Industrial Absorbents Market to Exceed US$ 5,085.36 million by 2028

    Published on 21-Feb-2023
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    Report : Industrial Absorbents Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Pads, Rolls, Pillows, Booms, Socks, and Others), Type (Universal, Oil-Only, and Hazmat/Chemical), and End-Use Industry (Oil & Gas, Chemical, Food Processing, Healthcare, Automotive, and Others)

    The scope of our recent study on the "Industrial Absorbents Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Product Type, Type, and End-Use Industry" includes the description of factors fueling the market growth, estimation and forecast of revenue, and identification of significant market players and their key developments. The report also provides a market share analysis.

    The industrial absorbents market is expected to grow from US$ 3,850.41 million in 2022 to US$ 5,085.36 million by 2028; it is estimated to register a CAGR of 4.7% from 2022 to 2028.

    Industrial absorbents are used for cleaning up chemical and oil spills. Oil spills are long-lasting environmental disasters with a wide range of impacts. The effects of oil spills can vary, ranging from minimal to serious ones, depending on the magnitude and location of the spillage. Oil can kill surface-dwelling animals and birds by poisoning or suffocating them, or by affecting their buoyancy and natural waterproofing mechanisms. Contaminated food supplies may lead to the malnourishment of animals, which may be followed by poisoning over time. The damage can be significant if an oil spill occurs in an area with wildlife habitat. Oil disables the insulating ability of fur on mammals and impacts the water-repelling qualities of a bird's feathers. Without insulation or water-repelling qualities, mammals and birds can die from hypothermia.

    Based on product type, the industrial absorbents market is segmented into pads, rolls, pillows, booms, socks, and others. The socks segment is expected to register the highest CAGR during the forecast period. An absorbent sock is a long, enclosed tube filled with granular materials that block, absorb, and chemically treat liquid spills (in some cases). Absorbent socks absorb high volumes and restrict the spread of liquids. They are flexible and provide a snug fit to prevent any seepage, and they retain fluids for a longer period. These socks can be used as dams and placed around the spillage area for a cover-up.

    The industrial absorbents market is segmented into five main regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Asia Pacific held the largest market share in 2022, and the region is expected to register the highest CAGR during the forecast period. The growing production and sales of oil & gas and chemicals in Asia Pacific is a key factor driving the industrial absorbents market growth in the region. India and China are among the largest producers of oil & gas and chemical, which provides a major marketplace for industrial absorbent vendors. Moreover, the growing food processing and automotive industries are creating demand for industrial absorbents in Asia Pacific.

    Impact of COVID-19 Pandemic on Industrial Absorbents Market

    The onset of the COVID-19 pandemic forced the shutdown of vehicle manufacturing plants in 2020, which hampered the demand for industrial absorbents. Moreover, politically enforced measures to contain the disease such as implementing curfews; closing factories, offices, and dealerships; and laying off short-time workers led to decreased sales of industrial absorbents. Furthermore, disrupted global supply chains hampered the availability of raw materials at manufacturing plants, further impacting manufacturing activities, delivery schedules, and essential and nonessential product sales. All these factors hindered various industries in 2020 and early 2021, thus, restraining the industrial absorbents market growth.

    However, in 2021, various economies resumed operation as governments of various countries announced the relaxation of the previously imposed restrictions, which boosted the global marketplace. Further, manufacturers were permitted to operate at full capacities, which helped them overcome the demand-supply gaps and other repercussions. Resurgence in the operations of oil & gas and chemical industries is expected to provide the impetus for the industrial absorbents market growth during the forecast period.

    The report segments the industrial absorbents market as follows:

    Based on product type, the industrial absorbents market is segmented into pads, rolls, pillows, booms, socks, and others. By type, the market is segmented into universal, oil-only, and hazmat/chemical. In terms of end-use industry, the industrial absorbents market is segmented into oil & gas, chemical, food processing, healthcare, automotive, and others. Based on geography, the industrial absorbents market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.

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