Industrial Absorbent Market Size (2024 - 2029)

The industrial absorbent market is anticipated to experience growth, driven primarily by the increasing demand from the oil and gas industry. Despite challenges posed by health hazards in absorbent manufacturing and disruptions caused by the COVID-19 pandemic, the market has shown stability and steady growth. The expansion of oil refineries presents a significant opportunity for further market development. The Asia-Pacific region, with its rising consumption in countries like China, India, and Japan, holds the largest market share and is projected to be the fastest-growing area during the forecast period.

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Market Size of Industrial Absorbent Industry

Industrial Absorbent Market Summary
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

Industrial Absorbent Market 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 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
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Industrial Absorbent Market Size Summary

The industrial absorbent market is poised for steady growth, driven primarily by the increasing demand from the oil and gas industry. Despite the significant disruptions caused by the COVID-19 pandemic, which affected manufacturing and raw material availability, the market has shown resilience and is on a path to recovery. The Asia-Pacific region emerges as a key player, with countries like China, India, and Japan leading in consumption. The expansion of oil refineries and the rising demand for oil and hydrocarbon products are expected to further propel the market. However, health hazards associated with the manufacturing of absorbents pose challenges to market growth. The chemical industry also plays a crucial role, with basic chemicals anticipated to see substantial growth, supporting the demand for industrial absorbents.

The market landscape is partially consolidated, with major companies such as 3M, Brady Worldwide, Inc., Johnson Matthey, Kimberly-Clark Worldwide, Inc., and TOLSA dominating the scene. The United States, with its significant number of operable petroleum refineries and offshore drilling activities in the Gulf of Mexico, is a major market for industrial absorbents. The ongoing investments in oil and gas exploration, particularly in North America and the Middle East, are expected to positively impact market demand. Additionally, the chemical sector's expansion, especially in Asia-Pacific, is set to boost the market further. Initiatives like the European Union's investment to reduce reliance on Russian oil and gas also highlight the growing importance of industrial absorbents in the global market.

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Industrial Absorbent Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Growing Demand from the Oil and Gas Industry

      2. 1.1.2 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Health Hazards related to the Manufacturing of the Absorbents

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Material Type

      1. 2.1.1 Natural

      2. 2.1.2 Synthetic

    2. 2.2 Type

      1. 2.2.1 Universal

      2. 2.2.2 Oil-only

      3. 2.2.3 Hazmat

      4. 2.2.4 Other Types

    3. 2.3 End-user Industry

      1. 2.3.1 Oil and Gas

      2. 2.3.2 Chemical

      3. 2.3.3 Food Processing

      4. 2.3.4 Healthcare

      5. 2.3.5 Other End-user Industries

    4. 2.4 Geography

      1. 2.4.1 Asia-Pacific

        1. 2.4.1.1 China

        2. 2.4.1.2 India

        3. 2.4.1.3 Japan

        4. 2.4.1.4 South Korea

        5. 2.4.1.5 Rest of Asia-Pacific

      2. 2.4.2 North America

        1. 2.4.2.1 United States

        2. 2.4.2.2 Canada

        3. 2.4.2.3 Mexico

      3. 2.4.3 Europe

        1. 2.4.3.1 Germany

        2. 2.4.3.2 United Kingdom

        3. 2.4.3.3 Italy

        4. 2.4.3.4 France

        5. 2.4.3.5 Rest of Europe

      4. 2.4.4 South America

        1. 2.4.4.1 Brazil

        2. 2.4.4.2 Argentina

        3. 2.4.4.3 Rest of South America

      5. 2.4.5 Middle-East and Africa

        1. 2.4.5.1 Saudi Arabia

        2. 2.4.5.2 South Africa

        3. 2.4.5.3 Rest of Middle-East and Africa

Industrial Absorbent Market Size FAQs

The Industrial Absorbent Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)

3M, Brady Worldwide, Inc. , Johnson Matthey, Kimberly-Clark Worldwide, Inc. and TOLSA are the major companies operating in the Industrial Absorbent Market.

Industrial Absorbent Market Report Snapshots

Industrial Absorbent Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)