WELLESLEY, Mass., March 12, 2018 (GLOBE NEWSWIRE) -- Specialty sorbents, which are upgraded and modified materials used for specific absorption applications, are a relatively new product with high growth potential and uses suitable for a variety of end-use industries, according to a report by BCC Research. With government and regulatory bodies promoting the importance of air and water treatment, demand for these products is expected to be robust through the coming decade.
The global market for these specialty absorption applications was valued at $762 million in 2016 and is forecast to grow by a compound annual growth rate (CAGR) of 8.3% through 2022, when it will be worth an estimated $1.2 billion, according to the report Specialty Sorbents: Global Markets to 2022.
Major players in the market include Arkema, BASF Corp., Cabot Corp., Dow Chemical, Evonik Stockhausen Inc., Graver Technologies Inc., Haycarb PLC, KAO, LG Chem, Mitsubishi Chemical Holdings, NIPPON SHOKUBAI, Purolite, Sanyo Chemical Industries Ltd., Tosoh, W. R. Grace & Co. and ZEOCHEM.
Research Highlights
- Chitosan is one of the industry’s major special sorbent materials, and in 2016, it accounted for more than half of the total market’s demand. The market for chitosan is expected to expand at a CAGR of 7.8% through 2022. Engineered nanomaterials are projected to be the fastest-growing segment of the market, with a CAGR through 2022 of 9.8%.
- Specialty sorbents are expected to see increased use for the control of water in concrete, where their application can increase durability and strength. This is important, as concrete plays a major role in the global construction industry, which is expecting annual growth at 4.1% annually through 2030.
- The use of specialty sorbents in water treatment is expected to grow at a CAGR of 9.3% through 2022, when the segment is estimated to be valued at $515 million.
“Usage of sorbents and specialty sorbents is gaining popularity in construction chemicals with the objective of conservation of water and in the removal of contaminants,” wrote BCC Research analyst and report author Sinha G. Gaurav. “The expansion of the global construction industry is projected to be a major driver of the specialty sorbents market. The increasing construction investments in Asia-Pacific and the Middle East coupled with improving reconstruction activities in North America are expected to increase demand for construction chemicals. In addition, the growing importance of water treatment and increasing government spending on water treatment projects are also expected to drive the specialty sorbents market.”
Market Is Moderately Fragmented, With Specialty Sorbent Manufacturers Located Worldwide
The specialty sorbent market is considered moderately fragmented, and opportunities abound for those looking to enter the market. Globally, seven of the industry’s top manufacturers – BASF SE, Honeywell UOP, Arkema SA, Cabot Corp., Clariant AG, W. R. Grace and Calgon Carbon Corp. – accounted for nearly 48% of the market in 2016. While the major international players have manufacturing and distribution networks that span the globe, these established companies face substantial competition from local manufacturers. Capital investment to enter the market is moderately low, and there are a large number of both small and medium scale manufacturers catering to demand in local markets.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.