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NEW YORK, June 3, 2021 /PRNewswire/ — The petroleum sorbent pads market is expected to grow by USD 32.29 million during 2021-2025, according to Technavio. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the petroleum sorbent pads market in optimistic, probable, and pessimistic forecast scenarios.
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The petroleum sorbent pads market will witness a negative impact during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavio’s pandemic-focused market research, market growth is likely to increase in 2021 as compared to 2020.
Market Segmentation by End-user:
Based on the segmentation by end-user, the market generated maximum revenue in the passenger vehicles segment in 2020. The increasing manufacturing activities and emerging economies will contribute to the growth of the oil absorbent pads market. The growth of the segment will be significant over the forecast period.
Market Segmentation by Geography:
APAC held the largest market share of 36% in 2020 and the market growth in the region is expected to be slower compared to the growth of the market in other regions. The growth of the market in APAC can be attributed to the growth of the oil and gas industries and the expansion of manufacturing facilities. China is one of the key markets for petroleum sorbent pads in APAC.
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Major Three Petroleum Sorbent Pads Market Participants:
3M Co.
3M Co. offers 3M Petroleum Sorbent Pad HP-156, High Capacity. These are high capacity, low profile sorbent pad for routine use, cleaning up small spills and wiping contaminated areas including under docks, in shallow water, rocky shorelines, marshes, and beaches.
Brady Corp.
Brady Corp. offers SPC absorbent pads and rolls for absorbing leaks, drips and spills. These sorbent pads and rolls are ideal for any indoor, outdoor and or hazmat application.
Chemtex LLC
Chemtex LLC other products including Absorbents, Marine Spill Response, Cleaners & Degreases, Strom Water Management, Personal Protection, Secondary Containment, and Specialty Products.
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Key market dynamics:
Market Drivers:
- Increasing global volume of seaborne trade
- Increasing incidents of oil spills and pipeline ruptures
- Stringent safety regulations
Market Challenges:
- Implementation of MARPOL regulations
- Saturation and buoyancy of petroleum sorbent pads
- Challenges related to the disposal of sorbent pads
Petroleum Sorbent Pads Market 2021-2025: Key Highlights
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will assist petroleum sorbent pads market growth during the next five years
- Estimation of the petroleum sorbent pads market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the petroleum sorbent pads market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of petroleum sorbent pads market vendors
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Available Customization
Along with the market data, Technavio offers customizations as per the specific needs of the companies. The following customization options are available for the petroleum sorbent pads market report.
- Further breakdown of the market segmentation in requested regions.
- Detailed analysis and profiling of additional market players, vendor segmentation, and vendor offerings
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Report Page: https://www.technavio.com/report/petroleum-sorbent-pads-market-industry-analysis
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