Specialty Sorbents Market Outlook: Key Futuristic Trends and Competitive Landscape by 2030
The global specialty sorbents market size is anticipated to grow profoundly in the forthcoming years due to rising awareness of environmental contamination. This information is published by Fortune Business Insights in its report, titled “Specialty Sorbents Market, 2022-2030“. These are materials that have been designed and modified to be used in applications that require both adsorption and absorption. Carbon black, chitosan, silica, and engineered nanomaterials are some of the most often used materials for this. They’re commonly employed to clean up oil spills and leaks in water bodies, which helps to keep the environment clean.
Production Process Halted Amid COVID-19 Lockdowns
The World Health Organization’s (WHO) Worldwide Health Regulations Emergency Committee declared the Coronavirus infection (COVID-19) pandemic a public health emergency of global concern on January 30, 2020. The virus began in China and has now spread to at least 213 countries and territories worldwide. Supply chains are being disrupted, causing production activities to be disrupted in several countries. Also, the shortage of manpower and raw materials owing to the ongoing COVID-19 situation is projected to severely impede the specialty sorbents industry in the near future.
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Based on product type, the market for specialty sorbents is segmented into chitosan, carbon black, silica, and nanoengineered materials. By application, the market is divided into oil & gas, food & beverages, pharmaceuticals, constructions, environmental, and other applications. Based on geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What Does the Report Contain?
The report has details on all the latest technology available in the market for specialty sorbents. The technological advances made in the industry has been highlighted and the potential opportunities associated with that. The report establishes the challenges of the market and advices various solution to them. It also mentions the growth stimulating factors, the restraints, consumption pattern, distribution channels, and all other vital information associated with the market.
Drivers & Restraints
Growth of Oil and Gas Industry to Augment Market Growth
The rising demand for energy is expanding the oil and gas industry. The industry requires the product extensively to prevent and manage any kind of liquid spillage or leakage. As an essential commodity as well as a highly flammable industry, the demand for the product is anticipated to grow in the foreseeable future. Moreover, this product is environmentally friendly and highly absorbent, it is anticipated to rapidly facilitate specialty sorbents market growth.
The market is being driven by an increase in expenditures in urban and industrial infrastructure, as well as the expansion of the global construction industry. The introduction of absorbent substances into the construction sector for the production of concrete materials has opened up new possibilities for water control in concrete.
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Rapidly Developing Energy Sector in Asia Pacific to Surge Demand
Asia-pacific is anticipated to hold substantial specialty sorbents market share in the foreseeable future. This is due to the rapidly growing energy industry such as oil and gas in the region. Moreover, the lack of stringent rules and regulations in the region is enabling the rapid growth of various petroleum industries.
North America is predicted to hold a considerable market share in the forthcoming years. As prominent producers of the oil and gas sector, along with a wide coastal range, product sales are expected to rise significantly in the near future.
Organic and Inorganic Growth Strategies by Key Players to Expand Business Horizons
To acquire a competitive advantage, specialty sorbents companies are pursuing a variety of growth and expansion tactics. Value chain integration with business operations is also monitored by industry participants at various stages of the value chain. Product launches, product approvals, and other organic growth tactics such as patents and events are being prioritized by a number of companies. Acquisitions, as well as partnerships and collaborations, were perceived as inorganic growth tactics in the market. These efforts have paved the road for market players to expand their business and client base.
List of Key Players Profiled in the Market:
- Mitsubishi Chemicals Holdings Company
- Kolon Industries
- Sumitomo Chemicals
- Tosoh Corporation
- Clariant AG
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