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Bentonite Market Growth, Size & Forecast Analysis 2024-2033
Bentonite Market Growth
According to The Business Research Company's, The bentonite market size has grown rapidly in recent years. It will grow from $8.7 billion in 2023 to $9.92 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. The growth in the historic period can be attributed to foundry and metal casting industry growth, civil engineering and construction applications, oil and gas well drilling expansion, agricultural and environmental applications, paper and pulp industry utilization, widespread adoption in drilling fluids .
The bentonite market size is expected to see rapidly grown in the next few years. It will grow to $15.75 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%. The growth in the forecast period can be attributed to infrastructure development in emerging markets, increasing use in the foundry industry, rise in demand for pelletized fertilizers, advancements in geosynthetic clay liners, growing use in water treatment applications. Major trends in the forecast period include innovations in drilling fluid formulations, focus on sustainable bentonite mining practices, rise in bentonite-based nanocomposites, increased application in the energy storage industry, digitalization of supply chain and logistics.
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Market Drivers and Trends:
The growth in the bentonite market is due to an increase in sales in rapidly developing countries such as China and India owing to rising disposable income, and increasing demand for, and availability of credit. Disposable income refers to the amount of money that an individual or household has to spend or save after income taxes have been deducted. Bentonite is used in chemical, rubber, insecticide & pesticide industries and in civil construction works. For instance, in 2021, according to the Bureau of Statistics of China, a China-based Government agency data, Disposable Personal Income in China increased to 47412 CNY 2021 from 43834 CNY in 2020. Therefore, the rising disposable income is driving the growth of the Bentonite market.
Companies engaged in the bentonite industry are using advanced geosynthetic clay liners to prevent leakage and corrosion in mining operations, which is one of the major trends witnessed in the global bentonite market.
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Major Key Players of the Market:
Wyo-Ben Inc.; Huawei Bentonite; American Colloid Company; Ashapura Group of Companies; Cimbar Performance Minerals; Minerals Technologies Inc.; Imerys S.A.; Clariant International Ltd.; Bentonite Performance Minerals LLC; Çanbensan Bentonite; NCC AB; Black Hills Bentonite; Kemira OYJ; Charles B Chrystal Co. Inc.; Alfa Aesar; Kutch Minerals; Kunimine Industries Co. Ltd.; MidPoint Chemicals Company; Volclay International; Amsyn Inc.; Atharv Chemicals and Fertilizers Pvt Ltd; Triveni Chemicals; Kalpana Chemicals; Neelkanth Finechem LLP; Vitrag Chemicals Pvt Ltd; Fenghong New Material Co. Ltd.; Taiko Group
Bentonite Market 2024 Key Insights:
• The bentonite market size will grow to $15.75 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%.
• Rising Disposable Income In Rapidly Developing Countries Fueling Bentonite Market Growth
• Innovative Geosynthetic Clay Liners Transforming Bentonite Market
• Asia-Pacific was the largest region in the bentonite market in 2023
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