An increase in global trade and government regulations surrounding oil transportation is driving up the market for products that help clean up spills.
According to a report by Markets and Markets, the market for emergency spill products, which includes sorbents, boons and skimmers, is expected to increases to about $33.68 billion by 2022. The market will grow at a rate of 7 percent between 2016 and 2022.
Skimmers are expected to represent the largest part of the market share. Skimmers are devices that use different methods for recovering oil from water. Some are self-propelled while others are operated remotely. Suction skimmers work much like vacuum cleaners while oleophilic skimmers blot oil from the water’s surface.
Because of the large number of oil rigs in North American waters, the region holds the largest part of the market.
The top U.S. companies in the space include Elastec, Clean Harbors, U.S. Ecology and Marine Well Containment Company.
