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Industrial Absorbents Market | Key players operating in the market include 3M Company, Brady Corporation, Decorus Europe Ltd., Johnson Matthey Plc, Kimberly-Clark Professional

03-20-2020 12:38 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: MarketsandMarkets

Industrial Absorbents Market

Industrial Absorbents Market

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.

Browse 74 market data tables and 53 figures spread through 132 pages and in-depth TOC on "Industrial Absorbents Market - Global Forecast to 2023"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/industrial-absorbent-market-101269725.html

The synthetic segment is expected to be the fastest-growing material type segment in the industrial absorbents market. The industrial absorbents market by material type has been categorized into natural organic, natural inorganic, and synthetic. Synthetic industrial absorbents are capable of absorbing liquid up to 70 times of their weight, which makes them a highly adopted material for industrial applications. Synthetic absorbents have properties such as non-flammability and excellent water repellency, which makes them suitable for applications in oil-only and HAZMAT spill control products.

Based on end-use industry, the oil & gas segment is expected to account for the largest share in the industrial absorbents market during the forecast period. Oil spills are caused due to the leakage of liquid hydrocarbon, oil-based liquids, or liquid gases into the environment, which is harmful for human and environmental health. Therefore, to overcome the consequences of spills and to recover and dispose spilled liquids, industrial absorbents products are used by the oil & gas producers. In addition, oil & gas manufacturers involved in downstream, midstream, and upstream operations need to employ spill control products to mitigate the risks associated with the spills.

For more Details Speak to Our Analyst @https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=101269725

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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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.

Oil-Dri Corporation of America is one of the market leaders in the development, manufacture, and distribution of sorbent products. It is a leading manufacturer and supplier of clay granular absorbents. In addition, the company offers polypropylene and recycled cotton-based absorbents. The industrial absorbents products are used in industrial and automotive applications. The company is also focusing on synthetic absorbents for industrial applications. Oil-Dri Corporation company can expand its product portfolio in end-use industries such as oil & gas and chemicals, which are the important markets for industrial absorbents.

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