NEW YORK, Jan. 23, 2017 /PRNewswire/ -- The global bentonite market size is expected to reach USD 1.93 billion by 2024, according to a new report by Grand View Research, Inc. Rising product use as anti-scalants in applications such as foundry sands and water treatment will augment market growth over the next eight years.
The increasing use of bentonite in iron ore pelletizing, pet litter, drilling mud, civil engineering and refining applications will fuel the product demand. Rising application scope of bentonite as a bonding agent in non-ferrous and ferrous foundries is expected to propel product growth over the forecast period.
Sodium bentonite is employed as a key constituent of drilling fluids for boring holes of small diameter in environmental monitoring wells, and mineral exploration. Furthermore, it is used in horizontal directional drilling as lubricants to place pipelines and utility cables under highways, streets, buildings & environmentally sensitive areas without disruptive surface trenching. The growth of aforementioned application segments is expected to fuel product demand over the forecast period.
Bentonite possesses properties like water absorption which makes it an excellent sealant for environmental applications. Bentonite products are also used in boring tunnels, subways & highways and pipelines installation to transport sewage, storm water & drinking water. This is expected to fuel product need over the next eight years.
Further key findings from the report suggest:
Calcium bentonite is expected to witness the fastest growth at a CAGR of 4.7% from 2016 to 2024 as a result of its ability to absorb a large amount of water and form thixotropic and viscous suspensions.
Foundry sands as an application for bentonite will witness the fastest growth in terms of volume at a CAGR of 4.5% from 2016 to 2024 owing to its superior bonding properties.
Latin America market is expected to witness significant growth and was estimated at over USD 110 million in 2015 on account of rising infrastructure development and increasing exploration activities in the
Key participants include AMCOL International Corp., Wyo-Ben Inc., MidPoint Chemicals Company, LLC, Hindustan M-I Swaco Limited, Charles B. Chrystal Co. Inc., Cimbar Performance Minerals Inc., Amsyn Inc., Kutch Mineral, Clariant AG, Minerals Technologies Inc., Bentonite Performance Minerals LLC. and Pacific Bentonite Ltd
Key companies in the market are focused on increasing their global presence through mergers & acquisitions and plant expansions.
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