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Industrial Absorbents Market Size

Report ID: GMI8386
Published Date: Mar 2024
Report Format: PDF

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Industrial Absorbents Market Size

Industrial Absorbents Market was valued at over USD 4.5 billion in 2023 and is expected to grow at a CAGR of over 4% from 2024 to 2032. Strict environmental protection and waste management and policies require businesses to adopt practices and products. Compliance with environmental standards often requires the use of environmentally friendly fuels to reduce the environmental impacts of oil spills and industrial accidents.

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For instance, In June 2022, Investment Promotion Agency Qatar (IPA Qatar) signed two Memorandums of Understanding (MoUs) with international companies. The MoUs with Green Boom, a leading U.S. based manufacturer of bio-degradable absorbents, and PricewaterhouseCoopers (PwC), caters these leading international companies to deepen their presence in Qatar.

The demand for eco-friendly absorbents is leading to innovations and technological advancements in the industrial absorbent market. Manufacturers are aiming and developing new materials and processes to make absorbents that are biodegradable, non-toxic, and highly effective in spill condition and cleanup. These innovations are helping industries to address environmental issues more effectively while reducing their ecological footprint. Traditional absorbents contain harmful chemicals which can increase environmental damage and pose health risks to workers and communities. By using eco-friendly absorbents, industries reduce the environmental impacts of spills and minimize potential liabilities.

Industrial Absorbents Market Report Attributes
Report Attribute	Details
Base Year:	2023
Industrial Absorbents Market Size in 2023:	USD 4.5 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	4%
2032 Value Projection:	USD 6.5 Billion
Historical Data for:	2018 - 2022
No. of Pages:	220
Tables, Charts & Figures:	314
Segments covered:	Material, type, product, and end user
Growth Drivers:	Expansion of industrial activities Rising awareness of environmental protection Increasing focus on workplace safety Surging technological advancements Growing focus on sustainability
Pitfalls & Challenges:	Cost pressures Regulatory complexities

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Compliance with diverse and evolving environmental regulations presents a challenge for manufacturers and users of industrial absorbents. Navigating regulatory requirements across different jurisdictions can be complex and costly, particularly for multinational companies operating in multiple regions. Ensuring compliance requires continuous monitoring of regulatory updates, interpretation of legal requirements, and implementation of appropriate measures to address compliance gaps.

Authors: Suraj Gujar, Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

Industrial absorbents industry size surpassed USD 4.5 billion in 2023 and is expected to witness over 4% CAGR from 2024 to 2032, due to strict environmental protection and waste management and policies requiring businesses to adopt practices and products.

Industrial absorbents market from the natural material segment may strike a CAGR of over 5% between 2024 and 2032, with the increasing awareness and concerns regarding the environmental effects of conventional absorbent materials.

Asia Pacific industrial absorbent industry size is anticipated to record over 5% CAGR from 2024 to 2032, driven by the presence of a large and diverse industrial base, with a wide range of industries requiring absorbent materials for spill containment, cleanup, and safety purposes in the region.

Some of the leading industrial absorbent firms are 3M, ANSELL LTD., Meltblown Technologies Inc., Johnson Matthey, EP Minerals, Brady Corporation, and New Pig Corporation.