Petroleum Sorbent Pads Market Size

Petroleum Sorbent Pads Market size is expected to cross USD 3.6 Billion by the end of 2036, growing at a CAGR of 6% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of petroleum sorbent pads was over USD 1.7 Billion. There is a growing need for lightweight petroleum sorbent pads in chemical sectors like pharmaceuticals due to their lightweight nature, which lowers transportation costs when shipments are made internationally. Globally, the pharmaceutical sector spent over USD 244 billion on research and development in 2022. In contrast, USD 137 billion was spent on research and development in 2012.

Furthermore, the growing need for lightweight petroleum sorbent pads in construction applications because of their affordability and convenience of usage are major factors propelling the growth of this petroleum sorbent pads market.