Attapulgite market is expected to contribute massively toward the global economy over the span of 2016-2024, with a considerable rise in the number of onshore & offshore drilling activities pertaining to the ever-increasing requirement of oil & gas. Endowed with the properties of porosity, high salinity tolerance, excellent absorption, and high surface area, attapulgite is used in offshore oil rigs for drilling operations, in pet care companies, and in pharma firms. This clay mineral also has the ability to absorb moisture very quickly and prevent bacterial growth, thereby augmenting attapulgite industry size, slated to surpass USD 600 million by 2024, with a CAGR projection of 8% over 2016-2024.
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The numerous beneficial properties of attapulgite make it ideal to be utilized in floor absorbents, industrial cleaners, and anti-caking agents. On these regards, APAC attapulgite market will experience a remarkable growth rate of 9% over 2016-2024. This can be credited to the rapid industrialization in the region coupled with the rising consumer purchasing power. In fact, as per expert surveys, it is quite possible that Asia Pacific attapulgite industry may overtake North America market owing to the robust industrial growth. It has been estimated that North America attapulgite market will grow at a CAGR of 7% over 2016-2024, due to rising oil drilling activities.
Despite a widespread application spectrum, the essential end-use sector of attapulgite is the oil & gas business space. Subject to the depleting petroleum reserves across the globe, a rapid increase has been observed in the number of oil drilling and shale gas exploration activities across the globe. In fact, as per estimates, oil & gas applications held more than 25% of the overall attapulgite industry share in 2015, owing to considerable product usage. The superior salinity level of this product prevents it from affecting the filtration properties of mud, on the grounds of which it is used heavily in offshore oil rigs. Besides, it is much superior to many other additives in the presence of contaminants such as calcium sulfate and magnesium sulfate, pertaining to which attapulgite market from the oil & gas sector will grow at a CAGR of 9% over 2016-2024.
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Based on the chemical and physical properties, this clay mineral is categorized into sorptive and colloidal grades. The latter is extensively used in the oil & gas sector. In addition, colloidal grades are used as paint thickeners, washing powders, cat litter absorbents, gelling agents, polishes, and oil foundry sand binders. On these grounds, it can be stated that colloidal attapulgite industry has significant growth prospects in the years ahead. The segment is analyzed to grow at 9% over 2016-2024.
Global attapulgite market is heavily consolidated, with major biggies accounting for a combined 50% of the overall revenue share. Major companies sharing this business space include Halliburton, Geohellas, KPL International, Hudson, BASF SE, Ashapura Group, Active Mineral International, Jaxon Filtration, Anhui Mingmei Minchem, Anhui Boshuo, and Russell Finex.
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