The new ‘Adsorbents Market - Global Trends and Forecast to 2020’ report from MarketsandMarkets predicts that the global market size of adsorbents, in terms of value, will reach US$4.3 billion by 2020, at a CAGR of 6.3% between 2015 and 2020. The market for adsorbents is driven by the oil and gas, packaging, air separation, and water treatment industries.
Currently, Asia Pacific is the largest market for adsorbents, accounting for a moderate market size, by value, in 2014. Among all the countries, China dominated the adsorbents market in 2014, followed by India. India is the fastest growing market in the world and is expected to surpass China in terms of the adsorbents market in the near future. Along with the rising demand for activated alumina in the Asia Pacific region, silica gels and clay are also projected to witness high CAGRs during the projected period. The molecular sieves segment accounted for the largest share in the adsorbents market in 2014. This can be attributed to the increasing use of adsorbents in natural gas, refining, petrochemical and air drying applications.
The Asia Pacific region is estimated to register the highest CAGR between 2015 and 2020 and is mainly driven by the increasing demand for adsorbents in various applications. The growing demand for eco-friendly and economic adsorbents from major end use industries such as petroleum refining, chemicals/petrochemicals, and gas refining have led to the growth of the adsorbents market in this region. However, adsorbent materials also have a limited ability to attract molecules on its surface. Once the capacity is over, further continuation with the refining and purification will create an equilibrium leading to desorption.
The global demand for adsorbent materials is increasing moderately, in which zeolite and activated carbon are major types. The demand for silica gel, silica gel-alumina composites, and metal oxides is anticipated to grow due to their efficiency and better service life. Molecular sieves (zeolite) account for a major share in the adsorbents market in terms of both value and volume.
Adsorbents are widely used in refining applications for removing a large variety of contaminants effectively and economically from hydrocarbon streams. This application utilises molecular sieve-based adsorbents. Due to increased use of molecular sieves in the petroleum refining industries, molecular sieves adsorbents also represent the fastest growing market globally.
Adapted from press release by Rosalie Starling
Read the article online at: https://www.hydrocarbonengineering.com/refining/28122015/adsorbents-market-to-reach-us43-billion-by-2020-1962/