Growing environmental concerns and regulations regarding oil and chemical spills on the environment, increasing incidences of oil and water-based spills in water as well as on land, rapid industrialization are key factors contributing to high CAGR of industrial absorbents during forecast period.
Market Size – USD 3.7 Billion in 2018, Market Growth - CAGR of 5.1%, Market Trends – Increasing focus on environmental sustainability
NEW YORK, June 04, 2019 (GLOBE NEWSWIRE) -- According to the current analysis of Reports and Data, the global Industrial Absorbents market was valued at USD 3.7 Billion in 2018 and is expected to reach USD 5.42 Billion by year 2026, at a CAGR of 5.1%. The study covers in-depth analysis of industrial absorbents and upcoming trends in the global industrial absorbents market. Industrial absorbents are a type of material that is primarily used for the extraction of chemicals or fluids spilled on different surfaces or floors. It is comprised 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. Industrial absorbent is chemically inert in nature which makes them safe for use on any kind of surface or chemicals. Growing environmental concerns and regulations regarding oil and chemical spills on the environment, increasing incidences of oil and water-based spills in water as well as on land, rapid industrialization are some of the key factors propelling the market growth during 2019-2026. However, Saturation and Buoyancy of industrial absorbent products, availability of cost-effective substitutes of industrial absorbents are major hindrance for the growth of global industrial absorbents market.
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Further key findings from the report suggest
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Segments covered in the report:
For the purpose of this study, Reports and Data have segmented the Industrial absorbent market on the basis of type, material type, product, end use, and region:
Type (Revenue, USD Million; 2016–2026)
Material Type (Revenue, USD Million; 2016–2026)
Product (Revenue, USD Million; 2016–2026)
End Use (Revenue, USD Million; 2016–2026)
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Regional Outlook (Revenue in USD Million; 2016–2026)
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