Sep 25, 2017   SOURCE: BusinessWire

Petroleum Sorbent Pads Market - Segmentation Analysis and Forecasts by Technavio

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. (Gr ...

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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