(MENAFN- America News Hour) During the
forecast period
of 2023-2035, the global bentonite market is expected to reach an estimated value of ~USD 4 billion by 2035, by expanding at a CAGR of ~5%. The market further generated a revenue of ~USD 1 billion in the year 2022. Major key factors propelling the growth of bentonite market worldwide are the growing construction and infrastructural activities, and rising use of bentonite in oil well cement and drilling fluid application.
Market Definition of Bentonite
Bentonite is a colloidal clay mineral that has good viscosity and liquid limit as well as significant swelling properties. These characteristics are quite helpful in industrial settings such as foundries and pellet processing. Additionally, oil-based well-drilling fluids use bentonite as a suspending agent. Additionally, it possesses strong hot and dry and green properties, which help to keep molds from breaking or splitting during cooling or pouring processes in the building industry. A few of the principal uses of bentonite include the production of iron ore pellets, medicines, detergents, paints, cosmetics, dyes, paper, polishes, and animal feed.
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Global Bentonite Market: Growth Drivers
The growth of the global bentonite market can majorly be attributed to the rise in population which is further estimated to boost the construction of offices, private homes, and public places. According to a report by the United Nations Department of Economic and Social Affairs, the world's population would surpass 1 billion in the next 13 years and be somewhere around 9.8 million in 2050. Further, owing to the growth in population a total of 230 billion m2 of new buildings would be built over the next 40 years.
In addition to encouraging more construction, an increase in population also dramatically increases garbage production. In 2018, approximately 147 million tonnes of municipal trash were disposed of in landfills. Hence, bentonite is utilized to avoid contamination leaching in the environment by sealing the landfill's base. Therefore, it is projected that as landfills grow in size, the demand of bentonite would also rise. Also, products for skin care, cosmetics, baby care, and personal care frequently contain bentonite. Bentonite clay is used in face masks and fairness creams as it removes impurities and oil from the skin and has a whitening effect. Hence its growing importance in cosmetics is estimated to boost market further.
The global bentonite market is also estimated to grow majorly on account of the following:
Growing Use of Personal Care and Baby Products Rise in Energy Demand Surge in Use in Pharmaceutical Sector
Global Bentonite Market: Restraining Factor
Bentonite is a naturally occurring substance that is primarily mined all over the world, creating concerns about its depletion. In light of this, numerous regulatory bodies around the world have placed limitations on the transcontinental trade in bentonite. The limited supply of bentonite is therefore anticipated to have a minimal negative impact on the market growth of bentonite throughout the forecast period.
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Global Bentonite Market Segmentation
By Product (Sodium, Calcium, and Sulphur) By Application (Foundry Molding Sands, Iron Ore Pelletizing, Civil Engineering, Refining, Pet Litter, and Drilling Mud)
The foundry molding sands segment is anticipated to hold the largest market share over the forecast period. This expansion is attributed to more molding and casting made from foundry sand. Around 106 million metric tonnes of casting were produced globally in 2020. Around 52 million metric tonnes of the production came from China, and 12 million metric tonnes came from India. Since 10% of foundry sand includes bentonite, increasing the amount of foundry molding sand would help the bentonite market grow.
The Asia Pacific bentonite market is anticipated to hold the largest market share by the end of 2035 among the market in all the other regions, backed by rising demand for bentonite from metallurgy, construction, and oil and gas industries, along with rapidly increasing population, escalating urbanization and improvements in standard of living. Additionally, owing to extensive oil drilling and exploration operations, rising energy consumption in the region, and other factors, it is predicted that the market in North America would capture the greatest share throughout the projection period. The United States consumed 92.94 quadrillion Btu of energy in 2020, with petroleum accounting for 35% of all fuel used, according to the U.S. Energy Information Administration.
The market research report on global bentonite also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global Bentonite Market
Some of the key players of the global bentonite market are MidPoint Chemicals Company, Amcol Australia Pty Ltd, Volclay International, Charles B. Chrystal Co. Inc., Amsyn Inc, Wyo-Ben Inc, Minerals Technologies Inc., Kemira Oyj, Schlumberger Limited, Cimbar Performance Minerals, and others.
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