The Asia Pacific industrial absorbents market was valued at US$ 1,396.21 million in 2023 and is expected to reach US$ 2,036.35 million by 2031; it is estimated to register a CAGR of 4.8% from 2023 to 2031.
According to the International Energy Agency (IEA), Asia Pacific accounted for 8% of the world's crude oil production, with a total of 14,872.67 gigajoules of crude oil produced in 2021. China and India have been leading contributors to the total oil production in the region. According to the US Energy Information Administration, China is the world's fifth-largest oil-producing country. Although Asia has seen a slow but steady decline in its share in global oil production, it is expected to account for ~77% of the rise in world oil demand through 2025. Moreover, its reliance on oil imports would increase to 81% by 2025. China is also a hub for chemical processing, and it accounts for a significant portion of the chemicals produced globally. The country contributes to more than 35% of global chemical sales. Many major companies have their chemical plants in China. With the growing demand for various chemicals globally, this industry is scaling up its production operations, which would bolster the demand for industrial absorbents during the forecast period.
According to Invest India, India is the third largest consumer of energy and oil in the world. The crude oil and petroleum products consumption in India accounted for 223.04 million metric tons in fiscal year 2023. Thus, the oil & gas industry in the country has been flourishing, with players making investments to ramp up production volumes to cater to the burgeoning demand. The Government of India has approved an order allowing 100% foreign direct investment (FDI) in sectors including petroleum products, refineries, and natural gas under automatic route for oil & gas public sector undertakings. The oil & gas industry in India is expected to gather investments of US$ 25 billion in exploration and production by the end of 2024. The chemical processing industry in the country is highly diversified and manufactures more than 70,000 products. The country stands third among the largest chemical producers in Asia, in terms of volume, and it ranks seventh by output globally. According to the India Brand Equity Foundation, the chemicals industry in India is growing rapidly. India is the fourth-largest producer of agrochemicals after the US, Japan, and China. India accounts for ~16% of the world's dyestuffs and dye intermediates produced. The colorants industry in the country has emerged as a business with a global market share of ~15%. With such a flourishing chemicals sector, the demand for industrial absorbents is expected to increase in India over the coming years.
Thus, such developments in the oil & gas and chemicals industries in emerging countries are likely to create significant expansion opportunities for companies operating in the industrial absorbents market during the forecast period.
The Asia Pacific industrial absorbents market is categorized into product type, type, end-use industry, and country.
Based on product type, the Asia Pacific industrial absorbents market is segmented into pads, rolls, pillows, booms, socks, and others. The booms segment held the largest market share in 2023.
In terms of type, the Asia Pacific industrial absorbents market is categorized into universal, oil-only, and hazmat/chemical. The hazmat/chemical segment held the largest market share in 2023.
By end-use industry, the Asia Pacific Industrial Absorbents market is segmented into oil & gas, chemical, food processing, healthcare, automotive, and others. The oil & gas segment held the largest market share in 2023.
By country, the Asia Pacific industrial absorbents market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific industrial absorbents market share in 2023.
3M Co, Ansell Ltd, Brady Corp, Oil-Dri Corp of America, SpillTech Environmental Inc, and New Pig Corp, are among the leading companies operating in the Asia Pacific industrial absorbents market.