Report : Europe 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 2.1% CAGR, Europe Oil Pollution Remediation Materials Market is Projected to be Worth US$ 153.19 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Europe oil pollution remediation materials market was valued at US$ 129.51 million in 2022 and is projected to reach US$ 153.19 million by 2030, registering a CAGR of 2.1% from 2022 to 2030. Rising offshore oil exploration and transportation activities and growing emphasis on utilization of efficient and eco-friendly oil pollution remediation solutions are among the critical factors attributed to drive the Europe oil pollution remediation materials market growth.
Rising awareness of environmental issues across the world has led to an emphasis on sustainable practices. Stringent environmental regulations and compliance standards have prompted companies to adopt clean and environment-friendly practices. Companies and governments seek remediation solutions that minimize ecological impact. Thus, market players offering eco-friendly solutions for oil spill cleanup are likely to attract a large customer base and gain favor with regulatory bodies. This demand for eco-friendly solutions aligns with global efforts to mitigate the impact of pollution and support the development of green technologies.
Eco-friendly oil spill remediation materials leverage natural and biodegradable substances that pose comparatively less hazard to the marine ecosystems. Eco-friendly materials break down oil without introducing hazardous chemicals into the environment. The market for oil pollution remediation materials evolves with the continuous research and development of biodegradable sorbents and microorganisms for oil degradation. Countries are implementing stricter environmental regulations, pushing companies to adopt cleaner technologies and materials for spill response. Therefore, growing emphasis on the utilization of efficient and safe oil pollution remediation materials is expected to create lucrative opportunities for the oil pollution remediation materials market growth during the forecast period.
On the contrary, fluctuations in raw material prices of physical and chemical remediation hamper the growth of the Europe oil pollution remediation materials market.
Based on type, the Europe oil pollution remediation materials market is segmented into physical remediation, chemical remediation, thermal remediation, and bioremediation. The physical remediation segment held 36.5% market share in 2022, amassing US$ 47.31 million. It is projected to garner US$ 56.68 million by 2030 to register 2.3% 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 Europe oil pollution remediation materials market is categorized into Germany, France, the UK, Italy, Russia, and the Rest of Europe. Our regional analysis states that Russia captured 51.9% share of Europe oil pollution remediation materials market in 2022. It was assessed at US$ 67.24 million in 2022 and is likely to hit US$ 81.68 million by 2030, registering a CAGR of 2.5% during 2022-2030.
Key players operating in the Europe 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 Technics Ltd; Oil-Dri Corp of America; Regenesis; TOLSA SA; and Verde Environmental Group Ltd, among others.
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