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Vermiculite Market Outlook 2024-2033: Size, Share, Trends, and Growth Forecast
Vermiculite Global Market Report 2024
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According to The Business Research Company's, The vermiculite market size has grown strongly in recent years. It will grow from $0.26 billion in 2023 to $0.28 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to construction industry, horticulture and agriculture, industrial applications, fireproofing and insulation, oil and gas industry.
The vermiculite market size is expected to see strong growth in the next few years. It will grow to $0.37 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to infrastructure growth, environmental awareness, emerging markets, technological advancements. Major trends in the forecast period include electrification and lightweighting, advanced materials, additive manufacturing, digitalization and connectivity, collaboration and partnerships, .
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Market Drivers and Trends:
The rapid growth in construction activity worldwide is expected to propel the growth of the vermiculite market going forward. Construction activities stimulate demand for construction services and materials, thereby supporting and growing the construction market. Vermiculite aids the construction industry by providing excellent insulation and fire resistance properties, enhancing building energy efficiency and safety in various applications. For instance, in February 2023, according to the Office for National Statistics, a UK-based statistics authority, annual construction output increased by 5.6% in 2022 compared with 2021, which follows a record increase in 2021 of 12.8%. This rapid growth in construction activity contributed to the growth of the vermiculite market.
Modular components design with 3D printing is being widely used in the mining industry. 3D printing technology enables companies in remote locations to manufacture critical parts onsite as per the requirement, thereby reducing delays due to unplanned maintenance and also eliminates the need for holding inventories. Miners are relying on advanced heavy-lift transport to move modular equipment to remote sites. This technology enables miners to construct processing units in low cost factories elsewhere, thus avoiding expensive onsite construction of modular equipment.
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Major Key Players of the Market:
Palabora Mining Company Limited, Samrec Vermiculite Zimbabwe (Pvt) Ltd., Virginia Vermiculite LLC, Uniao Brasileira de Mineracao SA, Showa Denko KK, Mitsui Sumitomo Metal Mining Brass & Copper CO. Ltd., Genper Group, Dicalite Management Group, EP Minerals LLC, Termolita SAPI de CV, Therm-O-Rock East Inc., Ausperl Pty Ltd, Bulk Apothecary, Dupré Minerals Limited, Exfoliators (Aust) Pty Ltd., Isola Vermiculite GmbH, KVB Processors Pvt. Ltd., Palmetto Vermiculite Company, Perlite Vermiculite Packaging Industries Inc., Sun Silicates (Pty) Ltd, Dämmstoff-Fabrik Klein GmbH, The Schundler Company, Whittemore Company Inc., W.R. Grace & Co., Carolina Perlite Company Inc.
Vermiculite Market 2024 Key Insights:
• The vermiculite market size is expected to see strong growth in the next few years. It will grow to $0.37 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
• Rising Construction Activities Fueling Growth Of Vermiculite Market
• Transforming Mining Operations Leveraging 3D Printing For Modular Component Manufacturing
• Western Europe was the largest region in the vermiculite market in 2023
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