Increasing oil drilling and construction activities across the world is expected to create increasing demand for bentonite between 2021 and 2031, finds Future Market Insights (FMI) in a new study. According to the report, the market is expected to reach US$ 2.37 Bn by the end of 2031. Through the course of the forecast period it is expected to record solid growth, especially since developing economies are expected to offer lucrative growth opportunities.
Bentonite is a highly colloidal clay mineral containing variety of accessory minerals such as quartz, feldspar, calcite and gypsum. Properties such as water absorption, swelling, viscosity, hydration and thixotropy makes bentonite a valuable material across various industries. Chemical and mechanical properties of bentonite materials can be altered through various additions and combinations of raw materials, which is based on application or use of finished product.
Bentonite is known for its versatile nature and application in numerous industries such as construction, oil & gas, food, pharmaceutical, foundry and among others. Of these, the oil industry is expected to remain dominant, accounting for nearly one-fourth of bentonite sold globally.
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How the Historical and Future Outlook for Bentonite Market Match Up?
On account of increasing energy requirements, bentonite market is witnessing substantial consumption in oil & gas drilling operation. Furthermore, various applications of bentonite in end use industries such as construction, Foundry, pharmaceuticals, and among others causing a spike in demand from last couple of years and is expected to dominate the same in the near future.
The capitalization of infrastructure is increasing in developing and emerging markets across the globe, which is attracting major investments in construction activities. This in turn is benefiting the raw material industry such as, construction aggregates and bentonite. Bentonite is used in construction mainly for sealant applications owing to its swelling property. Growing construction activities across the globe are projected to bolster the demand for bentonite during the forecast period.
Future Market Insights expects the global bentonite market to expand at CAGR of over 6.2% in between 2021-2031.
Diverse Applications Driving Bentonite Market Sales
Bentonite used in various applications, such as, drilling fluid, binder, adsorbent/absorbent, clarification agent and others. The demand for bentonite is increasing due to growing end use industries such as, oil, construction, food, pharmaceutical and others. Due to increasing demand of the bentonite applications such as sealant, clarification agent, adsorbent / absorbent in the end use industries like construction, food and pharmaceutical industry will be key driving factor for the bentonite market.
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- Driven by applications across diverse industries, the bentonite market will exhibit a CAGR of 6.2% between 2021 and 2031
- With oil and drilling activities pacing up, the U.S. is expected to account for 88% of bentonite sales in North America
- Bentonite production in France and Poland will pick up at an impressive pace post lacklustre growth registered in 2020
- Germany and Russia are expected to emerge as leading markets for bentonite in Europe
- China is expected to spearhead growth of bentonite market in East Asia
The market is moderately fragmented with key players accounting for small market share. Some of the key players in the market are Kemira OYJ, Mineral Technologies Inc. Clariant AG, Kunimine Industries Co., Ltd. Charles B Chrystal Co. Inc, Ashapura Group of Companies, Halliburton Co, Wyo-Ben, Inc, Polymer Drilling Systems (PDS) Co, Inc, Black Hills Bentonite, LLC, Alfa Aesar, Kutch Minerals, among others. These key players are expected to invest in new technology developments and their networks expansion in order to maintain their market shares.
Bentonite Market by Category
- Drilling Fluids
- Clarification Agent
End- Use Industry
- North America
- Latin America
- East Asia
- South Asia Pacific
- Middle East & Africa