Global Adsorbent Market 2019-2023
About this market
The global oil and gas refining industry is one of the key end-users of adsorbents. The oil and gas and petrochemical industries are growing at a rapid pace. The rapid growth of the oil and gas and petrochemical industries is expected to encourage the growth of the global adsorbent market during the forecast period. Adsorbents are used in petroleum refineries to eliminate contaminants and undesired compounds from several hydrocarbon streams. Adsorbents are effective and economical when it comes to removing contaminants during petroleum refining. The removal of contaminants is vital in refineries as it prevents the deactivation of downstream petrochemical catalysts and refinery process catalysts. These can be removed by the application of adsorbents. Therefore, the increase in the global refining capacity has a direct impact on the demand for adsorbents. Technavio’s analysts have predicted that the adsorbent market will register a CAGR of over 6% by 2023.
Growing demand for zeolite-based adsorbents
Zeolite is predominantly used as an adsorbent in the petroleum refining, chemical and petrochemical, and industrial gases sectors. It mainly acts as a molecular sieve due to its unique natural honeycomb structure. This structure helps zeolite adsorb, immobilize, and bind liquids, gases, and solid particles. It is a highly efficient adsorbent method of refining and removing hydrocarbons, ammonia, heavy metal cations, and radioactive cations in industrial environments.
Ineffectiveness of adsorbents in certain applications
Adsorbents are widely known for their effective, economical, and simple processing. However, adsorbents have certain limitations, which are expected to hinder the growth of the market during the forecast period. The reduced service life of adsorbents due to the high level of impurities is also expected to have a negative impact on the growth of the market during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the adsorbent market during the 2019-2023, view our report.
The market appears to be fairly fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Adsorbent Market 2019-2023
Technavio recognizes the following companies as the key players in the global adsorbent market: Arkema, BASF SE, Clariant, Honeywell International Inc., KURARAY CO., LTD., W. R. Grace & Co..
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the increasing focus on regeneration and recycling of absorbents.”
According to the report, one of the major drivers for this market is the growing importance of wastewater recycling and water reuse.
Further, the report states that one of the major factors hindering the growth of this market is the adoption of renewable energy sources.
Honeywell International Inc.
KURARAY CO., LTD.
W. R. Grace & Co.
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