Global Industrial Absorbents Products Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Industrial Absorbents Products Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Industrial absorbents products are a type of material that is mainly used to extract chemicals or liquids spilled from different surfaces or floors. It is composed of soaking chemicals and materials specially designed for this kind of spill, which helps the extraction process and is more effective than ordinary adsorbents. Industrial absorbents are chemically inert in nature, which makes them safe to use on any kind of surface or chemical products.

Market Overview:

The latest research study on the global Industrial Absorbents Products market finds that the global Industrial Absorbents Products market reached a value of USD 5921.62 million in 2022. It’s expected that the market will achieve USD 6853.47 million by 2028, exhibiting a CAGR of 2.47% during the forecast period.

The COVID-19 outbreak has a great impact on downstream industry

The outbreak and persistence of the COVID-19 epidemic will undoubtedly have a severe impact on the global oil industry in 2020. The sharp drop and rebound of oil demand have caused drastic fluctuations in global oil product inventories and oil prices.
The International Energy Agency warned that the impact of the epidemic on the energy system will continue for many years. This year, global oil demand will drop by 8%, and Brent oil prices will not reach the level of US$50 per barrel until 2023. If the policies and goals of various countries are implemented smoothly, global energy demand will also return to pre-epidemic levels in early 2023. If the epidemic prolongs and the decline deepens, this point will be postponed to 2025.
The oil and gas industry is one of the main downstream applications of industrial absorbents products. With the outbreak of the epidemic, the oil industry fluctuates sharply, the demand side and the supply side will be more cautious, and related investments have decreased, which will increase the risk of future market fluctuations. Affected by this, the industrial absorbents products market will also fluctuate, and market investment needs to be more cautious.

The production and sales of industrial absorbents products are affected

In order to curb the COVID-19 epidemic, most countries have introduced many policies, including border blockade and social distancing. The epidemic prevention and control measures will affect the flow of people and activities, and in turn affect logistics, making the production of manufacturing, especially labor-intensive industries, affected by the supply of raw materials and labor shortages.
For the industrial absorbents products industry, the blockade policy will affect the supply of raw materials and export trade of products. The social distancing policy may have a great impact on the production of products, especially for some small factories, they will spend more money to maintain production during the epidemic, and factories may face the risk of closure in some areas.
But in the long term, the COVID-19 outbreak may cause more factories to start using more automated production lines to avoid the pandemic's impact on the industry. In addition, the application of IoT technology may also bring more opportunities for industry participants.

Strength

Innovation drives technological progress of enterprises
With the continuous development of science and technology, technological innovation is the basic prerequisite for the survival and development of enterprises. In the current new international and domestic environment, it is an inevitable choice for enterprises to enhance their development ability and cope with market competition by intensifying technological innovation. As far as industrial enterprises are concerned, to improve the competitiveness of products, including performance, quality, cost and price, the core is technological innovation. For example, Oil-Dri Corporation of America establishes a special laboratory to research and develop new product application fields and prolong the product life cycle.

Weakness

Homogeneous competition
The homogenization of products in the industry is more serious. Industrial Absorbents Products of different brands are similar in design, performance, use value, packaging and service, and marketing means, and the technical content and use value of products gradually converge.
Strict environmental protection standards
According to the regulations of Environmental Protection Agency, the absorbed materials and recovered oil must be properly treated or recovered according to local, state and federal regulations. Absorbents that absorb solvents, gasoline or other substances that may be ignited, toxic or corrosive are also bound by the hazardous waste standards stipulated in the Law on Resource Protection and Recovery. Industrial Absorbents Products have strict environmental protection standards.

Region Overview:

In 2021, the share of the Industrial Absorbents Products market in North America stood at 36.73%.

Company Overview:

3M is one of the major players operating in the Industrial Absorbents Products market, holding a share of 1.96% in 2022.

3M

3M Company conducts operations in electronics, telecommunications, industrial, consumer and office, health care, safety, and other markets. The Company businesses share technologies, manufacturing operations, marketing channels, and other resources.

Oil-Dri Corporation of America.

Oil-Dri is responsible for diversified operations, including cat litter, liquid purification, agriculture, animal intestinal health and sports lawn.

Segmentation Overview:

By type, Pads segment accounted for the largest share of market in 2021.

Application Overview:

By application, the Oil & Gas segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Industrial Absorbents Products market covered in Chapter 3:

New Pig Corporation
Brady Corporation
Decorus Europe
Empteezy
Evolution Sorbent Products LLC
Oil-Dri Corporation of America.
Meltblown Technologies Inc.
TOLSA
Monarch Green, Inc.
EP Minerals
Schoeller-industries
Absorbent Products Ltd
Johnson Matthey
Chemtex
3M

In Chapter 4 and Chapter 14.2, on the basis of types, the Industrial Absorbents Products market from 2018 to 2029 is primarily split into:

Pads
Rolls
Booms & Socks
Pillows
Sheets and Mats
Granules
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Industrial Absorbents Products market from 2018 to 2029 covers:

Oil & Gas
Chemical
Food Processing
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)