Global Specialty Sorbents Market Report, published by Variant Market Research, forecast that the global market is expected to reach $1,602 million by 2025 from $852 million in 2017, growing at a CAGR of 8.2% from 2017 to 2025. By Geography, Asia-Pacific and Europe are expected to grow at a CAGR of 9.0% and 8.0%, respectively, during the forecast period.
"Specialty Sorbents Market (By Material Type: Carbon Black, Chitosan, and Engineered Nanomaterials; By Application: Air Separation & Drying, Petroleum and Gas Industry, Consumer Goods, Water Treatment, and Other Applications; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 – 2025"
The global specialty sorbents market is mainly driven by development of the construction industry globally
The primary factors to drive the growth of the global specialty sorbents market include development of the construction industry worldwide, and rising investment in the industrial and municipal infrastructure in the developing countries. However, it has lower surface area-to-volume ratio than that of activated carbon which may impede the market growth. Moreover, growing importance of water treatment and rising government expenditure on water treatment projects are likely to disclose new avenues in the market in the forthcoming years.
The global specialty sorbents market is mainly classified on the basis of material type, application, and geography. By material type, the segmentation includes carbon black, chitosan, and engineered nanomaterials. The application segment is further bifurcated on the basis of air separation & drying, petroleum and gas industry, consumer goods, water treatment, and other applications. The country wise analysis has been also covered under the scope of the report. North America covers the U.S., Canada, and Mexico. Germany, France, UK, Russia, and Rest of Europe are analyzed under the European market. India, China, Japan, and Rest of Asia-Pacific are included under the Asia-Pacific market. While RoW is bifurcated into South America, Middle East, and Africa.
Chitosan, by material type segment led the market with major share in 2017
Chitosan contributed for the majority of the share in 2017, in the material type segment, and is expected to continue its trend during the forecast period. In terms of growth, engineered nanomaterials are expected to achieve the fastest CAGR during the forecast period, owing to the developments and extensive research in the field of nanotechnology.
Water treatment dominated the application segment in 2017
Water treatment occupied the largest market share in the application segment, and is likely to continue its dominance throughout the forecast period. Similarly, water treatment segment is also expected attain the fastest CAGR during the forecast period 2017 – 2025.
Asia-Pacific accounted for the maximum share in the global specialty sorbents market
In 2017, Asia-Pacific was the highest revenue generating region accounting for 36.7% of the global specialty sorbents market share. Also, Asia-Pacific is likely to achieve the fastest CAGR during the forecast period, owing to increasing construction investments in the region.
Prominent players operating in the market include Arkema SA, BASF SE, Honeywell UOP, DOW CHEMICAL CO., AXENS SA, Clariant AG, Cabot Corp., EVONIK INDUSTRIES AG, Calgon Carbon Corp., and W. R. Grace, among others.