Industrial Absorbents Market worth $4.7 billion by 2023 | Key Players include 3M Company, Brady Corporation, Decorus Europe Ltd., Johnson Matthey Plc, Kimberly-Clark Professional, Meltblown Technologies Inc., Monarch Green, Inc., New Pig Corporation, and

According to recent market research "Industrial Absorbents Market By Material Type (Natural Organic & Inorganic, Synthetic), Product (Pads, Rolls, Booms & Socks), Type (Universal, Oil-only, HAZMAT), End-use Industry (Oil & Gas, Chemical, Food Processing), and Region - Global Forecast to 2023", The industrial absorbents market is expected to grow from USD 3.7 billion in 2018 to USD 4.7 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 5.1% during the forecast period. The major factors driving the industrial absorbents market include growing environmental concerns and regulations regarding oil and chemical spills.

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Industrial absorbents are porous materials which absorb liquid or gas into spaces within and throughout the material. Industrial absorbents are used for spill control, containment, and remediation and recovery of liquids such as oil, water, and chemicals. Industrial absorbent materials are either oleophilic, hydrophilic, or hydrophobic. The use of absorbents spans many industries, including oil & gas, chemical, food processing, and pharmaceuticals, among others. The industrial absorbents market size is estimated to grow from USD 3.7 billion in 2018 to USD 4.7 billion by 2023, at a CAGR of 5.1%. The major factors driving the industrial absorbents market include growing environmental concerns and regulations regarding oil and chemical spills. However, the availability of cost-effective substitutes of industrial absorbents and reducing large oil spill on sea incidents are the major challenges for the industrial absorbents market.

The synthetic segment is expected to be the fastest-growing material type segment in the industrial absorbents market. Synthetic industrial absorbents have high absorption capacities in comparison to natural organic and natural inorganic, which makes them a highly adopted material for industrial applications. Non-flammability and excellent water repellency properties make synthetic absorbents more suitable for applications in oil-only and HAZMAT spill control products.

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The industrial absorbents market is estimated at USD 3.7 billion in 2018 and is projected to reach USD 4.7 billion by 2023, at a CAGR of 5.1%. This growth is mainly attributed to the high demand for spill control products from the oil & gas and chemical end-use industries to meet environmental standards and regulations.

3M Company (US), Brady Corporation (US), Decorus Europe Ltd. (UK), Johnson Matthey Plc (UK), Kimberly-Clark Professional (US), Meltblown Technologies Inc. (US), Monarch Green, Inc. (US), New Pig Corporation (US), and Oil-Dri Corporation of America (US) are the leading manufacturers of industrial absorbents, globally.

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New Pig Corporation is engaged in the manufacture and sales of absorbent-based spill control products. The company is one of the leading players in the industrial absorbents market. It company offers a wide range of spill control products. New Pig Corporation also has a strong online presence, which makes it more competitive in the industrial absorbents market. The company is focused on the development of new products to sustain in the fragmented market for spill control products. For example, in 2017, it introduced the PIG Forklift Spill Kit for forklift truck and tow motors. This strategy helped the company strengthen its product portfolio for the industrial absorbents market.

3M Company is one of the leading players in the industrial absorbents market. The company has a significant geographic presence with major focus on the US market for industrial absorbents. Over the last few years, the company has significantly invested in the research and development of products, which contributes about 6% of the total revenue of the company in 2017.

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