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The petroleum sorbent pads market size is forecast to increase by USD 46.42 million, at a CAGR of 5.77% between 2023 and 2028. The report includes historic market data from 2018 - 2022. The market is witnessing a growing demand for the increase in oil spill preparedness programs, recycled petroleum sorbent pads, and the increasing adoption of UV-resistant sorbent pads.
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A key factor shaping the petroleum sorbent pads market growth is the increase in oil spill preparedness programs. There has been an increase in training activities related to oil spills, which requires an understanding of the concerns of environmental damages and hazards caused due to oil spills. In addition, regulatory bodies such as OSHA mandate training for dealing with emergency situations in the event of an oil spill.
Moreover, apart from OSHA, there are several other organizations, such as the IMO, which take up the implementation of effective national response systems and international cooperation mechanisms in cases of major oil spills. In addition, the organization has designed model courses, an instrumental tool for the delivery of global initiatives, which aims at promoting petroleum spill training and preparedness programs. Hence, suhc factors are driving the market growth during the forecast period.
The lightweight pads segment is estimated to witness significant growth during the forecast period. Lightweight petroleum sorbent pads segment are absorbent materials designed to selectively absorb oil and repel water. In addition, these pads are commonly used in environmental cleanup situations to contain and absorb oil spills on land or water surfaces. Furthermore, their lightweight feature makes them easy to handle and deploy quickly in emergency situations.
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Moreover, as environmental consciousness continues to grow and industries seek more effective and sustainable solutions, the demand for these sorbent pads is likely to remain steady or even increase in certain sectors. In addition, industries dealing with oil, chemicals, or hazardous materials have heightened their focus on spill prevention and cleanup. Furthermore, this has led to a rise in demand for lightweight sorbent pads, as they offer higher absorption capacities to manage larger spills effectively. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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APAC is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Another region offering significant growth opportunities to companies is North America. The demand for petroleum sorbent pads in North America will witness significant growth due to comprehensive and stringent safety regulations from regulatory bodies such as OSHA. In addition, stringent worker safety regulations and high worker compensation in the event of workplace injuries have facilitated the adoption of oil spill kits and worker compliance. Moreover, the growth seen in the oil and gas industry and the manufacturing industry will propel the demand for petroleum sorbent pads. In addition, the growth in the oil and gas industry in North America will be due to the declining cost of production of shale oil, which will help the US shale oil producers to benefit from the stabilizing price of crude oil. Hence, such factors are driving the market growth in North America during the forecast period.
One of the key factors driving the petroleum sorbent pads market growth is the increasing incidents of oil spills and pipeline ruptures. A majority of these incidents threaten natural resources, public property, and life. In addition, the rise in oil spills can be attributed to the increase in the transportation of crude oil through sea routes and pipelines, which is expected to fuel the market for petroleum sorbent pads.
Moreover, petroleum sorbent pads are required to mitigate the harmful effects of liquid petroleum hydrocarbons released into the environment. For example. In October 2021, an undersea oil pipeline ruptured off the Southern California coast and spilled 25,000 gallons of crude into the water, owing to the anchor from a massive cargo ship damaging the pipelines during a heavy windstorm. Hence, such factors are driving the market growth during the forecast period.
The disposal of sorbent pads is one of the key challenges hindering the petroleum sorbent pads market growth. It has become important to recover petroleum sorbent pads post their use, as they become a source of pollution if left to decompose. In addition, loose particles of petroleum sorbent pads can disbalance the marine ecosystem. Furthermore, the use of sorbent pads is not recommended in the maricultural region as this could harm aquatic vegetation.
Moreover, the proper disposal of sorbent pads is essential as it can lead to contamination because the ones widely used are made from synthetic and inorganic materials. In addition, the disposal option for sorbent pads is very limited, and the process is often time-consuming and labor-intensive. Furthermore, loose sorbent material may clog waste streams, thus compounding the problem of disposal. Hence, such factors are hindering the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Petroleum Sorbent Pads Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
3M Co: The company offers petroleum sorbent pads such as 3M petroleum sorbent pad for use in oil only Sorbent applications.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The petroleum sorbent pads market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Petroleum Sorbent Pads Market Scope |
|
Report Coverage |
Details |
Page number |
164 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.77% |
Market Growth 2024-2028 |
USD 46.42 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.34 |
Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 38% |
Key countries |
US, Canada, China, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., American Textile and Supply Inc., Brady Corp., Breg Environmental, Darcy Products Ltd., ENPAC, Enretech Australasia Pty Ltd., Environmental XPRT, Filpro Corp., Global Spill and Safety, Meltblown Technologies Inc., New Pig Corp., Norco Inc., Oil Dri Corp. of America, Shanghai SYSBEL Industry and Technology Co. Ltd., Supremex Equipments, Twin Specialties Corp., UC Marine Co Ltd., Unique Safety Services, and RS GROUP |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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