Report : Asia Pacific Oil Pollution Remediation Materials Market Forecast to 2030 - Regional Analysis - by Type [Physical Remediation (Booms, Skimmers, and Adsorbent Materials), Chemical Remediation (Dispersants and Solidifiers), Thermal Remediation, and Bioremediation]
At 3.4% CAGR, Asia Pacific Oil Pollution Remediation Materials Market is Projected to be Worth US$ 1,097.26 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Asia Pacific oil pollution remediation materials market was valued at US$ 840.15 million in 2022 and is projected to reach US$ 1,097.26 million by 2030, registering a CAGR of 3.4% from 2022 to 2030. Rising offshore oil exploration and transportation activities and government regulations related to oil spill preparedness and responses are among the critical factors attributed to drive the Asia Pacific oil pollution remediation materials market growth.
In the past few years, governments of various countries have designed oil spill cleanup regulations to ensure a prompt and effective response to environmental emergencies. These regulations typically outline procedures, technologies, and standards that companies must follow to contain, control, and clean up oil spills. Regulations often stipulate the type of remediation materials that must be employed to minimize environmental impact and ensure effective cleanup. Rising need for effective oil spill cleanup propels the demand for remediation materials. As environmental concerns and regulations intensify, there is a growing emphasis on using advanced and eco-friendly materials for remediation. Certain absorbents, dispersants, and barriers may be mandated to meet safety and efficacy standards, promoting the use of environment-friendly and efficient materials in oil spill response efforts.
Governments and the oil industry have preparedness plans to conduct regular oil spill response. Government mandates to address oil spills promptly and minimization of ecological impact have driven the demand for absorbents, dispersants, and other remediation materials.
In India, it is the responsibility of the Ministry of Shipping to prevent and control pollution from ships, shipwrecks, and abandoned ships. It also has to combat oil spills inside port boundaries within 500 meters of offshore exploration and production platforms, coastal refineries, and related installations. Also, China Maritime Safety Administration, a governing authority in China, mandates the investigation and response for oil pollution incidences in Chinese water. In China, the sea response is focused on the application of loose sorbent material and dispersants.
Authorities require companies involved in oil-related operations to develop comprehensive contingency plans. These plans outline strategies, procedures, and use of remediation materials to be implemented in oil spill events. Therefore, government regulations related to oil spill preparedness and responses boost the oil pollution remediation materials market growth.
On the contrary, fluctuations in raw material prices of physical and chemical remediation hamper the growth of Asia Pacific oil pollution remediation materials market.
Based on type, the Asia Pacific oil pollution remediation materials market is segmented into physical remediation, chemical remediation, thermal remediation, and bioremediation. The physical remediation segment held 38.6% market share in 2022, amassing US$ 323.98 million. It is projected to garner US$ 428.07 million by 2030 to register 3.5% CAGR during 2022-2030. Furthermore, the physical remediation segment is sub segmented into booms, skimmers, and adsorbent materials. Additionally, the chemical remediation segment is bifurcated into dispersants and solidifiers.
Based on country, the Asia Pacific oil pollution remediation materials market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 43.5% share of Asia Pacific oil pollution remediation materials market in 2022. It was assessed at US$ 365.43 million in 2022 and is likely to hit US$ 476.87 million by 2030, registering a CAGR of 3.4% during 2022-2030.
Key players operating in the Asia Pacific oil pollution remediation materials market are Ansell Ltd; Brady Corp; Compania Espanola de Petroleos SA; Cosco Shipping Heavy Industry Co., Ltd; Ecolab Inc; NOV Inc; Oil-Dri Corp of America; Regenesis; and RX Marine International, among others.
- In December 2022, Ansell invested about US$ 80 million in its most recent greenfield project. A greenfield project is an investment that involves building a brand-new, specially designed operations facility from the ground up as opposed to expanding or modifying an already-existing one. Although the facility's primary focus is on producing surgical and life sciences products, it is designed to accommodate a wide range of Ansell products in the future, including the examination glove line, and support the differentiated growth strategy in the years to come.
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