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IN THE NEWSOctober 2020 - Mineral Technologies Inc. announced the acquisition of the company Tri-State Construction, which specializes in building both commercial and residential properties. The aim of this deal is to help MTI strengthen its leadership in bentonite-based products.
The global bentonite market is estimated to garner a large amount of revenue and grow at a CAGR of ~4% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing use of bentonite in oil well cement and drilling fluid applications, and increasing construction and infrastructural activities around the world. For instance, in the United States alone, 1.2 million new housing units are planned every year. Also, commercial construction grew by almost 8 percent between 2014-2019. Apart from these, rising awareness associated with wastewater treatment, and escalating applications of metal casting and foundry in the automotive industry, are expected to raise the demand for the product in the upcoming years. Furthermore, rise in popularity among end user industries, namely, food and beverages, cosmetics and pharmaceuticals, is also projected to drive market growth in the near future. In addition, heightened use of iron pellets in steel manufacturing is assessed to offer profitable opportunities to the market by the end of 2030.
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The market is segmented by application into foundry sands, iron ore pelletizing, civil engineering, refining, pet litter, and drilling mud, out of which, the foundry sands segment is anticipated to hold the largest share in the global bentonite market. This can be accounted to the growing demand for foundry molds to cast engine blocks, manhole covers, brass water fittings and cast-iron pans, and the ability of the product to maintain mechanical shape of the mold. Moreover, on the basis of product, the sodium segment is evaluated to acquire the largest share during the forecast period owing to the chemical-proof sealing capability of sodium making it easy to install and highly cost-effective.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of geographical analysis, the global bentonite market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the rising demand for bentonite from metallurgy, construction, and oil and gas industries. In addition, rapidly increasing population, escalating urbanization and improvements in standard of living are also projected to drive the region’s market growth in the coming years. Additionally, the market in North America is anticipated to grab the largest share during the forecast period ascribing to the largescale oil drilling and exploration activities, and rise in energy consumption in the region. According to the U.S. Energy Information Administration, 92.94 quadrillion Btu units of energy was consumed in the country in the year 2020, where petroleum held the largest share of 35 percent in terms of fuel used.
The global bentonite market is further classified on the basis of region as follows:
Our in-depth analysis of the global bentonite market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing use of bentonite in oil well cement and drilling fluid applications and increasing construction and infrastructural activities.
The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2022 – 2030.
Harmful impact of bentonite on the environment is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the rising demand for bentonite from metallurgy, construction, and oil and gas industries.
The major players in the market are MidPoint Chemicals Company, Volclay International, Charles B. Chrystal Co. Inc., Amsyn Inc, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product, application, and by region.
The foundry sands segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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