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Oil Pollution Remediation Materials Market is expected to reach US$ 4,749.56 million by 2030

Oil pollution remediation materials market is anticipated to cross USD 4,749.56 million by 2030 | Insights on the share, size, growth and trends

By The Insight Partners

Growing Oil & Gas Industry Drives Global Oil Pollution Remediation Materials Market Growth

According to the latest market study on “Oil Pollution Remediation Materials Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Type and Geography," the market was valued at US$ 3,684.36 million in 2022 and is expected to reach US$ 4,749.56 million by 2030; it is estimated to register a CAGR of 3.2% from 2022 to 2030. The report highlights key factors driving the oil pollution remediation materials market growth and prominent players along with their developments in the market. The market is projected to expand by 2030 owing to a growing emphasis on the utilization of efficient and eco-friendly oil pollution remediation solutions.

The oil pollution remediation materials are utilized to reduce the high risk of contamination of water bodies due to various oil exploration, transport, and industrial operational activities that are taking place across the globe. The remediation techniques are majorly classified, such as physical remediation, chemical remediation, thermal remediation, and bioremediation, and are considered extremely important for tackling the problems of marine oil spills. The physical remediation consists of materials such as booms, skimmers, and adsorbent materials. The chemical remediation materials include dispersants and solidifiers.

To get sample Copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/brochure/TIPRE00038943

Major factors contributing to the growing oil pollution remediation materials market size are the rising offshore oil exploration and transportation activities and government regulations related to oil spill preparedness and responses. 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. The 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 2023, the US Environmental Protection Agency strengthened regulations to improve oil spill responses in the US waters and adjoining shorelines under the federal government’s National Contingency Plan (NCP). The standards include the development of effective oil spill remediation products, such as chemical and biological agents, and the provision of transparency and information related to the use of these products.

Increased offshore exploration and drilling activities, transportation of oil via pipelines or tankers, and human errors during oil extraction and storage propel the chances of oil spill incidences. According to the International Energy Agency, the global oil demand rebounded in 2021, and Asia is expected to account for 77% of oil demand by 2025. Asia’s oil import requirements are expected to surpass 31 million barrels per day by 2025. Governments of various countries in Asia Pacific have initiated oil projects to cater to the rising demand for oil in the region. In 2023, PETRONAS and its Petroleum Arrangement Contractors reported 19 oil and gas exploration discoveries and two exploration-appraisal successes, contributing to more than 1 billion barrels of oil equivalent of new resources for Malaysia. This is the result of an intensified exploration program pursued in the last few years, which saw the drilling of 25 wells. Since 2015, it is the highest number of exploration wells drilled in a single year. Thus, Asia Pacific is expected to hold a significant oil pollution remediation materials market share in the coming years.

Sarva Bio Remed LLC, Oil Technics Ltd, Ansell Ltd, Oil-Dri Corp of America, Verde Environmental Group Ltd, Ecolab Inc, Cosco Shipping Heavy Industry Co Ltd, Regenesis, TOLSA SA, and CL Solutions LLC, are among the prominent players profiled in the oil pollution remediation materials market report. In addition, several other players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem. The market study also includes company positioning and concentration to evaluate the performance of competitors/players operating in the oil pollution remediation materials market.

Global Oil Pollution Remediation Materials Market Analysis – by Region

The "Global Oil Pollution Remediation Materials Market Report" is a specialized and in-depth study of the chemicals & materials industry. The report includes growth prospects in light of current oil pollution remediation materials market trends and driving factors influencing the market growth. The global market is segmented on the basis of type. Based on type, the market is segmented into physical remediation (booms, skimmers, and adsorbent materials), chemical remediation (dispersants and solidifiers), thermal remediation, and bioremediation. The physical remediation segment holds the largest oil pollution remediation materials market share. Physical remediation is commonly used to control oil spills in a water environment. It is used to contain and recover oil that remains on the water surface without changing its properties. It is also mainly used as a barrier to control the spreading of oil spills without changing its physical and chemical characteristics. The most common advantage of using physical remediation methods is that oil retains its properties. Therefore, it can still be refined and used in the future, reducing waste and potentially mitigating financial losses. The physical remediation process includes booms, skimmers, and sorbent materials.

A boom is a temporary floating barrier that is used to contain oil spills. The use of booms reduces the possibility of polluting shorelines and other resources and helps make easy spill recovery. Absorbent booms help to concentrate oil in thicker surface layers so that vacuums, skimmers, or other collection methods can be used more efficiently. Booms are often made of closed-cell, polyethylene foam shaped into circular sections. Skimmers are mechanical devices used to recover spilled oil from the water's surface. They may be self-propelled and consist of conveyor belts, which are utilized to carry the spilled oil from the reservoir, which is further collected for processing and recovery. Few skimmer technologies also use suction to remove spilled oil, while other skimmers use gravity to gather skimmed oil into underwater storage tanks. The efficiency of skimmers is highly dependent upon the conditions of the sea. In moderately rough or calm water, skimmers tend to recover more water than oil. The efficiency of skimmers can also be determined by the type of oil being recovered, the sea conditions during cleanup efforts, and the presence of ice or debris in the water. Chemical remediation changes the physical and chemical properties of the oil, preventing the reuse of collected oil. Chemical remediation is used in combination with physical methods for marine oil spill remediation as they restrict the spreading of oil spills and offer protection to the shorelines and sensitive marine habitats. Various chemicals are used to treat oil spills due to their capability to change the physical and chemical properties of oil. Chemicals used to control oil spills include dispersants and solidifiers.

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