A new report entitled "Adsorbents Market by Type, by Application, and by Region - Global Trends and Forecast to 2020", has projected the market worth of the adsorbents industry to reach US$4.3 billion by 2020 with a CAGR of 6.3% during the period of study.
The growth will be fuelled by the high potential from molecular sieves and activated carbon, increasing the global demand for petroleum refining, chemicals/petrochemicals, and growth in the gas refining industry.
Molecular sieves are estimated to be the largest segment of the adsorbents market by 2020. Molecular sieves are the largest segment of adsorbents that have very small pores of precise and uniform size. These are used in petrochemicals and air separation and drying applications. North America is the largest market for molecular sieves due to the huge demand from the oil & gas industry. Moreover, rise in air separation & drying application is also driving the demand for adsorbents in the region. Asia Pacific is the fastest growing market for the use of molecular sieves mainly because of the surge in the petroleum refining application, especially in China, the largest market for the oil refining industry and the trend is expected to continue till 2020.
Petroleum refining industry is the largest application of adsorbents globally. Petroleum refining adsorbents are widely used in dehydration of alkylation feed and in purification of feedstock to protect isomerisation catalysts in refining. North America is the largest market for petroleum refining application of adsorbents. This high demand is due to the fact that crude oil in the region contains high amount of sulfur and other impurities, thus driving the adsorbents market in the region.
North America is the global forerunner of the adsorbents market, in terms of value and volume, and this trend is expected to continue till 2020. The countries in this region such as the US, Canada, and Mexico are witnessing a significant increase in the use of adsorbents in air separation & drying and water treatment applications. The industrial development in North America is driving the demand for adsorbents materials used in this region. The US accounts for a significant market share in the global adsorbents market.
The adsorbents market has less number of global players competing significantly for the market share, who are actively investing in various strategies such as, new product developments, major acquisitions, joint ventures & collaborations, and expansion projects globally to increase their market share. Also, companies are investing heavily in research and development activities. Major players, such as Arkema S.A (France), BASF SE (Germany), W.R Grace and Company (US), Calgon Carbon Corporation (US), and Axens SA (France), have adopted various organic and inorganic developmental strategies.
The report includes market segmentation by material, by application, and by region. It also provides company profiles and competitive strategies adopted by the major market players in the global adsorbents market.
Adapted from press release by Francesca Brindle
Read the article online at: https://www.hydrocarbonengineering.com/refining/07122015/adsorbents-market-worth-almost-5-billion-by-2020-1897/