The Bentonite Market is forecasted to grow from USD 1.48 billion in 2018 to USD 2.16 Billion by 2028, at a CAGR of 6.1%, during the forecast period. The market is primarily driven by the increasing demand for bentonite from the oil and gas industry as an additive for drilling mud.
Increase in oil and gas drilling activities in combination with increasing application in geosynthetic clay liners and the medical industry are expected to drive the market during the forecast period.
Increasing infrastructural growth in China, India, Japan and Malaysia is predicted to boost the construction industry as a result of increased public spending and thus accelerate the size of the market.
Leading Players– AMCOL International (US), Wyo-Ben Inc (US), MidPoint Chemicals Company (US), M-I SWACO (US), Volclay International (US), Kemira (Finland), Alfa Aesar (US), Charles B. Chrystal Co. Inc. (US), Cimbar (US), and Amsyn Inc (US).
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Further key findings from the report suggest
- The Bentonite Market is forecasted to grow from USD 1.48 billion in 2018 to USD 2.16 Billion by 2028, at a CAGR of 6.1%, during the forecast period. A rapidly rising population and higher urbanization have boosted global demand for processed food products, driving food demand.
- The market for sodium bentonite is expected to grow the largest at USD 1.40 Billion in 2028, at a CAGR of 7.4% during the forecast period. Bentonites of sodium and calcium are primarily used in mud drilling and have high plasticity. In 2018, North America was the largest consumer of bentonite in terms of regional demand, with the U.S. having the largest share owing to the country’s large-scale drilling and exploration activities.
- The market for foundry sands is estimated to reach USD 561.9 Million in 2028, at a CAGR of 6.6% during the forecast period. The demand for bentonite in foundry molds for metal casting of brake drums, engine blocks, manhole fittings, brass water fittings, transmission housings and cast iron panels is increasing.
- The market for Asia Pacific (APAC) is expected to reach USD 648.4 Million in 2028, at a CAGR of 9.3% during the forecast period due to the favorable polices and beneficial initiatives by the governments of India, China and Japan. It is estimated that the region is experiencing high demand for bentonite from the oil & gas, metallurgy and construction industries. It is likely that the majority of future demand will come from India, China, Greece, Turkey and Australia.
Key Factors Driving the Global Materials & Chemicals Market Growth
The global materials & chemicals market revenue is primarily attributed to factors such as growth are fast-paced industrialization globally, rising demand for raw materials and chemicals in the buildings & construction, food & beverage, pharmaceutical, agriculture, textile, and pulp & paper industries, and increasing demand for essential consumer goods including packaged foods & beverages, household hygiene products, and personal care products & cosmetics. Increasing industrial applications of specialty chemicals, surge in demand for high-performance, organic agrochemicals, growing environmental awareness among consumers, growing need for eco-friendly and sustainable raw materials & chemicals, and increasing government investments in the materials & chemicals industry are other factors driving revenue growth of this market.
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
Type (Kilo Tons) (Revenue, USD Million; 2018-2028)
- Sodium Bentonite
- Carbon Bentonite
Applications (Kilo Tons) (Revenue, USD Million; 2018-2028)
- Foundry Sands
- Iron Ore Pelletizing
- Pet Litter
- Drilling Mud
- Civil Engineering
Frequently Asked Questions Addressed in the Report:
- What is the estimated market revenue growth over the forecast period?
- What are the major factors driving the global Bentonite market revenue growth?
- Which regional market is expected to account for the largest revenue share in the global Bentonite market over the forecast years?
- Which are the leading players in the global Bentonite market?
- What are the key outcomes of SWOT analysis and Porter’s Five Forces analysis of the market?
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