Press release
Attapulgite Market- Global Industry Analysis 2024
Huge amount of drilling activities owing to increasing oil & gas and construction industry will significantly influence the industry growth. Inertness towards high salinity makes the product highly desirable in offshore drilling process. With depleting petroleum level, drilling technologies are witnessing several advancements, which will likely boost the global attapulgite market in the coming years.
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Increasing trend of domesticating pet animals, especially cats, will enhance the cat litter absorbents industry in the considered forecast spell, hence augmenting the global attapulgite market which is a principal raw material. It exhibits superior absorbing qualities owing to the product’s highly porous structure, and soaks cat urine effectively through its mineral layers.
Litter absorbents made from attapulgite clay have antibacterial traits, efficient odor control properties, and are easy to use and dispose. Moreover, global shift towards the usage of natural products, will also have a positive influence on the global attapulgite market up to 2024. Global cat litter absorbent industry recorded around USD 5 billion in 2015 and will likely reach around USD 7 billion by 2024.
Huge deposits of the clay mineral in the U.S. and the strict rules in the country pertaining to mining and safety may pose hindrance to the global attapulgite market in the considered forecast spell. Numerous mandates by the central as well as state regulatory bodies govern the mining activities in the region. Land reclamation acts to save the environment and biotic species may restrict growth.
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Attapulgite market is segmented into sorptive and colloidal grades on the basis of the product’s physical and chemical characteristics. Colloidal grades registered more than two third of the global attapulgite market volume in 2015. This segment will gain the market fast due to its widespread application as raw material in paints, polishes, gels, and in cat litter absorbents.
Cat litter absorbent industry will hold sway the global attapulgite market in the upcoming years with an estimated gain at over 8% CAGR up to 2024. Increasing feline pets in the developed countries will likely have a noteworthy effect on this application segment throughout the considered forecast spell.
Increasing offshore drilling activities to meet the global petrochemical demand will also enhance the overall attapulgite market, designating the oil & gas end-user industry as a highly developing sector in the coming years. This segment will witness growth at around 9% CAGR in the next eight years.
Significant deposit of the clay mineral in the U.S. made North America a notable regional market with over a third of the global attapulgite market size. The region is set to witness growth at over 7% CAGR in the considered forecast spell. In terms of demand, Asia Pacific will witness a high growth at more than 9% CAGR owing to increasing industrialization and purchase parity of the regional population.
The company share is highly consolidated with the top two players – Active Mineral International and BASF SE, accounting to over 50% of the overall market size. Other manufacturing companies including Geohellas, Halliburton, KPL International, Hudson, Oil-Dri Corporation, Ashapura Group, Russell Finex, Jaxon Filtration, Gujarat Minechem, Anhui Boshuo, Anhui Mingmei Minchem, and several others also characterize the attapulgite market competitive landscape of the industry.
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