Market Definition: Industrial Absorbents Market
Global industrial absorbents market was valued at an estimated USD 3.64 billion in 2018; this value is projected to grow with a CAGR of 5.15% in the forecast period of 2019-2026, resulting in a projected value of USD 5.43 billion by 2026.
Industrial absorbents are a type of material that is used for the extraction of chemicals or fluids spilled on various surfaces or floors. It is made up of soaking chemicals and materials specifically for these kinds of spills that help in the extraction process and are more effective than a normal absorbent. They are chemically inert in nature, making them safe for use on any kind of surface or chemicals.
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Market research analysis conducted in this report optimistically lends a hand to businesses for the strategy planning related to production, costing, inventory, purchasing and marketing. Moreover, the report offers highly developed information and scenario about the industry which helps to stand high in the competition in this fast paced business environment.
Key Market Competitors: Industrial Absorbents Market
Few of the major competitors are 3M, ANSELL LTD., Johnson Matthey, Decorus Europe, Brady Worldwide Inc., Monarch Green Inc., New Pig Corporation, Meltblown Technologies Inc., Oil-Dri Corporation of America, Chemtex company, UES Promura, GEI Works, Absorbent Products Ltd, TOLSA, KCWW, ASA Environmental Products., SHARE CORPORATION, Jaycot and EP Minerals.
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Major Market Drivers & Restraints are as follows:
- Increasing concerns and imposing regulations regarding the effects of spillage of chemicals and oils
- Presence of other cheaper and feasible alternatives available in the market is expected to act as a restraint to the market growth
Market Segmentation: Industrial Absorbents Market
- By Material Type
- Natural Organic
- Natural Inorganic
- By Product
- Sheets & Mats
- Booms & Socks
- By Type
- HAZMAT/Chemical (Hazardous Materials)
- Oil Only
- By End-Use Industry
- Oil & Gas
- Food Processing
- By Geography
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- North America
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Global industrial absorbents market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of industrial absorbents market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
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