Zeolite Molecular Sieve Market size over $4.4 Billion by 2023: Global Market Insights, Inc.

Zeolite Molecular Sieve Market size was 1.87 Million tons for 2015, as per the latest research report by Global Market Insights, Inc. Growing detergents demand owing to rising hygiene awareness among consumers may drive global zeolite molecular sieve market size.

Global zeolite molecular sieves market size may register USD 4.43 Billion by 2023. Increasing water treatment activities for purification may drive product demand as adsorbents.

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Presence of enzymes, metals and other chemical compounds as substitute to zeolite catalysts may hamper market growth. Emergence of sieve infused with antimicrobial silver will pave way for growth opportunities over the next decade.

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Catalyst application accounted for over 18.7% of the overall demand and is forecast to witness highest gains by 2023. The mineral is used as a low cost high yield catalyst for petroleum refining for fluid catalytic cracking (FCC) and hydrocracking.

Zeolite molecular sieve recycling and recovery is relatively easy and low cost. Furthermore, the non toxic nature of these products results in fewer harmful emissions into the environment making it a more viable option as compared to other chemicals.

The product has higher efficiency and yield fewer impurities
Increasing petroleum derivatives demand including fuel and polymers may drive demand. Zeolites are used as adsorbents primarily for filtration and separation owing to small pore size and hydrophilic/hydrophobic nature.

Growing adsorbents demand in water treatment, gas separation and air drying applications may positively influence zeolite molecular sieves market.
The product requires low technical complexity and low initial infrastructure investment. In addition, high demand for catalysts and adsorbents has resulted in a significant zeolite molecular sieves demand.

These factors have resulted in the establishment of numerous manufacturers over the past few years. Companies including Rive Technology utilize the “Molecular Highway” technology for manufacturing the desired product.
Key raw materials, silica, aluminum & kaolin, are also used in applications including electronics, paper, ceramics and fabrication. This can result in tight raw material supply to manufacture the product owing to the expansion of the aforementioned industries and affect zeolite molecular sieves market price. In addition, price hike of these raw materials is anticipated to hamper profit margins of the product manufacturers.

Key insights from the report include:
• Global zeolite molecular sieve market size is predicted to gain 1.3% CAGR through to 2023 and reach 2.08 Million tons.
• Europe zeolite molecular sieve market, led by Russia, Germany and Turkey, was dominant regional industry with overall consumption of over 665 kilo tons in 2015.
• Russia detergent application revenue is set to gain over 3% CAGR and reach over USD 35 Million by 2023. Increase in Russian government initiatives drying the gas and wastewater management are among key drivers favoring product demand.
• APAC, led by industry growth in China & India, is forecast to grow significantly at over 1.8% CAGR. Rise in catalyst demand to manufacture petrochemical derivatives may drive regional demand.
• Latin America, led by Brazil, may witness significant growth rates and register over USD 85 Million by 2023. Growth in regional government efforts for water purification must increase product penetration.
• Global zeolite molecular sieves market share is moderately consolidated. Key industry participants include BASF, Arkema, Interra Global, UOP LLC and Tosoh.
• Other notable companies include Grace Catalysts, Zeochem AG, KNT Group, Zeox, Tricat Group, Dalian Haixin and Union Showa.

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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This release was published on openPR.