Bentonite Market to Expand at 5.8% CAGR through 2025
It finds its use in the manufacture of detergents, paints pharmaceuticals, cosmetics, polishes, dyes, animal feed and paper. For instance, it is used as a binding agent in the production of iron ore pellets and finds application in foundries. Also, based on application or use of finished product the mechanical and chemical properties of bentonite can be modified through various combinations and additions of raw materials.
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Versatility of this material is driving increasing adoption in various industries, including automobiles, construction and chemicals. Technological advancements in bentonite production and increasing demand through exports are major underlying factors anticipated to fuel growth of the Asia Pacific bentonite market between 2015 and 2025. This is forecast to offer bentonite manufacturers, distributors and product converters unprecedented opportunities in the market. Furthermore, the trend is even more pronounced in emerging economies of the world (Brazil, India, Russia and China). Healthy trade relations and government support in these regions has served to boost bentonite export-import activities.
Demand for bentonite is highest in North America -- the region accounting for 36.3% share of the global market in 2014. North America is expected to remain the most lucrative market for bentonite throughout the forecast period. India is projected to play an important role in this market owing to low labour and operational costs. Owing to the growth in the oil industry, especially in Asia Pacific and Middle East, the drilling fluid- and clarification agent- application segments are expected to exhibit high growth rates of over 6% during the forecast period.
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Some of the major driving factors identified in the global bentonite market include rapid growth of the construction sector in emerging markets and Use of bentonite in treating and filtering water is also driving the growth of the market. In addition, government support to SMEs in this region is forecast to further boost growth of the market. However, stiff competition on account of substitute products and shrinking profit margin can impede the growth of the market. Increasing application of bentonite in landscaping and landfill as a geosynthetics clay liner (GCL) are the key trends in the market.
On the basis of product type, the global bentonite market is segmented into calcium, sodium, and others. Key end-use application segments include sealant, binder, clarification agent, drilling fluid, and absorbent/adsorbent. Oil, food, construction, foundry, and pharmaceuticals are the key end-use industries for the bentonite market. North America is the largest market for bentonite, while Asia Pacific is the fastest growing.The report analyses the global bentonite market in terms of value (US$ Mn) and volume (‘000 tonnes) by region, product type, end-use application and end-use industries, and provides insightful information regarding market dynamics, value chain, competitive landscape, current trends, market estimations and forecast.
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Key market participants covered in the report include Black Hills Bentonite, LLC, Halliburton Co., Kemira OYJ, Charles B Chrystal Co. Inc., Mineral Technologies Inc., Clariant AG, Alfa Aesar, Kutch Minerals, Kunimine Industries Co. Ltd., Ashapura Group of Companies and Wyo- Ben Inc.
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