North America to Lead Global Industrial Absorbents Market till 2024
Growing environmental concerns and strict regulations
regarding chemical and oil spills to boost global industrial absorbents market
through 2024
According to TechSci Research report, “Global
Industrial Absorbents Market By Product, By Material Type, By Type, By
End-Use Industry, By Region, Competition, Forecast & Opportunities, 2024’’, global industrial absorbents market is projected
to grow at a CAGR of 5.24% during the forecast period of 2019-2024, reaching $ 5140.86
million by 2024. Growing environmental
concerns, new product launches and increasing
applications of industrial absorbents in various
end user industries are some of the key factors expected to drive the market. However, buoyancy of industrial absorbent
products and availability of cost-effective alternatives of industrial
absorbents hinder the growth of global industrial absorbents market.
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Industrial
absorbents have extensive use in the oil & gas segment, which is anticipated
to account for the largest share in global industrial absorbents market during
the forecast period. Oil spills are caused mainly due to the leakage of
oil-based liquids, liquid gases or liquid hydrocarbons into the environment,
which is harmful for environmental as well as human health. Thus, to recover
and dispose spilled liquids and overcome the consequences of spills, industrial
absorbents are used by oil & gas manufacturers. Industrial absorbents market
in the Asia-Pacific region is driven by demand from countries such as India,
China, Japan and South Korea, owing to demand across end-use industries. Furthermore, the booms are anticipated to be fastest
growing segment during the forecast period. Booms are ideal for spill control
and are extensively used for oil-based spill control in water environment. Booms
are flexible tubes used to control and contain spills on land environment and
are ideal for rapidly absorbing oil- or water-based liquid spills on land.
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“Backed by strict regulations framed by
environmental bodies like the EPA for spill control, predominantly in oil &
gas and chemical end-use industries, industrial absorbents market in the North
America region is anticipated to witness substantial growth during the forecast
period. Canada and United States are among the largest producers and consumers
of oil & gas products, wherein industrial absorbent products are used to remediate
the spills caused during the production and distribution activities of oil
& gas. As a result, North America is expected to dominate global industrial
absorbents market over the course of next five years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Global
Industrial
Absorbents Market By Product, By Material Type, By Type, By End-Use
Industry, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global
industrial absorbents market and provides statistics and information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyses the emerging trends
along with essential drivers, challenges and opportunities in global industrial
absorbents market.
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