According to the latest market study released by Technavio,
the global petroleum sorbent pads market is expected to grow at a CAGR
of almost 4% during the predicted period.
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Technavio has published a new report on the global petroleum sorbent pads market from 2017-2021. (Graphic: Business Wire)
This research report titled ‘Global
Petroleum Sorbent Pads Market 2017-2021’ provides an in-depth
analysis of the market in terms of revenue and emerging market trends.
This market research report also includes up to date analysis and
forecasts for various market segments and all geographical regions.
The growth of the global petroleum sorbent pads market will be driven by
the growth seen in various end-user industries such as oil and gas,
chemical, manufacturing, transportation across the regions. These
end-user industries use petroleum products for various applications,
which are hazardous in nature. Also, other factors that would drive the
market are stringent safety regulations posed by the regulatory
authorities such as OSHA.
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Technavio’s analysts categorize the global petroleum sorbent pads market
into four major segments by end user. They are:
-
Construction
-
Manufacturing
-
Oil and Gas
-
Chemical
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The top three end-user segments of the global petroleum sorbent pads
market are discussed below:
Oil and gas industry
The demand for petroleum
sorbent pads will witness a moderate growth in the oil and gas
industry during the forecast period, as the market is slowly recovering.
The oil and gas industry undertakes exploration, extraction, refining,
and transportation of oil and gas products. There are chances that
during any of the process there could be oil spillage, which can lead to
several hazards.
According to Neelesh Prakash Singh, a lead oil
and gas research analyst from Technavio, “The situation in the
oil and gas industry has improved. The industry is likely to witness
positive growth driven by the demand in the US and in parts of emerging
economies. The declining cost of production will help the US shale oil
producers to benefit from the stabilized price of crude oil. Also, the
recovery of the industry will be driven due to the economic growth of
emerging economies.”
Chemical industry
The demand for petroleum sorbent pads from the chemical industry will
show positive growth during the forecast period. The chemical industry
produces chemicals using oil and gas as major raw materials. The
chemical industry converts natural resources, such as crude oil and
natural gas, into usable products for a wide range of applications.
“Petroleum-based solvents are also used in paints and coatings.
During industrial processes utilizing oil, gas, or petroleum
derivatives, there are chances of leakage, which can lead to major
industrial disasters. If such spillage or leakage is uncontrolled, it
can lead to fire, explosions, or the release of toxic substances that
can either result in the death or injury of the workers and can cause
extensive damage to the property and the environment,” says Neelesh.
Manufacturing industry
The demand for the petroleum sorbent pads from the manufacturing
industry, especially the automotive industry will drive the market. The
rising sales and demand for automobiles and the increasing investments
in the automotive sector will spur the demand for petroleum sorbent
pads. Viscous fluids such as solvents are used to dissolve solid
substances.
Cleaning of auto parts becomes easier as solvents evaporate quickly,
leaving no trail of residue. Petroleum is also used in the lubrication
process of the auto parts. During such process, there remains a
possibility of accidental spillage of lubrication, creating space for
hazards. The floor can become slippery leading to slips, trips, and
falls.
The top vendors highlighted by Technavio’s research analysts in this
report are:
-
3M
-
Chemtex
-
Darcy Spillcare Manufacture
-
ENPAC
-
New Pig Corporation
-
NPS Corp
-
Oil-Dri Corporation of America
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