Global Specialty Sorbent market to reach $1.2 billion by 2022
Speciality sorbents, which are upgraded and modified materials used for specific absorption applications, are a relatively new product with high growth potential and uses suitable for a variety of enduse industries, according to a report Specialty Sorbents: Global Markets to 2022 by BCC Research.
The global market for these specialty absorption applications was valued at $762 million in 2016 and is forecast to grow by a compound annual growth rate (CAGR) of 8.3% through 2022, when it will be worth an estimated $1.2 billion.
Specialty sorbents are expected to see increased use for the control of water in concrete, where their application can increase durability and strength. This is important, as concrete plays a major role in the global construction industry, which is expecting annual growth at 4.1% annually through 2030. The use of spe- cialty sorbents in water treatment is expected to grow at a CAGR of 9.3% through 2022 when the segment is estimated to be valued at $515 million.
The speciality sorbent market is considered moderately fragmented, and opportunities abound for those looking to enter the market. Globally, seven of the industry’s top manufacturers – BASF SE, Honeywell UOP, Arkema SA, Cabot Corp., Clariant AG, W. R. Grace and Calgon Carbon Corp. – accounted for nearly 48% of the market in 2016. While the major international players have manufacturing and distribution networks that span the globe, these established companies face substantial competition from local manufacturers. Capital investment to enter the market is moderately low, and there are a large number of both small and medium scale manufacturers catering to demand in local markets.