Olivia S. asked 2 years ago
The global market for industrial absorbents is expected to register a CAGR of more than 3% during the forecast period. The major factor driving the market studied is the growing demand from the oil and gas industry. On the flip side, unfavorable conditions arising due to the COVID-19 outbreak is hindering the growth of the market.
The oil and gas industry is expected to dominate the industrial absorbents market over the forecast period.
The Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period, owing to the increasing consumption from countries, such as China, India, and Japan.
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. Growth in demand for oil and its subsequent products, worldwide, is also expected to drive the market.
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- The increasing number of drilling operations in the North American and Middle Eastern regions is expected to positively impact the demand for the market studied.
- 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.
- Additionally, several downstream projects are lined up in the Asia-Pacific and the Middle East, to meet the growing demand from consumers, which is driving the market in the oil and gas sector.
- Therefore, the demand for industrial absorbents is expected to 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 the fastest-growing market for industrial absorbent during the forecast period.
- China is a hub for chemical processing, accounting for a major chunk of the chemicals produced globally. The country contributes more than 35% of global chemical sales. The chemical plants are another prominent end-user industry in China.
- Many major companies in the market have their chemical plants in China. With the growing demand for various chemicals, globally, the demand for the market studied from this sector is projected to grow during the forecast period.
- India was the fourth-largest consumer of oil in the world, in 2019. The oil and gas industry of the country has been growing rapidly, and the players are undertaking investments to cater to the burgeoning demand. The industry is expected to attract investments of USD 25 billion in exploration and production by 2022.
Competitive Landscape
The global 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.
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