At 5.70% CAGR, Global Adsorbent Market Size & Share to Surpass US$ 5340.62 Million By 2028 | Adsorbent Laboratory Industry Trends, Share, Growth, Value, Analysis & Forecast Report By ZMR
NEW YORK, Aug. 19, 2022 /PRNewswire/ -- As per Zion Market Research study, The global adsorbent market size was worth USD 3,829.50 million in 2021 and is estimated to grow to USD 5340.62 million by 2028, with a compound annual growth rate (CAGR) of approximately 5.70 percent over the forecast period.
Adsorbent Market: Overview
Adsorbents are substances that absorb another substance. Adsorbents form layers on the surface through the adhesion process. They remove certain qualities from solids, liquids, and gases and cause them to adhere to their surfaces while retaining their chemical and physical properties. Moldings, rods, and spherical pallets are the most common forms of adsorbents. Abrasion resistance and high thermal stability are among the features that have found their way into various end-user sectors, including air separation, petrochemicals & drying, and water treatment. Adsorbents are used in the gas sector to dry gases such as steam crack gas, methyl chloride, LNG, and others. It is used in water plants to remove fluoride and arsenic through a process known as DE fluoridation. Because of the expansion of main end-use sectors such as water and air treatment, chemicals, and petrochemicals, the adsorbent industry has grown significantly. Furthermore, stringent regulatory regulations create massive market potential for the leading competitors in the adsorbent industry. However, the availability and high cost of raw materials for some specific adsorbents are expected to impede the overall growth of the adsorbent market over the forecast period. The biggest limitation in the global adsorbent market is the variation in oil prices, which has a negative impact on petroleum demand, decreasing the adsorbent market value. Oil prices have fallen over the years, which has impacted company profitability. Furthermore, the demand for adsorbents has been hampered by uncertainties in oil-producing nations.
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Key Industry Insights & Findings of the Adsorbent Market Reports:
- As per the analysis shared by our research analyst, the Adsorbent Market is expected to grow annually at a CAGR of around 5.70 % (2022-2028).
- Through the primary research, it was established that the Adsorbent Market was valued at approximately USD 3829.50 million in 2021 and is projected to reach roughly USD 5340.62 million by 2028.
- With the rise of COVID-19 cases and a scarcity of oxygen cylinders in numerous Indian states, oxygen concentrators are among the most sought-after equipment for oxygen therapy, particularly among patients in home isolation and hospitals running low on oxygen.
- Adsorbents are employed in refining and purifying processes to adsorb different pollutants and impurities such as (CO2 or H2S), mercaptans, manufacturing chemicals, and hydrate inhibitors.
- Rising demand for distillate fuels and dwindling supplies of lighter, easier-to-process crude, refineries are being forced to handle heavier stocks.
- The usual procedures used in refineries throughout the world to remove organic nitrogen/sulfur compounds from liquid fuels include hydrogenation and hydro-sulfurization with hydro-treating catalysts.
- Commercial shale gas production in North America and the resulting need for adsorption materials for petroleum gas processing.
- North America region has recently witnessed a shale gas boom, which has expanded the demand for adsorbents in the petrochemical sectors.
- The expansion of the population in Asia Pacific region has given rise to pharmaceuticals, food & beverage, petrochemicals, and a variety of other businesses, which has expanded the size of the adsorbents market.
- India and China have been steadily expanding their need for crude oil, which has increased the demand for adsorbent materials and stimulated growth.
Zion Market Research published the latest report titled "Adsorbent Market By Type (Molecular Sieves, Activated Carbon, Silica Gel, Activated Alumina, Others), By Application (Petroleum Refining, Chemicals/Petrochemicals, Gas Refining, Water Treatment, Air Separation & Drying, Packaging, Others), and By Region - Global and Regional Industry Overview, Comprehensive Analysis, Market Intelligence, Historical Data, and Forecasts 2022 – 2028." into their research database.
Industry Dynamics:
Adsorbent Market: Growth Drivers
- Demand for oxygen concentrators is increasing fueling the market expansion.
With the rise of COVID-19 cases and a scarcity of oxygen cylinders in numerous Indian states, oxygen concentrators are among the most sought-after equipment for oxygen therapy, particularly among patients in home isolation and hospitals running low on oxygen. Medical equipment that concentrates oxygen from the surrounding environment is known as an oxygen concentrator. Atmospheric air contains around 78% nitrogen and 21% oxygen, with the remaining 1% comprised of various gases. The oxygen concentrator draws in this air, filters it via a sieve, reintroduces the nitrogen, and operates on the residual oxygen. Concentrators are portable and do not require a particular temperature, unlike LMO, which must be kept and carried in cryogenic tankers. Concentrators, unlike cylinders, require a power source to draw ambient air. PSA is a method to isolate some gas species from a mixture of gases under pressure based on the species' molecular properties and affinity for an adsorbent material. This has increased the demand for the global adsorbents market.
Adsorbent Market: Restraints
- Reduced service life owing to high impurity levels to hamper market growth.
The capacity of adsorbent materials to attract molecules on their surfaces is restricted. Once the capacity is depleted, additional refining and purification will generate an equilibrium, resulting in desorption. Adsorbents are employed in refining and purifying processes to adsorb different pollutants and impurities such as (CO2 or H2S), mercaptans, manufacturing chemicals, and hydrate inhibitors. At this point, the contaminants present react with the adsorbents, resulting in adsorbent renewal. These contaminants either regenerate or degrade the adsorbent. The service life of adsorbents is determined by the material's regeneration capability, which might be a constraint for the global adsorbents market.
