With Minerals Technologies Inc., Clariant AG, Imerys SA, and Ashapura Group acquiring the lead, the global market for bentonite is demonstrating a consolidated vendor landscape, finds a new research report by Transparency Market Research (TMR). In 2015, these players held more than 3/4th of the overall market and the scenario is expected to remain more or less the same over the next few years. As of now, the leading players are emphasizing on the expanding their manufacturing capacity on account of the soaring demand for bentonite across the world. Since the demand is slowly inclining towards being greater than the supply, the market is likely to witnesses a high degree of competition in the near future and vendors are expected to involve more into strategic partnerships to sustain in this environment, states the market study.
As per the report’s estimations, the global bentonite market was worth US$1.42 bn in 2015. Increasing at a CAGR of 3.0% during the period from 2016 to 2024, the market’s opportunity is expected to reach US$1.85 bn by the end of the forecast period. Among all the products available in this market, sodium bentonite reports the most prominent demand. Research analysts at TMR anticipate this trend to remain so in the years to come, thanks to the increasing uptake of green sand casting process in the foundry.
Rise in Construction Industry to Boost Demand for Bentonite
“The global bentonite market is mainly influenced by the ongoing expansion in the construction industry,” says a research analyst at TMR. The increasing demand for smart infrastructure, coupled with rising expenditure in infrastructural development, has boosted the construction industry across the world, which in turn, is reflecting greatly on the sales of bentonite, as it is one of the important components used in the construction of a structure.
With continual urbanization, the demand for bentonite is anticipated to increase substantially in the near future, leading to a high growth of this market. However, the sluggish growth rate of the oil and gas industry and the declining demand for IOP grade bentonite in China may hamper the market’s progress over the next few years. Nonetheless, the surge in the cosmetics and personal care industry and the persistent demand for iron casting from the heavy equipment manufacturing and the automotive industries are projected to boost this market significantly in the years to come, states the research report.
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Asia Pacific to Remain Dominant
A geographical assessment of the global market for bentonite has also been presented in this market study. North America, the Middle East and Africa, Asia Pacific, Latin America, and Europe have been considered as the key regional markets for bentonite in this study. Among these, Asia Pacific has surfaced as the leading contributor to this market and is projected to remain on the top over the period of the forecast. The Asia Pacific market for bentonite held 30% of the overall market in 2015, notes the research study.