Oil Absorbers Market Size, Share, Growth, And Global Industry Analysis by Type (Universal Absorbents, Oil only Absorbents, Specialty Absorbents) By Application (Industry, Environmental), Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast From 2023 To 2030

Updated On: 15 May 2023

OIL ABSORBERS MARKET REPORT OVERVIEW

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The global oil absorbers market size was USD 159.4 million in 2022 and is expected to reach USD 202.8 million in 2028, exhibiting a CAGR of 4.1% during the forecast period.

The sudden rise in CAGR is attributable to the oil absorbers market growth and demand returning to pre-pandemic levels once the pandemic is over. The global COVID-19 pandemic has been unprecedented and staggering, with the oil absorbers market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Oil absorbers are products that are designed to absorb oils and other hydrocarbon liquids quickly. Oil absorbers are used in a variety of areas. The industrial application of oil absorbers is to clean up spills and remove oil from water. Because of their absorbent capabilities, they are a significant component of spill kits. Oil absorbers come in many forms such as oil absorbent mats, socks, booms, and pillows. Oil absorbents used in oil spills have the properties oleophilic and hydrophobic. They attract oil and repel water.

Oil absorbents can be made of a variety of materials. These include polypropylene, natural fibers, and synthetic fibers. Oil spills can be a major hazard if not taken care of as soon as possible. That is why they are important in oil storage sites and areas such as marinas and automotive shops. Dealing with an oil spill becomes much easier using an oil absorber.

COVID-19 Impact: Halt of Operations to Impede Growth

The COVID-19 pandemic has disrupted all areas of business and production. The lockdowns which were imposed halted production activities of oil absorbers. The major manufacturers and users of oil absorbers, North America and Europe, suffered enormously due to COVID-19, whether in terms of the number of people infected or the regression of the economy. The supply chain was completely disrupted and exports and imports were harder to manage. This led to reduced usage of oil absorbers in other parts of the world as well. Industrial activities were halted in many parts of the world so the usage of oil had considerably reduced in many areas. Industries are the major consumer of oil absorbers. This reduced the growth of oil absorbers market significantly.

Latest Trends

"More Exploration Operations to Support Growth"

Exploration activities for oil and gas involve the processes and methods applied to locate the potential sites where oil and gas could be found. The demand for crude oil and natural gas has been steadily increasing, with many regions now facing shortages for the same. The prices of oil have been skyrocketing. This is giving way to more exploration operations being conducted to find new sources of oil and gas. Often there are oil spills and leakages during these exploration operations where some oil is found. There is a need for oil absorbers and oil spill kits to absorb the spilled oil and prevent the areas from any potential safety hazards.

OIL ABSORBERS MARKET SEGMENTATION

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• By Type Analysis

According to type, the oil absorbers market can be segmented into universal absorbents, oil-only absorbents, and specialty absorbents. Universal absorbents are anticipated to dominate the oil absorbers market.

• By Application Analysis

Based on application, the oil absorbers market can be bifurcated into industry and environment. The industry segment is expected to hold the major share in the oil absorbers market.

Driving Factors

"Increase in Drilling Activities to Stimulate Demand"

The oil and gas industry uses oil absorbers to absorb oil. They are also used to absorb other hydrocarbon products. Oil refineries around the world are expanding rapidly. This is going to support the growth of oil absorbents. Drilling activities in certain regions are also increasing which further positively impacts the oil absorbers market. Due to rising oil prices, drilling activities have grown faster than ever just in the past year. It has also been difficult for oil companies to produce at the same rate as in the pre-COVID 19 eras. As more and more rigs increase their drilling activities, it’s going to have a positive effect on the oil absorbers market.

"Rise in the Demand for Oil and Allied Products to Create Demand"

The demand for oil and its allied products is increasing steadily. Global oil demand is anticipated to surpass the pre-pandemic levels. This demand is not adequately matched by the supply of oil. Oil production is still suffering due to the COVID-19 pandemic. Crude oil needs to be further processed for consumption. This requires pumping, refining, and distribution processes. All of these processes come with the risk of oil spills and leakages. As the production activities for oil continue to increase at a rapid rate, the demand for oil absorbers is also going to see an increase.

Restraining Factors

"Harmful Environmental Effects of Oil to Challenge Growth"

The oil industry is one of the major pollutants to the environment. Increasing global warming and threats of major environmental damage have made industries, governments, and people look for alternatives to oil and gas. Electric vehicles are on the rise, which runs on battery and is safe for the environment. The transport industry is anticipated to reduce its usage of oil in the next decade or two. This is going to negatively impact the oil industry and hence the oil absorbers industry. The use of oil in producing electricity is also anticipated to decline as governments look for cheaper and safer alternatives such as solar energy and hydropower.

OIL ABSORBERS MARKET REGIONAL INSIGHTS

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North America has the largest oil absorbers market share. Drilling activities in the North American region have increased by about 60% just in the past year. North America has become the largest producer of oil in the world. This is increasing the demand for oil absorbers in the region.

Europe is the second-largest consumer of oil absorbers in the world. The use of oil in Europe grew about 5% in the past year. As Europe continues to consume more oil, the industries are going to require oil absorbers to prevent any hazards, thus increasing the demand for oil absorbers in the region.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Brady Corporation (U.S.)
• Oil-Dri Corporation (U.S.)
• Justrite (U.S.)
• New Pig Corporation (U.S.)
• LUBETECH (India)
• Global Spill Control (Australia)
• DENIOS (U.S.)
• JSP (India)
• Darcy Spillcare Manufacture (U.K.)
• Empteezy (U.K.)
• Oil Technics (Scotland)
• Dueperthal Sicherheitstechnik (Germany)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.