Global Market For Oleophilic Materials To Register CAGR Of 6.6% Until 2020

Global market for oleophilic materials to register CAGR of 6.6% until 2020

20-Dec-16

The global market for oleophilic materials has grown to US$17.1 mln in 2015 from US$16 mln in 2014. The market is expected to grow at a 5 year CAGR of 6.9% from 2015 to 2020, reaching nearly US$23.8 mln by 2020, as per BCC Research.
Global demand for oleophilic materials is driven by the increasing demand for oleophilic skimmers and oleophilic booms. In addition, increasing demand for oleophilic skimmers and oleophilic booms in end user industries, such as hydroelectric power plants, manufacturing assembly and the food processing industry, is expected to drive the market. The global market for oleophilic materials is growing, primarily driven by North America, Europe and Asia-Pacific. The market for applications of oleophilic materials in the oil and petroleum industry is expected to grow from US$7.3 mln in 2015 to US$10.1 mln in 2020, increasing at a CAGR of 6.8% for the period 2015-2020. The global market for applications of oleophilic materials in the manufacturing assembly industry is expected to grow from US$4.2 mln in 2015 to US$5.9 mln in 2020, increasing at a CAGR of 7.4% for the period 2015-2020.

Oleophilic materials are substances that display an affinity for oil absorption. The oleophilic material market is a relatively new technology, and its application in oleophilic skimmers and booms is expected to steadily increase. The market has been growing at a rate of 6.4% in 2015 primarily due to the increasing application of oleophilic materials in end-user industries such as manufacturing assembly, food processing and the hydroelectric power plant industry. Technological advancements in the oleophilic materials industry have resulted in the increasing penetration of carbon-based sponges such as carbon nanotube, nanowire mesh membrane and laser-induced porous graphene sponges.

To assess the market, oleophilic materials are broadly divided into five types, based on material type: polyethylene terephthalate (PET), polypropylene, carbon-based sponges, functional polymer sponges and kapok/milkweed seed hair. Polypropylene materials are widely used in the oil and petroleum industry. They are also used in hydroelectric power plants and the manufacturing assembly industry. PET and functional polymer sponges are mostly used in the oil and petroleum industry. Oleophilic material is widely used in application industries such as oil and petroleum, manufacturing assembly, hydroelectric power plants and food processing. The oil and petroleum industry includes both refinery and hydraulic fracturing.