Adsorbents Market- Scenario
The molecular sieves product segment is the leading type in the market on account of its extensive use in the petroleum industry for the removal of sulfur and water from crude and natural gas. Moreover, its use in the non-cryogenic oxygen production plants for the production of high purity oxygen is contributing to the growth of the segment. The petroleum refinery is the leading application used in the market and is anticipated to observe a higher CAGR due to extensive use of adsorbents in the purification of feedstock and in the refining of crude and natural gas.
Adsorbents are used in various processes such as drying of natural gas, crude oil, air separation, and water treatment among others. The global adsorbents market has been driven by the range of its application in various uses such as petroleum refinery, chemical synthesis, petrochemicals, and others. Moreover, it is estimated that the petroleum refinery segment is set to witness the highest growth in the market due to its extensive use in purification of crude and natural gas. The increasing awareness about the pollution coupled with the stringent government regulations is also expected to boost the use of adsorbents in treatment of water throughout the globe
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Some of the prominent players operating in the Global adsorbents market are Arkema S.A (France), BASF SE (Germany), W.R Grace and Company (U.S), Calgon Carbon Corporation (U.S), Axens S.A (France), The Dow Chemical Company (U.S), Mitsubishi Chemical Corporation (Japan) Cabot Corporation (U.S.), Clariant (Switzerland), and W.R. Grace & Company (U.S.), among others.
The global adsorbents market is segmented into product type and application. On the basis of product type, the market is segregated into molecular sieves, activated carbon, silica gel, activated alumina, clay, and others. The market by end-user industry is further categorized into petroleum refining, chemicals/petrochemicals, gas refining, water treatment, air separation & drying, packaging, and others.
The Global Adsorbents Market is spanned across five key regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, North America holds a major portion of the global market and is anticipated to continue its dominance due to developed petroleum and petrochemical industry. The growing upstream activities has augmented the need for adsorbents in the region. Moreover, the shale gas boom has further added to the growth of the market. The major countries attributing to this growth are the U.S. and Canada. Asia Pacific is expected to be the fastest growing market owing to the increasing need for petroleum products to fulfill their energy dependency. Moreover, the growing pharmaceutical and use of adsorbents in the packaging of electronics and biomedical products are also driving the market positively. Europe is expected to show significant growth during the forecast period. The developed pharmaceutical and healthcare industry is contributing to the market growth. Moreover, the strict regulation by the European Union for reduction of pollution is also surging the demand for adsorbents in the water treatment facilities. The Middle East is expected to show a steady growth owing to their huge upstream oil and gas industry.