LONDON, Aug. 23, 2016 /PRNewswire/ -- The goal of this report is to provide an up-to-date analysis of recent developments and current trends in the global market for oleophilic materials. Identifying significant drivers of revenue growth in specific categories for oleophilic material is an additional aim. The objective of this type of systematic research is to quantify the projected impact of both internal and external forces that are affecting the oleophilic materials industry today and that will affect the industry for the next several years. Forecasts are provided through 2020.
Use this report to:
Analyze recent developments and current trends in the global market for oleophilic materials.
Assess the oleophilic materials market based on polyethylene terephthalate (PET), polypropylene, carbon-based sponges, functional polymer sponges and kapok/milkweed seed hair.
Identify significant drivers of revenue growth in specific categories for oleophilic material.
Evaluate the major market drivers of the global oleophilic materials industry, current trends within the industry and major applications.
The global market for oleophilic materials has grown to $17.1 million in 2015 from $16.0 million in 2014. The market is expected to grow at a five-year compound annual growth rate (CAGR) of 6.9% from 2015 to 2020, reaching nearly $23.8 million by 2020.
The market for applications of oleophilic materials in the oil and petroleum industry is expected to grow from $7.3 million in 2015 to $10.1 million in 2020, increasing at a CAGR of 6.8% for the period 2015-2020.
The global market for applications of oleophilic materials in the manufacturing assembly industry is expected to grow from $4.2 million in 2015 to $5.9 million in 2020, increasing at a CAGR of 7.4% for the period 2015-2020.
Oleophilic materials are substances that display an affinity for oil absorption. The oleophilic material market is a relatively new technology, and its application in oleophilic skimmers and booms is expected to steadily increase. The market has been growing at a rate of 6.4% in 2015 primarily due to the increasing application of oleophilic materials in end-user industries such as manufacturing assembly, food processing and the hydroelectric power plant industry. Technological advancements in the oleophilic materials industry have resulted in the increasing penetration of carbon-based sponges such as carbon nanotube, nanowire mesh membrane and laser-induced porous graphene sponges.
To assess the market, oleophilic materials are broadly divided into five types, based on material type: polyethylene terephthalate (PET), polypropylene, carbon-based sponges, functional polymer sponges and kapok/milkweed seed hair. Polypropylene materials are widely used in the oil and petroleum industry. They are also used in hydroelectric power plants and the manufacturing assembly industry. PET and functional polymer sponges are mostly used in the oil and petroleum industry.
Oleophilic material is widely used in application industries such as oil and petroleum, manufacturing assembly, hydroelectric power plants and food processing. The oil and petroleum industry includes both refinery and hydraulic fracturing.
Global demand for oleophilic materials is driven by the increasing demand for oleophilic skimmers and oleophilic booms. In addition, increasing demand for oleophilic skimmers and oleophilic booms in end user industries, such as hydroelectric power plants, manufacturing assembly and the food processing industry, is expected to drive the market.
The global market for oleophilic materials is growing, primarily driven by North America, Europe and Asia-Pacific.
Download the full report: https://www.reportbuyer.com/product/3841969/
Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers
For more information:
Research Advisor at Reportbuyer.com
Tel: +44 208 816 85 48
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/oleophilic-materials-global-markets-300317390.html