Universal Absorbents Market : Projected to Witness Vigorous Expansion by 2027
Global Universal Absorbents Market : Key Highlights
- According to a report published by the U.S. National Oceanic and Atmospheric Administration (NOAA) in 2018, around 137 oil spills occurred during 2018, which implied approximately 11 spills per month. The consumption of industrial absorbents is directly proportional to the number of oil spills.
- In terms of demand, Asia Pacific led the global universal absorbents market in 2018, and the trend is anticipated to continue from 2019 and 2027. The oil & gas industry in Asia Pacific is projected to expand at a CAGR of nearly 4% during the forecast period.
- The natural segment has witnessed growth over the last few years, due to the low cost and eco-friendliness of natural industrial absorbents. Natural industrial absorbents are increasingly being used across developed as well as developing regions. The natural segment is anticipated to expand at a high CAGR during the forecast period.
- The demand for industrial absorbents in China is projected to rise at a CAGR of ~4% from 2019 and 2027. China is a leading manufacturer and consumer of industrial absorbents in Asia Pacific, due to the high availability of raw materials, such as natural as well as synthetic fabrics, at a low price. The country is estimated to witness increased demand for oil-only industrial absorbents in the near future.
Global Universal Absorbents Market: Key Drivers and Opportunities
- The demand for industrial absorbents has increased over the last few years. The trend is expected to continue during the forecast period also. This growth can be attributed to rise in the incidence of oil and fuel spills in waters and on land. Industrial absorbents are increasingly being used for oil spill removal, due to their characteristics such as low-cost production, low environmental impact, and low energy consumption. Absorbents are used to clean large- and small-scale oil spills to protect the environment, including aquatic biota.
- Major players operating in the global industrial absorbents market, such as 3M Company, Brady Corporation, and Oil-Dri Corporation of America, are expanding their presence in Asia Pacific in order to tap immense opportunities in the region.
- Growing environment-related regulations about oil and chemical spills at workplaces is one of the key factors boosting the global industrial absorbents market. The use of industrial absorbents aids in complying with various state and federal regulations, such as the OSHA regulation.
- Consciousness about and pressure to follow stringent environment-related regulations meant for oil spill control and reduction in pollution caused due to spills is increasing, thereby boosting the growth of the global universal absorbents market.
Asia Pacific to be Highly Lucrative Region of Global Universal Absorbents Market
- In terms of value, North America held a major, i.e. more than 35% share of the global synthetic industrial absorbents Market in 2018.
- Expanding oil & gas industry and rising demand for oil spill absorbent products are major factors anticipated to drive the industrial absorbents market in Asia Pacific during forecast period.
- Rising environment-related awareness and stringent government regulations regarding workplace safety and discharge of industrial effluents are the key factors propelling the demand for industrial absorbents across the globe.
- The industrial absorbents market in Asia Pacific is anticipated to expand at a high CAGR during the forecast period. The universal absorbents market in Asia Pacific is driven by a rise in the demand from China, Japan, India, and South Korea, led by rising incidence of minor liquid spills in various end-use industries, and rapid industrialization in these countries.
Global Universal Absorbents Market– Key Developments
- In 2017, NPS Corporation acquired Evolution Sorbent Products LLC, a U.S.-based absorbent manufacturer, thereby becoming the largest manufacturer of absorbent products.
- In 2018, U.S. Silica Holdings, Inc. acquired EP Minerals, a global manufacturer of engineered materials and industrial absorbents, for US$ 750 Mn. This acquisition would help the former add extra EBITDA.
- In May 2019, Ansell Limited announced an investment of US$ 32 Mn toward the expansion of its manufacturing facility in Lat Krabang, Thailand. This expansion is aimed at increasing the facility’s manufacturing capacity by 30%, and help fulfill the rising global demand for chemical protection products in the next few years.