LONDON--(BUSINESS WIRE)--The global oil and chemical spill kits market is expected grow at a CAGR of over 3% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global oil and chemical spill kits market for 2017-2021. The market is further categorized into two product segments, including oil spill kits, and chemicals spill kits, of which the oil spill kits segment dominated the market with nearly 60% of the overall market share in 2016.
“The growth of the market is driven by stringent and comprehensive regulations by regulatory bodies such as Occupational Safety and Health Administration and National Fire Protection Association as the increasing number of oil and chemical spills are causing threats to public and natural resources. Also, increasing awareness of the need for preparedness and response activities with respect to oil pollution will drive the market toward growth,” says Neelesh Prakash Singh, a lead power research expert from Technavio.
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Technavio’s research study segments the global oil and chemical spill kits market into the following regions:
- Americas
- EMEA
- APAC
In 2016, with a market share of over 40%, the Americas dominated the market, followed by EMEA with almost 33% and APAC with over 27%.
Oil and chemical spill kits market in the Americas
The demand for oil and chemical spill kits will be spurred by the increasing number of oil and chemical spills in recent years and the stringent regulations imposed by regulatory bodies such as OSHA. North America dominated the market, because of its huge oil and gas reserves and production backed by the technological advances.
“The market will also be driven by the growth of the manufacturing and automotive industries, as they deal with hazardous chemicals and lubricants in their day-to-day processes, which, at times, may lead to accidents such as spills or explosions, thereby impacting the market,” says Neelesh.
Oil and chemical spill kits market in EMEA
In EMEA, Europe is a hub for manufacturing innovations. Manufacturing industries such as automotive, which is currently undergoing stagnant growth, is expected to witness resurgence during the forecast period. Countries such as Egypt, Iran, South Africa, and Nigeria will experience dramatic improvements in their automobile sales. Therefore, automakers from other parts of the world are expected to establish factories in these countries.
In Europe, the European Maritime Safety Agency (EMSA) is the regulatory body that undertakes activities to ensure a safer, cleaner, and more secure maritime environment. The intervention of such regulatory bodies has an impact on the industries involved in the transportation of oil and chemicals via water bodies.
Oil and chemical spill kits market in APAC
The market for oil and chemical spill kits will benefit owing to the growth of the manufacturing sector in the region. Also, APAC is witnessing an increase in oil and gas E&P activities in countries such as China, Australia, South Korea, and India. The manufacturing sector includes the automotive sector, which is witnessing a boom in Southeast Asia, including in Thailand, Malaysia, and Indonesia.
The top vendors in the global oil and chemical spill kits market highlighted in the report are:
- Chemtex
- Darcy Spillcare Manufacture
- ENPAC
- Oil-Dri Corporation of America
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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