In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Expanded perlite is a formless natural volcanic rock which has a property to expand when heated at suitable temperature (760-980 degree Celsius). Further, it has a number of properties such as low bulk density, high heat resistance, low sound transmission, high surface area, low thermal conductivity, chemical inertness and light weight which make it more acceptable in industrial applications. These expanded perlites are highly used in constructional products.
Global expanded perlite market is anticipated to expand at a robust compound annual growth rate (CAGR) of 7.4% during the forecast period i.e. 2017-2024. Further, the global market of expanded perlite stood at revenue of USD 710.6 Million in 2015. Further, the global expanded perlite market is expected to reach at a valuation of about USD 1.3 Billion by the end of 2024. Rising construction activities all across the globe and growing application of expanded perlite in various industries including oil & gas and other industries are key factors which are anticipated to spur the growth of global market during the forecast period.
Additionally, global expanded perlite market is segmented into application and region. Regionally, the global market is segmented into five major regions including North America, Asia Pacific, Europe, Latin America and Middle East & Africa region.
Among these regions, North America was accounted for the maximum share of global expanded perlite market in 2016. Presence of leading producers of expanded perlite in North America region is a major factor which is believed to augment the demand for expanded perlite in near future. Additionally, growing oil & gas industries is also a major factor which is likely to fuel the growth of expanded perlite market in North America region.
In terms of volume, Asia Pacific is the largest consumer of expanded perlite and Asia Pacific expanded perlite market accounted for more than 30% share of overall market of expanded perlite. Further, Asia Pacific is likely to be the fastest growing market of expanded perlite during the forecast period owing to high constructional activities due to urbanization in emerging Asian economies and growing demand for expanded perlite for gardening purposes in this region.
By application, the construction segment is dominating the global market of expanded perlites. Growing application of expanded perlite in construction activities coupled with increasing constructional activities in emerging economies is likely to allow this segment to continue its dominance over few years.CLICK TO DOWNLOAD FREE SAMPLE
Our in-depth analysis has segmented global expanded perlite market into the following segments:
Global expanded perlite market is further classified on the basis of region as follows:
Global expanded perlite market is primarily driven by growing constructional activities across the globe coupled with increasing use of expanded perlite in constructional products. Further, use of expanded perlite in constructional products including bricks, ceiling, plaster and other products is increasing globally.
Furthermore, application of expanded perlite in horticultural industry is rising due to it’s exceptionally water holding characteristics. Moreover, rising demand for horticultural produced fruits and vegetables, decorative plants and seeds especially in China is augmenting the demand for expanded perlite.
Additionally, expanded perlites have a wide range of applications including filtering, water treatment, filler and other applications. Likely, growing demand for expanded perlites in different industries including oil & gas industries, waste water treatment industries, beer industries and horticulture industries is projected to drive the growth of expanded perlite market in near future.
However, presence of alternatives of expanded perlites such as Styrofoam, barite and other polymeric foam is a major challenge to the growth of expended perlite market. Further, availability of alternatives of expanded perlite for most of applications is key factor which is expected to dampen the growth of global expanded perlite market in near future.