CODE: 1509801
The industrial absorbents market size was valued at US$ 3.94 billion in 2023 and is projected to reach US$ 5.50 billion by 2031; it is estimated to register a CAGR of 4.3% from 2023 to 2031.
Based on end use, the market is segmented into oil and gas, chemical, food processing, healthcare, automotive, and others. The oil and gas segment held the largest share in 2023. As oil and chemical spills are common in the oil & gas industry, the use of industrial absorbents is considerably high as these can help avoid the hazardous effects of oil spills. Industrial absorbents have hydrophobic fibers that repel water (and float) and absorb only oils and other hydrocarbons. These absorbents float on water even when they are saturated, owing to which these pads are ideal for use in wet conditions.
Asia Pacific has been one of the prominent markets for industrial absorbents, owing to growth in chemical, healthcare, food processing, and other sectors. Moreover, government initiatives and policies such as Make in India encourage the setup of different manufacturing plants in India. The rise in foreign direct investments leads to regional economic growth, further bolstering industrialization in the region.
High demand for industrial absorbents from manufacturing, food processing, chemical, healthcare, and oil & gas industries drives the industrial absorbents market in Asia Pacific. The chemical manufacturing industry is an important part of manufactured exports for several Asian nations, including China, South Korea, India, and Japan.
The automobile industry in Asia Pacific has been witnessing healthy growth for the past few years. According to the International Organization of Motor Vehicle Manufacturers (OICA), the Asia-Oceania region's vehicle production increased from 50.02 million in 2022 to 55.12 million in 2023. The strong growth of the automotive industry in countries such as China, India, Japan, and South Korea further fuels the industrial absorbents market growth.
A few players operating in the global industrial absorbents market include 3M Co, Ansell Ltd, Brady Corp, Decorus Europe Ltd, Meltblown Technologies Inc, Oil-Dri Corp of America, Schoeller Industries, Fentex Ltd, Complete Environmental Products Inc, TOLSA SA, SpillTech Environmental Inc, New Pig Corp, Empteezy Ltd, and Green Stuff Absorbentes. Players operating in the market focus on providing high-quality products to fulfill customer demand. Also, they are focusing on launching new and high-quality products for their customers.
The overall global industrial absorbents market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the industrial absorbents market.