ALBANY, New York, January 24, 2019
ALBANY, New York, January 24, 2019 /PRNewswire/ --
The global bentonite market has a highly consolidated vendor landscape, says Transparency Market Research, in a recently published report. Mineral technologies, Imerys SA, Clariant AG, and Ashapura Group are the top companies working in the global bentonite market.
A key strategy developed by players in the global bentonite market to outshine their rivals is expanding manufacturing capacity. They are seen focusing hard on manufacturing process differentiation and expansion of manufacturing product portfolio to steal a march over competitors. Regulating costs with delivering quality services is a key strategy of most business present in the global bentonite market.
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According to experts from Transparency Market Research, the global bentonite market is expected to gain revenue worth US$1.85 bn by the end of 2024. Experts project this growth to occur at a promising CAGR of 3.0% during the forecast period from 2026 to 2024.
Among the various key products in the market, growing demand for sodium bentonite is expected to boost the global bentonite market. This is because of increasing uptake of green sand casting process in the foundry. Region wise, Asia Pacific is expected to be leading the global bentonite market in the coming years. This is attributed to flourishing automotive industries in the region and also rising demand from heavy equipment manufacturing industry.
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Booming Construction Industry to Fuel Growth in Global Bentonite Market
Bentonite is majorly used as a binding agent and offers improved abrasive and mechanical strength. This product provides structural stability to iron pellets, improves drop strength and thermal resistance, and helps in extracting moisture. Bentonite is extensively adopted in the industries such as foundry sands, construction, iron ore pelletizing, drilling mud, pet products, cosmetics, pharmaceuticals, and paper. Bentonite clay results from the changing of volcanic ash and is mostly used to close borehole walls, remove drill cuttings, and grease the cutting head. Such USP's are driving the global bentonite market. Along with this, rising usage of bentonite in various industries, increasing demand for binders in iron and steel manufacturing, and growing need for liquor clarifiers are the factors boosting the growth in the global bentonite market.
Furthermore, Bentonite is majorly used in various manufacturing processes. Bentonite slurries find application in constructing special foundations for digging bored pills and diaphragm walls. Thus, rising demand for smart infrastructure, growing expenditure in infrastructural development, and rapid urbanization are factors fueling the construction industry across the globe, which in turn propelling the global bentonite market. Apart from this, rising metal industry, increasing demand for cattle feed and cat litter, and growing demand for manufacturing parts of vehicles in automotive industry are also fueling the global bentonite market.
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Declining Demand for IOP Grade Bentonite Hinders the Growth in Global Bentonite Market
A few challenges hindering the growth of the global bentonite market is stagnant growth rate of gas and oil industry, and decreasing demand for IOP grade bentonite. Nonetheless, the persistent demand from cosmetics and personal care industry, and rising need for heavy equipment manufacturing are expected to help overcome these challenges in the near future.
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The review is based on a market research 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".
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