VOC Recovery And Abatement Market Report Overview
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The global VOC recovery and abatement market size was USD 10650 million in 2022 and is projected to touch USD 102447.07 million by 2031 at a CAGR of 28.6% during the forecasting period.
The process of recovering and reducing volatile organic compounds (VOCs) from the air or other sources is referred to as VOC Recovery and Abatement. The significance of VOC Recovery and Abatement is that it contributes to environmental protection by lowering the level of air pollution. Solvents are used in the production of goods, distribution, and storage of finished or intermediate products in the fine & speciality chemical and pharmaceutical industries. Manufacturers may find it difficult to prevent unintentional releases of volatile organic compounds (VOCs) into the atmosphere.
VOCs pose a major risk to human health and the environment; hence their emission is closely controlled by legislation. Manufacturers must also manage evaporation losses since else, their goods could actually disappear into thin air.
COVID-19 Impact: Shut Down of Chemical Industries to Hamper Market Growth
The global COVID-19 pandemic has been unprecedented and staggering, with VOC recovery and abatement market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributed to the VOC recovery and abatement market growth and demand returning to pre-pandemic levels once the pandemic is over.
The VOC recovery and abatement market covers a wide range of products, from institutional cleaners to medical equipment to automotive, indicating that a sector with such economic exposure will be significantly impacted by COVID-19. Chemical and material firms may be transitioning from recovering to prospering depending on how the pandemic develops and the state of the economy. Due to the crisis, some important trends have started to pick up speed, changing supply and demand across industries. There are other tendencies that the crisis is likely to cause to slow down or stop.
Before the pandemic, significant trends are anticipated to continue to influence the business. Transportation has ceased as a result of the lockdown of cities and nations. There are countless chemical enterprises that have temporarily closed or are about to do so. Companies that rely heavily on Chinese manufacturing for raw materials, components, or finished items will be most negatively affected.
LATEST TRENDS
"Rising Awareness About Health Hazards to Promote Market Growth"
The demand for VOC recovery and abatement systems is anticipated to rise in the coming years due to growing awareness of the health risks posed by VOCs and their detrimental effects on human health. To combat the harmful effects of VOCs, strict government restrictions pertaining to air quality have also been put in place.
VOC Recovery And Abatement Market Segmentation
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- By Type
Based on type; the market is divided into regenerative thermal oxidation, recuperative thermal oxidation, catalytic oxidation, adsorption by activated carbon, cryocondensation and others.
In terms of product, catalytic oxidation is the largest segment.
- By Application
Based on application; the market is divided into petroleum and petrochemical, packaging and printing, pharmaceuticals, food, plastic and rubber, iron and steel, coatings and inks and other.
In terms of application, petroleum is the largest segment.
DRIVING FACTORS
"Filtration Systems of the Recovery System to Augment Market Growth"
Pollutants are separated using filtration systems for their solid, liquid, and gaseous forms. Filters, housings and seals, pumps and motors, as well as control devices, make up the filtration system. The removal of pollutants from drinking water or the treatment of wastewater that results in the production of industrial waste are two common uses for filtration systems. The market for VOC recovery and abatement includes filtering systems, which are crucial to the sector's development.
Use of Oxidizers in the System to Enhance Market Sales
Oxidizers are chemical substances that provide the substrate oxygen. They are employed in a range of processes, including as wood preservation, rubber processing, and metal finishing, because of this feature. The most popular oxidizer is hydrogen peroxide, which is widely used in industry since it can be found in both liquid and solid forms and at various quantities. Oxidizers are used by chemical businesses, oil refineries, and other facilities. The use of VOC systems at several points in the product life cycle, such as pre- and post-filtration, during storage tank cleaning and maintenance operations, is one of the other applications. According to estimates, a petrochemical firm will be the biggest end user of these systems, followed by a manufacturer. These factors are anticipated to propel VOC recovery and abatement market growth.
RESTRAINING FACTORS
"Tower Blockages During the Process to Impede Market Expansion"
The VOC recovery system encounters numerous technical faults that result in wastewater treatment issues, high particulate matter concentrations that may cause tower blockages, high maintenance costs, and the potential for white smoke. These factors are anticipated to constraint growth of VOC recovery and abatement market.
VOC Recovery And Abatement Market Regional Insights
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"North America to Dominate the Market Due to Rising Demand"
North America dominates the market and owns largest portion of VOC recovery and abatement market share. Due to the existence of numerous chemical and petrochemical producers, North America dominated the global market. Due to rising demand for VOC recovery and abatement solutions from numerous end-use sectors, including paints & coatings, plastics, pharmaceuticals and others, the region is anticipated to maintain its leadership over the projection period. Regional expansion is also being fueled by strict government laws governing VOC emissions. Due to its rapid industrialisation and the rising environmental concerns in developing nations, North America is anticipated to have one of the highest growth rates during the projection period.
KEY INDUSTRY PLAYERS
"New Strategies Among Market Players to Boost Market Growth"
Global low-VOC coating additives market is moderately consolidated with key players having presence across the value chain. Players in the market concentrate on expansion of product facilities and new product launches in order to increase their market share. Moderate level of mergers and acquisitions is the characteristic of this market. The VOC recovery and abatement market will be better understood thanks to the report's in-depth research of supply chain analysis. The market for blood processing equipment and supplies is extremely fragmented and characterised by fierce competition among the providers. Manufacturers are using mergers and acquisitions as part of their growth strategy to increase their geographic reach and supply cutting-edge goods. The high volume, low profit market for blood processing consumables necessitates clever pricing to set one operator apart from the others.
List of Market Players Profiled
- Air Products (U.S.)
- Linde pl (Praxair) (Finland)
- Wärtsilä (Sweden)
- Munters (U.S.)
- TOYOBO (Japan)
- Taikisha (Japan)
- Nippon Gases (Norway)
REPORT COVERAGE
The market research report on VOC recovery and abatement offers insights and analysis into the crucial elements that will rule during the projected period and their effects on market growth. The study offers important data on the market situation for producers of commodity chemicals and is a useful resource for businesses and anyone interested in the sector. The research starts out by giving a fundamental review of the sector, including its definition, uses, and manufacturing methods. The paper then goes into great detail about the top global industry participants. The research includes each firm's market share and company profile in this section.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 10650 Million in 2022 |
Market Size Value By |
US$ 102447.07 Million by 2031 |
Growth Rate |
CAGR of 28.6% from 2022 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the VOC recovery and abatement market expected to touch by 2031?
The global VOC recovery and abatement market is expected to touch USD 102447.07 million by 2031.
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What CAGR is the VOC recovery and abatement market expected to exhibit by 2031?
The VOC recovery and abatement market is expected to exhibit a CAGR of 28.6% by 2031.
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Which are the driving factors of the VOC recovery and abatement market?
Filtration systems of the recovery system and use of oxidizers in the system are the driving factors of the VOC recovery and abatement market.
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Which are the top companies operating in the VOC recovery and abatement market?
The Linde Group, Anguil Environmental Systems, Inc., Climate Technologies Corp., DCL International Inc., Multi Fan Systems Limited, Praxair Technology, Inc., VOCZero Ltd., Wartsila Corporation, Bay Environmental Technology (Beijing) Co., Ltd, Air Products and Chemicals, Inc., Babcock & Wilcox MEGTEC LLC, TANN Corporation, Baker Furnace, Inc., CECO Environmental Corp, PETROGAS system Inc., Polaris s.r.l., Air Clear, LLC., Catalytic Products International, Inc., Epcon Industrial Systems LP, Amcec Inc. are the top companies operating in the VOC recovery and abatement market.