Press release
Zeolite Molecular Sieve Market 2023: Key Players Tosoh Corporation, Arkema, BASF, Interra Global Corporation, Zeochem,TriCat Group Pty Ltd , Zeox Performance Materials, LLC
Its usage as a substitute for harmful chemicals in various mechanical applications will further influence zeolite molecular sieve industry growth. As per Global Market Insights, Inc., “Zeolite Molecular Sieve Market is estimated to witness a CAGR of 4% over the period of 2016-2023.” Moreover, the extensive use of the product in waste water treatment, petrochemicals, oil & gas, construction, paints & coating, automotive, and packaging industries will further enhance the industry outlook.
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Zeolite molecule sieve is widely used in two major application segments, namely catalyst and detergent. Growing demand for high-performance catalyst with higher output will boost the industry growth. Catalyst application is projected to grow at an annual rate of 4.5% over the period of 2016-2023. Increasing use of zeolite inchemical manufacturing and petroleum & refinery outputs will propel the industry outlook.
Detergent application is further segmented into liquid and powdered detergents. Zeolite molecule sieve market size in detergent application is increasing rapidly due to ban on phosphate-based formulations. It is one of the best alternatives, owing to its high chemical stability and liquid absorption capacity during the manufacturing process. Liquid and powdered detergent applications are estimated to register a CAGR of 3% and 2.4% respectively over 2016-2023
. Changing consumer preferences and increase in disposable income will be the major factors driving the growth of zeolite molecular sieve industry in the detergent formulations.
Below are the regional trends influencing the global zeolite molecule sieve industry over 2016-2023
Brazil zeolite molecular sieve industry will observe a significant growth, owing to rise in wastewater treatment activities in the region.
Turkey zeolite molecular sieve market worth over USD 90 million in 2015, will be booming over the coming years because of the compulsion of sewerage & treatment plants in the region by the regulatory bodies.
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India zeolite molecular sieve industry is expected to register a CAGR of 7% over the period of 2016-2023. Growing surfactants business in India will favor the regional demand over the coming years.
China market share is anticipated to witness an average growth rate of 2.5% from 2016-2023. Rising concerns over environmental issues will lead to increasing adoption of the product. China molecular sieves industry from catalyst application is estimated to grow at an annual rate of 6% due to growing detergent and chemical manufacturing facilities in the country.
Expansion of LNG in Qatar and increase in export of crude oil, LPG, and petroleum products will set a lucrative business roadmap for zeolite molecular sieve industry. MEA region will be particularly driven by Qatar zeolite molecular sieve market and is projected to register a CAGR over 2% over 2016-2023.
S. molecular sieve industry is expected to generate a demand of approximately 260 kilo tons by 2023, owing to increasing detergent and catalyst application.
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This industry is spreading roots with the growing presence of local and international participants. Major players in the market include UOP LLC, BASF, Interra global Arkema, Union Showa, Dalian Haixin, Yingkou Zhongbao, Grace Catalysts, and Anhui Mingmei MinChem.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Global Market Insights, Inc.
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