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Global Adsorbent Market: Opportunities
- Technology for denitrogenating/desulfurization to drive market growth prospects.
Because of rising demand for distillate fuels and dwindling supplies of lighter, easier-to-process crude, refineries are being forced to handle heavier stocks. The main issues faced while processing these sorts of stocks are the increased nitrogen and sulphur levels, which, when burned, generate nitrogen and sulphur oxides that are harmful to the environment. The usual procedures used in refineries throughout the world to remove organic nitrogen/sulfur compounds from liquid fuels include hydrogenation and hydro-sulfurization with hydro-treating catalysts. These processes often demand high pressure, high temperatures, and hydrogen consumption. The current hydro-desulfurization procedure removes only simple sulphur compounds and not refractory sulphur compounds found in liquid fuels.
Global Adsorbent Market: Challenges
- Raw material depletion to create challenges for market growth.
Coal, bauxite, silicate, zeolite, and clay are the primary raw materials used to produce adsorbents. Because all these natural resources are naturally available, excessive exploitation and mining of these raw materials are not appropriate for preserving them. Because mineral resources are limited, exponential expansion and rising demand are unsustainable. These diminishing mineral resources may significantly threaten the adsorbent's business.
Global Adsorbent Market: Segmentation
- The global adsorbent market is segregated based on type, application, and region.
Based on type, the market is segmented into molecular sieves, activated carbon, silica gel, activated alumina, and others. Molecular sieves are expected to be the most rapidly developing category over the projection period. The rising usage of adsorbents in petroleum refining is to blame for the growth of this industry. Molecular sieves are commonly employed in the petroleum industry, notably for filtering gas streams and in the science lab for separating chemicals and drying materials. The four primary types of molecular sieves are 3A, 4A, 5A, and 13X. The molecule's chemical formula determines the pore size of molecular sieves.
Based on application, the market is segmented into petroleum refining, chemicals/petrochemicals, gas refining, water treatment, air separation & drying, packaging, and others. In the historical past, petroleum refining accounted for a substantial portion of the global adsorbents market. Adsorption materials are employed in the petroleum refining alkylation feed dehydration process to cleanse the feedstock. Because of the widespread use of adsorption materials in petroleum refining, the market is likely to expand significantly.
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List of Key Players in Adsorbent Market:
- Arkema
- Honeywell International Inc.
- Axens
- Basf Se
- Cabot Corporation
- Clariant Ag
- W. R. Grace & Co.-Conn
- Calgon Carbon Corporation
- Zeochem
- Jalon
- Porocel
- Zeolyst International
- Haycarb Plc
- Fuji Silesia Chemical Ltd.
- AGC Chemicals Americas
- Interra Global
- Graver Technologies Llc
- Silicycle Inc
- Kureha Corporation
- Molsivcn Adsorbent Co.Ltd
- Sorbead India
- Hengye Inc
- Cilicant
- Zettachem International.
Key questions answered in this report:
- What are the growth rate forecast and market size for Adsorbent Market?
- What are the key driving factors propelling the Adsorbent Market forward?
- What are the most important companies in the Adsorbent Market Industry?
- What segments does the Adsorbent Market cover?
- How can I receive a free copy of the Adsorbent Market sample report and company profiles?
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Recent Development:
- January 2020: According to Honeywell, Altus Midstream implemented Honeywell UOP's Ortloff SRX technology at its Diamond Central cryogenic gas processing facility, making it the first global usage of the breakthrough technology to extract valuable natural gas liquids (NGLs) from input gas. The Reeves County, Texas, plant launched in May 2019 and can now handle up to 600 million standard cubic feet of natural gas daily.
- June 2021: W. R. Grace & Co. has completed its acquisition of Albemarle Corporation's Fine Chemistry Services business for approximately USD 570 million, including USD 300 million in cash and USD 270 million funded by the issuance to Albemarle of non-participating preferred equity of a newly formed Grace subsidiary.
Regional Dominance:
- North America dominated the global absorbent market in 2021.
Over the projected period, the North America adsorbents market is expected to grow considerably. This is mostly due to commercial shale gas production in North America and the resulting need for adsorption materials for petroleum gas processing. The oil and petrochemical sectors, particularly in the United States and Canada, are important drivers of growth in the North American area. Furthermore, this region has recently witnessed a shale gas boom, which has expanded the demand for adsorbents in the petrochemical sectors. Furthermore, the pharmaceutical, food, and beverage sectors have seen significant growth, increasing the demand for adsorbents for drying solvents and synthesis products.
One of the most important adsorbent market regions in the Asia Pacific. One of the important reasons driving the growth of the Asia Pacific adsorbents market is the increased demand for adsorbents in various industries. The market will likely gain from rising demand for environmentally friendly and cost-effective adsorbent solutions in the coming years. The expansion of the population in this region has given rise to pharmaceuticals, food & beverage, petrochemicals, and a variety of other businesses, which has expanded the size of the adsorbents market. Furthermore, developing countries such as India and China have been steadily expanding their need for crude oil, which has increased the demand for adsorbent materials and stimulated growth.
Global Adsorbent Market is segmented as follows:
Adsorbent Market: By Type Outlook (2022-2028)
- Molecular Sieves
- Activated Carbon
- Silica Gel
- Activated Alumina
- Others
Adsorbent Market: By Application Outlook (2022-2028)
- Petroleum refining
- Chemicals/Petrochemicals
- Gas refining
- Water treatment
- Air Separation & Drying
- Packaging
- Others
Adsorbent Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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