May 25, 2016
Wellesley, Mass., May 25, 2016 – Demand for oleophilic materials should grow mainly due to the increase in research and development efforts to reduce the price of oleophilic materials and while increasing their reusability. BCC Research reveals in its new report that other market drivers include the global economic recovery, increasing offshore oil and gas exploration across the globe and increasing use of oleophilic materials in end-user application industries.
Oleophilic materials are substances that display an affinity for oil absorption. Used to absorb oil primarily during oil spills, oleophilic materials are attractive because of their high rate of absorption, adsorption, high oil retention capacity, and ease of application.
The global market for oleophilic materials is expected to grow at a five-year compound annual growth rate (CAGR) of 6.9% from 2015-2020, reaching nearly $23.8 million by the end year. By application segments, the manufacturing assembly industry should grow the fastest with an anticipated five-year CAGR of 7.4%. This industry, the second largest in value terms (behind oil and petroleum), is expected to grow mainly due to market expansion in the chemical, automotive, machining and steel industries.
Recovery of the global economy has spurred construction of manufacturing assemblies in Asia-Pacific and North America, which has increased the demand for oleophilic materials. In addition, oil and gas drilling and exploration also have restarted, primarily in the Arctic region, which should drive the market. Among all the applications, the oil and petroleum sector accounted for 42.7% of the global market in 2015.
Increasing demand for oleophilic materials such as carbon-based sponges and milkweed/seed hair has created a huge growth opportunity for oleophilic skimmers and oleophilic boom manufacturers in the North America, Europe and Asia-Pacific markets. Additionally, the increasing demand for oleophilic skimmers and oleophilic booms in end-user industries such as hydroelectric power plants, manufacturing assembly and the food processing industry should drive market growth.
“In 2014, oil and petroleum accounted for 42.8% of the market followed by manufacturing assembly and hydroelectric power plants, with shares of 24.3% and 16.1%, respectively,” says BCC Research analyst Aneesh Kumar. “Applications of oleophilic materials in the oil and petroleum industry increased from nearly $6.9 million in 2014 to $7.3 million in 2015, at a year-on-year growth rate of 6.2%. In addition, this end-user segment is expected to grow at a five-year CAGR (2015 to 2020) of 6.8%, to reach $10.1 million in 2020.”
Oleophilic Materials: Global Markets (AVM133A) analyzes the industry based on polyethylene terephthalate (PET), polypropylene, carbon-based sponges, functional polymer sponges and kapok/milkweed seed hair. Analyses of global market drivers and trends, with data from 2014 and 2015, and projections of CAGRs through 2020 also are provided.
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Oleophilic Materials: Global Markets( AVM133A )
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