Lamor’s target market

The key markets for Lamor are the global oil spill response market and the areas of the waste management and water treatment market where the company has business operations or where it offers or plans to offer commercial solutions.

Lamor’s management assess the target market potential for the next few years at approximately EUR 30 billion.

(The target market potential for the next few years is based on the assessment, made by the company’s management, on the expansion of target market of the soil clean-up service as well as initiating of business in the plastic collection market of pyrolysistechnology, which is estimated to grow to over USD 25 billion by 2030 (McKinsey & Company: How plastics waste recycling could transform the chemical industry).)

Oil spill response market*

The oil spill response market consists of a few dozen operators with annual net sales of several millions of euros, as well as numerous smaller local service providers. There are only a few significant equipment manufacturers besides Lamor in the market.

Lamor’s management estimates that, based on the total net sales of the largest players on the market, the oil spill response market’s size is at least EUR 600 million, in addition to which there are smaller local operators in the market whose market share is around 20 per cent, according to the estimate of Lamor’s management. Therefore, Lamor’s management estimates that the total size of the oil spill response market is around EUR 750 million.

The company’s management believes that Lamor’s oil spill response addressable market will grow particularly as the need for ensuring sufficient oil spill response preparedness increases. The prevention of future environmental damage such as oil spills is increasingly seen as a useful investment, as adequate preparedness significantly decreases the total environmental and financial risk. Oil spill response solutions play a key role in the oil companies’ transformation towards a more sustainable business. As environmental awareness and the value of coastal areas increase, the need for effective prevention and remediation of oil spills becomes increasingly important for oil companies. According to the Lamor’s management, demand for oil spill response solutions is more dependent on the number of shipping routes susceptible to the oil spill risk than on direct oil demand. Oil spill response and prevention play a key role in avoiding future environmental disasters and in fulfilling the sustainable development goals of oil companies. Growing demand for biofuels will also maintain the need for preparedness against oil spills.

Change in the oil spill response market and drivers of change

The oil market is expected to remain stable in the coming years.[2] In the past decades, the oil market has successfully reduced the number of significant oil spills to a fraction of their previous number, but according to Lamor’s management, demand in the oil spill response market has grown steadily.

In the coming years, market demand will be driven in particular by:

  • voluntary prevention,
  • an increase in oil drilling,
  • an increase in extreme weather conditions due to climate change,
  • the transformation of the oil market and
  • stricter legislation governing the oil industry.

Waste and water treatment market*

Lamor’s current waste management services can be divided into two parts: waste management services provided to oil companies and soil clean-up services.

The size of the market for waste management services provided to oil sector companies is estimated to be approximately EUR 1.7 billion in 2021.[3] Lamor’s management estimates that soil clean-up solutions make up a considerable market with a size at least equivalent to the market for waste management services provided to oil sector companies. According to the assessment of Lamor’s management, the worldwide market is significantly larger, as the Member States of the European Union alone spent an average of about EUR 2.75 billion annually on soil clean-up between 2000 and 2010.[4] The water treatment market, as a whole, is huge; for instance, the size of the market for industrial wastewater total solutions is around EUR 4 billion.[5]

The waste management and water treatment market are fairly strictly regulated, and it is typical that projects are acquired through tenders. Certificates (ISO 9001:2008, ISO 14001:2004 and OHSAS 18001:2007) and significant recent references from successfully executed projects are often considered an advantage in tenders for projects.

Growth in waste management and water treatment markets and their growth drivers

Lamor’s management expects the waste management and water treatment markets to grow steadily in the coming years, increasing demand for comprehensive end-to-end environmental solutions.

Market demand will increase particularly due to

  • new regulation and increasing restrictions,
  • growing environmental awareness,
  • the opening up of new market areas and
  • positive development of the global economy.

Lamor’s management forecasts that Lamor’s addressable market in soil clean-up will grow to approximately EUR 10 billion in the coming years. This growth is forecasted to result in the commencement of new soil clean-up projects and increase of Lamor’s geographical coverage. The market itself is significantly larger, as alone in the European Union an average of about EUR 2.75 billion was spent annually on soil clean-up between 2000 and 2010.[6] In addition, the addressable market will grow considerably due to opportunities related to the collection and recycling of plastic waste.


* Based on estimates by Lamor’s management


[1] Source: Spears & Associates: Oilfield Market Report, Aquaporin A/S’s Prospectus dated 14 June 2021.

[2] Source: IAE: Oil 2021.

[3] Source: Spears & Associates: Oilfield Market Report.

[4] Source: EY: Evaluation of expenditure and jobs for addressing soil contamination in Member States.

[5] Source: Aquaporin A/S’s Prospectus dated 14 June 2021.

[6] Source: EY: Evaluation of expenditure and jobs for addressing soil contamination in Member States.