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The petroleum sorbent pads market size is expected to increase to USD 37.46 million from 2021 to 2026, at a progressive CAGR of 5.55%.
The petroleum sorbent pads market research report extensively covers the market by the following demographic segmentation:
The petroleum sorbent pads market vendors studied and compiled in this report are 3M Co., American Textile and Supply Inc., Brady Corp., Breg International Inc., Chemtex LLC, Darcy Products Ltd., ENPAC, Enretech Australasia Pty Ltd., Global Environmental Products Ltd., Global Spill, New Pig Corp., Norco Inc., Oil Dri Corporation of America, Supremex Equipments, and UNIQUE SAFETY SERVICES among others. One of the key highlights of this report is the valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches.
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Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increasing incidents of oil spills and pipeline ruptures is notably driving the petroleum sorbent pads market growth, although factors such as saturation and buoyancy of petroleum sorbent pads may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the petroleum sorbent pads industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Petroleum Sorbent Pads Market Driver
Key Petroleum Sorbent Pads Market Trend
Key Petroleum Sorbent Pads Market Challenge
This petroleum sorbent pads market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global petroleum sorbent pads market as a part of the global oil field equipment and services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the petroleum sorbent pads market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the petroleum sorbent pads market encompasses successful business strategies deployed by the key vendors. The petroleum sorbent pads market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The petroleum sorbent pads market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the petroleum sorbent pads market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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38% of the market's growth will originate from APAC during the forecast period. China is the key market for petroleum sorbent pads in APAC. Market growth in this region will be faster than the growth of the market in North America and Europe.
Rapid industrialization in countries such as India and China and growing end-user segments, such as the manufacturing and chemical industries, will facilitate the petroleum sorbent pads market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of the COVID-19 in the region hampered the growth of the regional petroleum sorbent pads market in 2020. In H1 2020, several countries, including China, India, Nepal, Pakistan, South Korea, Malaysia, Sri Lanka, and the Philippines, implemented a partial or full lockdown due to the pandemic. However, with the initiation of mass COVID-19 vaccination drives in 2021 resulted in the restarting of oil and gas projects. For instance, in October 2021, China National Offshore Oil Corporation (CNOOC) started production from three oilfield projects located in the country, namely the Liuhua 21-2 oilfield in the eastern South China Sea, the Luda 6-2 oilfield in Liaodong Bay of Bohai Sea, and the Bozhong 26-3 oilfield expansion project. Thus, the deployment of new oil and gas pipelines as part of these projects will drive the demand for petroleum sorbent pads in the region during the forecast period.
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The petroleum sorbent pads market share growth by the oil and gas segment will be significant during the forecast period. New oil and gas discoveries will enhance crude oil production, and there could be chances of oil spillage. This will boost the demand for petroleum sorbent pads during the forecast years.
This report provides an accurate prediction of the contribution of all the segments to the growth of the petroleum sorbent pads market size and actionable market insights on post COVID-19 impact on each segment.
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Petroleum Sorbent Pads Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.55% |
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Market growth 2022-2026 |
$37.46 million |
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Market structure |
Fragmented |
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YoY growth (%) |
4.98 |
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Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 38% |
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Key consumer countries |
US, Canada, China, Germany, and UK |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
3M Co., American Textile and Supply Inc., Brady Corp., Breg International Inc., Chemtex LLC, Darcy Products Ltd., ENPAC, Enretech Australasia Pty Ltd., Global Environmental Products Ltd., Global Spill, New Pig Corp., Norco Inc., Oil Dri Corporation of America, Supremex Equipments, and UNIQUE SAFETY SERVICES |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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