Innovation Benchmarking in Synthetic Zeolite Market
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According to a research publication by Transparency Market Research, the global specialty zeolites market is expected to hold a strong degree of competition among key players. The majority of the players in the market depend on goodwill and the formation of long-terms contracts for sustainable business. By 2020, the global specialty zeolites market is expected to reach US$53.4 mn in terms of sales. Its sales figure is projected at a CAGR of 3.2% within a forecast period from 2014 to 2020, and was calculated to reach 41.3 mn at the end of 2016.
APAC Demand Continues to Surge
Asia Pacific has been the leading consumer of specialty zeolites in and since 2013, and is likely to remain in the lead for the coming years. The region took up a massive 40% of the market in 2013 and the demand is being fuelled by several verticals. A huge scope of growth was present in the global specialty zeolites market in the application segment of detergents. Governments, environment agencies, and a growing number of environment conscious consumers have been supporting the use of specialty zeolites over phosphates in detergents, due to the harmful effects the latter can have on the environment.
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Over time, the global specialty zeolites market took over the lion’s share in detergent applications and the growth rate for the market in this particular segment has slowed since. Players in the market are now moving towards adsorbents, another segment considered to be high opportunity.
Construction and Adsorbents Industries Boost Usage of Specialty Zeolites
“Specialty zeolites have consistently found a solid scope of demand from the construction industry. The surge in construction activities in construction across the world and across different sectors is currently the leading factor contributing to the increasing revenue stream of the global specialty zeolites market,” states a TMR analyst. Urbanization is a key proponent of the construction industry and consequently, the global specialty zeolites market. This can be seen across the swiftly growing urban areas in China, India, and Brazil.
Another factor promoting the global specialty zeolites market at the moment is the growing demand for them from the global paints and coatings industry, which is again, directly driven by the construction industry. The demand for specialty zeolites takes a positive turn due to the increasingly stringent regulations regarding the use of volatile organic compounds. A similar hike in demand for specialty zeolites can be seen in the plastics industry.
High Cost of Specialty Zeolites Inhibits Potential Growth Rate
One of the key factors hindering a more favorable growth rate for the global specialty zeolites market is the high product costs. Specialty zeolites are known to be much more expensive than basic synthetic zeolites or even natural zeolites, due to the increased complexity of manufacturing. At the same time, the global specialty zeolites market is being restricted by the increasing availability of substitutes, especially silica gels and activated carbon. Both substitutes are finding a greater range of use in the paints and coatings industry, jeopardizing the overall demand for specialty zeolites in it.
The information presented in this review is based on a Transparency Market Research report, titled, “Synthetic Zeolite Market (Applications – Detergents, Adsorbents, Catalysts, Dietary Supplements, Wound Care, and Silver Zeolite) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020.”
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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