Bentonite Market Overview:
Made from the alteration of volcanic ash, bentonite is primarily used in the greasing of cutting heads, removing drill cuttings and closing borehole walls. The increasing demand for bentonite in the application of oil well, cement and drilling fluid applications has pushed forward the market substantially. Across the market the application as a groundwater barrier has put the element on the global map. Used as a liquor clarifier, binder in steel and iron industry, as a cleanser in pharmaceuticals and in the rubber tires industry, bentonite’s growth has been phenomenal in the last few years with drilling mud being its largest market. There are two variants of bentonite available – sodium and calcium, with sodium taking over 60% of the total revenue inexpensive status and its sealing capacity.
Bentonite Market Size:
Bentonite Market was valued at USD 995 million in 2017 and estimated to reach USD 1110 million by 2022 growing at a CAGR of 2.65% during 2017 to 2022.
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Bentonite Market Growth Factors, Drivers and Restraints:
New applications like being used in cosmetics and food processing has sprung up lately while owing to safe water acts, its usage in drilling mud is declining eventually. Growing concerns over environmental effect, of radioactive chemicals in water, the market for this purpose seems dicey. The market is fragmented and competitive and in order to meet the growing demands of the product, firms like Wyo-Ben Inc. acquired Sharewell HDD Drilling Products Thunderstorm’s line of cleaning and mud mixing system in Texas, while smaller firms are exiting the market owing to inability to compete with the product portfolio of bigger firms. Rapid urbanization, population rise, increasing disposable income and public infrastructure growth in emergent nations may accelerate growth of bentonite market.
Bentonite Market Geographical Overview:
Geographically, the market is segmented into North America, Latin America, Asia Pacific and Europe. The US dominated the North American market with 80% of the revenue on account of large exploration and drilling activities in the country. However, lately government regulations have become more stringent that is expected to eventually foster the leaders to focus on Latin America and Asia Pacific. The growth in Asia Pacific is supported by the growing urbanization, metallurgical, and oil and gas industries. Foundry sands were the largest application up till a few years back and held over 35% market share globally. The refining market for bentonite was over $55 million in 2016.
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Key Players of Bentonite Market:
Key players in the market are M-I SWACO, Wyo-Ben Inc, AMCOL International, Volclay International, MidPoint Chemicals Company, Kemira, Amsyn Inc, Cimbar and Charles B. Chrystal Co. Inc., etc.
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