ALBANY, New York, March 25, 2020 /PRNewswire/ -- Threat of chemical weapons is constantly lurking over various countries across the globe. A notable event of drones attack on the oil facility of Saudi Arabia, at Abqaiq has raised alarms amongst various governments about the impact chemical weapons. The effective counter measure for such affects is the implementation absorbents around oil and gas refineries. Owing to these demands, the global industrial absorbents market is expected to grow substantially in the forecast period of 2019 to 2027, says a recent report by Transparency Market Research. As per the report, the global industrial absorbents market is projected to experience 4% CAGR during the tenure. Moreover, the market is also anticipated to reach to the value of ~US$ 5.4 Bn by the end of 2027.
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Major Findings in the Global Industrial Absorbents Market Study
- Oil and gas segment under end-user industry is projected to provide exceptional opportunities to the player of the global industrial absorbents market. Owing to these opportunities the segment shall emerge as the largest segment in the global industrial absorbents market.
- In 2018, the synthetic absorbents under material type dominated the global industrial absorbents market. The segment is projected to continue its dominance in the coming years between 2019 and 2027. This dominance of the segment was attributed to the factors such as ease of production and cost-effectiveness. As per the report, the segment shall account for more than 76% of overall share of the global industrial absorbents market.
Explore the latest study on industrial absorbents market under the title: Industrial Absorbents Market (Material: Synthetic and Natural; Product: Oil-only, Universal, and HAZMAT/Chemical; and End-use Industry: Chemicals, Oil & Gas, Food Processing, and Others [Healthcare, Aerospace, Life Sciences, Mechanical Workshops, and Garages]) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027 at https://www.transparencymarketresearch.com/industrial-absorbents-market.html
Major Drivers of Global Industrial Absorbents Market Mentioned in the Study
Demand to Reduce Environmental Pollutants
Due to growing industrializations, the pollution levels across the globe have spiked significantly in recent years. This rise in the level has created alarming situations in countries like U.S. and China. India being a developing economy is extensively welcoming new industries. However, these industries are increasing the risk of elevated pollution with the growing number of industries coupled with vehicles on the road. Due to these alarming situations, the demand for effective industrial absorbents has skyrocketed in recent years. Owing to these demands, the global industrial absorbents market shall experience massive momentum in coming years between 2019 and 2027.
Stringent Government Policies to Propel the Growth
Since, the pollution level are exceeding beyond controllable limits, the governments have made it mandatory for the industries to implement effective absorbents in their facilities. This is also a crucial factor that is propelling the growth of global industrial absorbents market during the tenure of 2019 to 2027. Additionally, several non-governmental organizations are constantly stimulating the demand for industrial absorbents around factories and refineries. This shall also propel the growth of global industrial absorbents market during the estimated time frame, says the report by Transparency Market Research.
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Global Industrial Absorbents Market: Regional Analysis
In terms of value and volume, North America constituted a major share of the global industrial absorbents market in 2018, and the trend is projected to continue during the forecast period. The presence of key manufacturers of industrial absorbents and availability of raw materials are expected to boost the market in North America in the next few years. The U.S. led the industrial absorbents market in North America, holding more than 66% of the market share in 2018. The market share of the country is expected to increase by 1% by 2027.
The global industrial absorbents market is highly competitive and moderately fragmented. This nature of the market is the result of the presence of a handful of prominent players that are dominating the dynamics of the market. However, due to this scenario, the new players might find it difficult to enter the global industrial absorbents market.
Therefore, these players are indulging in strategies such as mergers and collaborations to acquire adequate resources that can help them gain sustainability in the global industrial absorbents market.
Analyze Industrial Absorbents Market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
The global industrial absorbents market is segmented on the basis of:
Industrial Absorbents Market by Material
Industrial Absorbents Market by Product
Industrial Absorbents Market by Product
- Oil & Gas
- Food Processing
Industrial Absorbents Market by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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