Trends in Absorbents Market 2024 by Production Market Analysis and Regional Market Performance
A major trend being witnessed in the global adsorbents market is increased investments by the market players to boost their production capacity for adsorbents. Owing to the large-scale application of adsorption materials in a wide range of industries, players engaged in the development of these materials are working toward expanding their production capacity to meet the growing product demand. These fresh investments are expected to be mainly directed at the upgradation of the existing capacity and the establishment of new facilities.
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Based on type, the adsorbents market has been categorized into activated carbon, molecular sieve, activated alumina, clay, and silica gel. Historically, molecular sieves held a significant share in the market. Molecular sieves have small pores of uniform size, which help them to restrict large molecules while simultaneously allowing smaller molecules to pass through. Owing to these properties, molecular sieves are widely used in air separation and drying applications. Besides, they are used in the petrochemical industry for the removal of contaminants such as water and sulfur. Thus, due to their large-scale usage, molecular sieves are expected to continue witnessing increased demand globally.
Based on region, the market has been categorized into Europe, North America, Asia-Pacific, Latin America, and the Middle East and Africa. During the forecast period, the adsorbents market in North America is expected to witness significant growth. This can be mainly attributed to the commercial exploitation of shale gas in North America and the subsequent demand generated for adsorption materials for petroleum gas refining.
The major restraint identified in the adsorbents market is the fluctuation in oil prices, globally. Over the last few years, the prices of oil have declined sharply, thereby eroding the profitability of associated companies. Moreover, the political uncertainty in major oil-producing countries, such as Russia, Venezuela, and Iran, is adding to the woes of oil and gas companies, which are now wary of inducing fresh capital investments to expand their production capacity. Thus, fluctuations in oil prices resulting in delay in expansion plans continue to hinder the growth of the market.
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Some of the major players operating in the global adsorbents market are BASF SE, Clariant Ltd., W. R. Grace & Company, Cabot Corporation, Zeochem AG, UOP LLC, Axens Group, Arkema srl, and Zeolyst International.
The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, and South Africa.