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Bentonite Market Outlook, Competitive Market Share & Forecast, 2017-2024.
Bentonite Market size will grow at a steady rate owing to increaeing demand from end-use industries such as oil, foundry, construction, food and pharmaceuticals.
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Bentonite market size from cat litter applications is likely to witness steady gains throughout the forecast timeframe. Cat litter are mostly used as a house hold inventory for its various uses like gardening, preventing fires, gaining traction for vehicles on icy roads, pest control, deodorize, remove grease and stains and removing toxins from food. U.S. and Canada cat litter industry was valued at over USD 1.5 billion as compared Europe which was worth over USD 950 million in 2015.
Drilling applications is one of the important applications for global bentonite market but with recent fallout in oil & gas industry, reduced number of drilling rigs, industry might tends to get affected. Mostly used in water-based drilling muds and oil-based muds, average consumption of this product was about 900 kilo tons per annum in drilling industry in 2015. It acts as lubricant to cool the drill bit, tubing and rig, control sub-surface pressure, acts as sealing agent and stabilize well bore.
Although rig counts have been declining, but global demand for oil & gas increases exponentially which possess an opportunity for the bentonite market size growth. U.S. drilling product and services market is expected to reach USD 100 billion by 2024, compared to USD 60 billion in 2015 with a CAGR of 9% This factor is likely to drive product demand throughout the forecast period.
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Bentonite market size from iron ore pelletizing applications expects steady gains. It is used as a binding agent in iron ore pellets application as it provides properties like uniform porosity, better size, higher metallization rates, higher mechanical strength and abrasion resistance. Per ton of IOP requires 6-10 kilo of bentonite. Iron ore market size was over USD 95 billion in 2015 and increasing IOP demand, should drive product demand.
U.S. and China are among the major bentonite producing nations. North America, led by U.S. bentonite market size should witness moderate gains over the forecast period. APAC provides lucrative opportunities for growth in this industry as most of the sectors employing the use of this product is budding significantly in India, China, Japan and South Korea. APAC, led by India, Malaysia, Indonesia and China bentonite market size should witness significant gains owing to growth in construction sector. New deposits for this product has been discovered in Australia, Canada, Russia, Turkey and Namibia.
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Bentonite market share is fragmented with some of the industry players include Shashi Minerals, Daroukesht Khaver Maineh, Zhejiang Sanding Technology Co. Pvt. Ltd., Aroma Chimie, ABG Bentonite Mining Company, All Star, ETEC, LKAB Minerals B.V., Xatico Benelux-France, OOO Korfil Plast, CMMP, Tinas Medencilik, Terradrill Fluids Ltd., Bento Group Minerals and Albir A.S.
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