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Bentonite Market to Expand with Significant CAGR | 2024
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Currently, the key players are aggressively focusing on the expansion of their capacity due to the soaring demand for bentonite across the world. As the demand is higher than supply, the market witnesses a high degree of competition within it. Over the coming years, these companies are likely to make strategic acquisitions in order to raise their share in the regional as well as the global market, reports the research study.
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As per TMR’s estimations, the opportunity in the global bentonite market is likely to increase at a CAGR of 3.0% over the period from 2016 to 2024, rising from US$1.42 bn in 2015to a value of US$1.85 bn by the end of the forecast period. Sodium bentonite has been the most valued product in this market. Researchers anticipate it to remain so over the next few years on the account of the rising preference for green sand casting process in the foundry.
Demand for Bentonite to Remain Strong from Foundry Sands
According to the research report, bentonite is mainly utilized in drilling mud, iron ore pelletizing, construction, foundry sands, pet products, cosmetic, paper, and pharmaceutical products across the world. Foundry sands have been registering a higher demand for bentonite compered to other application segments. Thanks to the constant rise in the automotive and the machinery industries, the segments is likely to remain the key application area of bentonite throughout the forthcoming years.
A geographical analysis of the global bentonite market has also been presented in this market study. As per the report, North America, Asia Pacific, the Middle East and Africa, Latin America, and Europe are the key regions where the market for bentonite has a presence. Among these, Asia Pacific has emerged as the leading contributor to this market and is expected to remain so over the forecast period. In 2015, it held a share of 30% in the global market, marking its dominance.
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With the soaring demand for bentonite in the construction industry, the Asia Pacific market for bentonite is anticipated to continue growing at a significant pace over the next few years. Apart from this, the developments in the metal industry is also projected to reflect positively on the Asia Pacific market for bentonite in the near future. China, being the most prominent consumer of bentonite across the world, is poised to surface as the leading domestic market for bentonite in Asia Pacific, states the research report.
Expansion in Construction Industry to Boost Market’s Growth
“The expansion in the construction industry has influenced the global bentonite market remarkably,” says the author of this study. With the rising demand for smart infrastructure and the increasing infrastructure expenditure in emerging economies, the construction industry across the world has been registering a significant rise. Bentonite, being one of the key raw materials used in construction, has gained significant impetus in its demand due to this since the last few years
The scenario is anticipated to remain so over the forecast period, impacting the worldwide bentonite market greatly. The continued demand for iron casting from the automotive and the heavy equipment manufacturing industries and the rise in the cosmetics and personal care industry are also projected to boost this market substantially over the next few years. However, the decline in the demand for IOP grade bentonite in China and the Sluggish growth of the oil and gas industry may hamper the market’s progress in the years to come, states the report.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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