ALBANY, New York, June 18, 2019 /PRNewswire/ -- The bentonite market features a consolidative vendor landscape owing to the dominance of four players in terms of revenue, TMR finds during its detailed study. Minerals Technologies Inc., Imerys SA, Clariant AG, and Ashapura Group are the four companies, which accounted for a 3/4th share of the total bentonite market revenue in 2015. Some of the other important players in the global bentonite market are Bentonite Performance Minerals LLC, Canbensan, American Colloid Co., and Dantonio A/S. These players are involving in initiatives such as the expansion of production capacity in order to cater to the increasing demand for bentonite. Additionally, the new entrants are trying to enter the bentonite market through mergers and collaborations.
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Booming Construction Activities in Developing Regions to Fuel Market Growth
The highest demand for bentonite is observed from the developing region of Asia Pacific, than other regions including North America, Europe, and Latin America. The region accounted for more than 30% share in the overall revenue of the global bentonite market in 2015. This is primarily attributable to the high demand from the construction industry, which is one of the booming industries in the Asia Pacific and is estimated to remain the same in the coming years. Thus, the demand for bentonite is predicted to remain the same in the coming years, which is predicted to augment its market growth. The application of bentonite for IOP and foundry sand production are further fuelling market growth in the region. However, North America accounted for the second largest revenue as the rising usage of bentonite across pet products including cattle feed and cat food was observed to occur in the region.
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The bentonite market is witnessing robust development on the back of its extensive use across drilling mud and iron ore pelletizing. A continuous demand for bentonite from these applications is driving the growth of the bentonite market. The market is projected to expand at a CAGR of 3.0% during the forecast period from 2016 to 2024 from the value of US$1.42 bn accumulated in 2015. Widening applications of bentonite across foundries and construction industries are providing additional support to the growth of the bentonite market. Thanks to the demand, the market is estimated to reach revenue worth US$1.85 bn by the end of 2024. Furthermore, the foundry sand application segment held a 20% share in the total revenue of the market in 2015.
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Widening Application of Bentonite across Pet Foods Paves Way for Market Growth
Furthermore, the bentonite clay has applications across the pet food products, as it is a mineral-rich naturally occurring compound, which provides added supplements to pet food. Rising attention toward pet health is boosting sales of the bentonite-based food products. Additionally, the demand for bentonite is growing from the cosmetics and pharmaceuticals, which in turn is driving growth of the global bentonite market.
It also extensively used across applications such as paper production, wastewater clarification across effluent treatments, and coating applications. However, the sluggish growth or iron ore and reduced oil and gas production from conventional methods have negative effects on the demand of bentonite, which in turn is hampering growth of the global bentonite market. Nonetheless, the product is extremely suitable for construction of hydropower plants, dams, ponds, basements of industrial building, and sea canals. Rising construction of these buildings globally is estimated to offer most lucrative opportunities for growth of the market in coming years.
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This information is encompassed in the report by TMR, titled, "Bentonite Market (Product - Sodium Bentonite and Calcium Bentonite; Application - Drilling Mud, Iron Ore Pelletizing, Foundry Sands, Pet Products, Construction, Paper, Cosmetics, and Pharmaceuticals) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
For the study, the Bentonite market has been segmented as follows:
- Sodium Bentonite
- Calcium Bentonite
- Drilling Mud
- Iron Ore Pelletizing
- Foundry Sands
- Pet Products
- Others (paper, cosmetics, pharmaceuticals etc.)
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
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